7. MASTER THE MARKET
Coupling financial analysis skills with
market intelligence is one of the most effective ways for property managers to establish themselves as indispensable partners in the value creation process. Rather
than regurgitating facts and figures obtained from third-party research reports
or conversations with brokers, property
managers who can independently conduct data-driven analysis and demonstrate their mastery of the market are
more highly regarded.
8. CONVERT DATA INTO
Obtaining data is good. Translating that
data into knowledge is power. Technology advancements are making it possible
for property managers to understand
buildings, markets and tenants in ever
more intimate ways. Sophisticated property managers who embrace rather than
avoid these tools to collect, organize and
analyze data in ways that are beneficial
to all parties involved separate themselves from the pack by offering creative,
Dustin C. Read, Ph.D., J.D. ( firstname.lastname@example.org), serves as an assistant
professor of property management and real estate at Virginia Tech,
where he holds the William and Mary Alice Park Junior Faculty
Fellowship in the program of real estate.
9. COMMUNICATE EFFECTIVELY
Whether in formal reports, casual emails or at meetings, effective communication is
essential. And while communication skills are undoubtedly important in all business
settings, they are considered to be central to the success of real estate management
hierarchies where property managers become the eyes and ears at the site level and are
called upon to concisely relay information on a host of subjects to their far-removed
owners. Indeed, poor oral and written communication skills were cited by interviewees as some of the most common and compelling reasons for terminating third-party
property management agreements.
10. BUILD INSTITUTIONAL KNOWLEDGE
Almost as important as communications is maintaining a record of information exchanges between owners and manager and tracking why decisions were made and
how problems were resolved. Managers capable of drawing insights from historic correspondence and records not only accommodate the preparation of thorough and informative reports but prevent issues from falling through the cracks.
11. SERVE AS A RESOURCE
Property managers can make themselves indispensable when they can fill in asset
managers’ knowledge gaps and serve as trustworthy resources on property operational
issues and market trends. After all, not all asset managers are created equal. Some
have extensive operational experience and vast professional networks, but others don’t.
Smart property managers make their asset managers look good by supplementing the
areas where they are weak.
12. THINK LIKE AN OWNER
Property managers who put themselves in ownerships’ shoes and are willing and able
to think like asset managers stand out. Best-in-class property managers are those who
competently and professionally execute their operational responsibilities while remaining mindful of how they can add value in a variety of ways over the course of an investment’s lifecycle from acquisition to disposition.
THEY CAN FILL IN
AND SERVE AS
PROPERTY OPERATIONAL ISSUES AND