By Stephen L. Burger, CPM, CRX, CRM
Property management might be the best kept secret in commercial real estate. It’s frankly not a portion of the business that garners a lot of press, as might brokerage or development, where deals measured in the mega-millions of dollars capture industry headlines. When executed properly, property management is at its core a discipline dedicated to creating and managing systems geared for the comfort, safety and productivity of our residential and business tenants.
But in fact, in that mission, property management shows itself to be a key driver of real estate value and a major contributor to the bottom line of the owner/investor. Essentially, professional property managers (and you will know them by their CPM designation), are charged with enhancing net operating income and asset value specifically through the tenant experience within a single property or across a geographically diverse portfolio.
Today’s property manager is an integral part of the investment C-suite, an asset’s chief financial officer, if you will, working side-by-side with the asset manager to achieve the CEO’s (the owner/investor’s) goals. We do this by taking a front-line responsibility for the fiscal, administrative and operational health of that property or portfolio. This incorporates everything from tools for tenant selection and retention to all areas of the income/expense statement.
Over the coming weeks, we will use this space to continue to tell the story of property management today, and the many ways this discipline not only sustains but even builds asset value. In essence, it is our aim here to let this best-kept industry secret out, and to underscore how engaging a property management company that understands and employs best industry practices directly impacts the owner/investor’s bottom line.
And we look forward to your input as we launch a total revamping of our website (www.ebmc.com) and incorporate some exciting new features, such as this weekly blog. In addition, we hope to keep you current on the latest news, focused not only on growth here at EBMC but also industry-wide. On our website as well as in our daily business practice, we hope to make this an interactive experience. We invite you to comment and to share your experiences on any and all items you see posted here.
And as always, we welcome your e-mails.
EUGENE BURGER MANAGEMENT CORPORATION
Steve Burger, President
As president and COO of Eugene Burger Management Co., Steve Burger is directly responsible for the overall quality, depth and consistency of management services provided in all 15 regions in the EBMC coverage map.