Property management is not the most glamorous side of the commercial real estate industry. We are the boots on the ground, dealing with an infinite variety of issues that sometimes makes you laugh. If I had to relate property management in military terms, we are the infantry – the brave souls storming the battlefield with nothing but determination and adrenaline. I am sure most would rather be in a tank or a plane, but the war cannot be won without boots on the ground. That is similar to the commercial real estate industry. The greatest business plans and ideas will not be successful without having the proper property management team in place.
There are many factors that will assist in our ability to drive value and maximize the role we play in the commercial real estate industry. These factors fall into three categories: understanding the asset, creating the proper platform to drive success, and leveraging the platform to creatively solve the roadblocks in the investment strategy.
A shortsighted property manager might think that understanding the asset is making sure it has what it needs to operate. The floors are dirty, let’s get them cleaned. The heating, ventilating and air conditioning unit is broken, let’s get it fixed. I’m not saying those are not important, but we have to take understanding an asset to the next level.
Read more in Property Management Quarterly in the Jan. 6 issue of the Colorado Real Estate Journal.