Asset Services Insights - Fall 2016 (External)

THE MUTUAL BENEFIT OF A POSITIVE Broker/Property Manager Relationship

Throughout my 20-year career in real estate management, I’ve noticed that the most successful property managers and agency leasing brokers have a mutual understanding and respect for each other’s specific roles in the commercial real estate industry.

PAUL KRIMM, CSM, MBA Senior Vice President Columbus Managing Principal and City Lead, Asset Services paul.krimm@cushwake.com

A successful management team is composed of a property manager, an assistant property manager, a property administrator, and a maintenance technician. A truly effective property manager will always actively engage the leasing team. Many mutual benefits develop from this relationship, especially in circumstances where assets do not allow for dedicated, onsite personnel.

THE FOLLOWING CRUCIAL POINTS ARE WAYS TO DEVELOP ENGAGEMENT AND POSITIVE RELATIONSHIPS BETWEEN PROPERTY MANAGERS AND LEASING TEAMS.

Include both groups in property inspections and tours. The benefit of another set of eyes can never be underestimated. Each individual looks at different aspects of a building, some of which may impact showings or property tours. Also, including brokers on this tour allows for the exchange of operational ideas on upcoming projects and an informal leasing update. Provide current rent rolls on a regular basis and highlight lease expirations. This simple step allows brokers to get ahead of renewals and to interact with tenants before they begin considering other alternatives. Accompany the leasing team in important tenant meetings. Periodically, the property manager may be silent, but other times, the property manager may provide valuable insight and clarification to building-related questions during these meetings. In addition, the property manager’s presence shows the tenant that we are approaching the overall management of the property as an inclusive team.

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