In today’s rapidly evolving market, it is paramount for property managers to stay ahead of the curve. Their value extends far beyond rent collections; they act as the first line of defense by proactively identifying operational inefficiencies and providing boots-on-the-ground support. First-class property managers capture opportunities to increase the property’s value by creating a unique tenant experience, implementing thoughtful preventative maintenance plans, and driving sustainability within their properties. This approach addresses landlord needs and tenant expectations and is necessary in today’s shifting landscape.
Driving Value and Supporting Sustainability
Property managers play a pivotal role in shaping the long-term impact on the environment. As sustainability becomes increasingly imperative in the face of climate change and resource depletion, property managers are stepping up to the challenge, implementing innovative strategies to drive sustainability within their portfolios.
Landlords are looking to their management team to proactively identify outside-the-box options for added savings, such as selecting more sustainable solutions for energy and water. Not only are these initiatives cost-effective, but they enhance the overall value and attractiveness to tenants.
Finding creative cost-efficient solutions, implementing ESG requirements that qualify for various tax incentives, and working to achieve sustainability certifications such as WELL, LEED, or Energy Star helps landlords mitigate environmental risk, qualify for lower insurance packages, reduce operating costs, and create a healthier, more sustainable work environment.
Through tracking and reporting on every expense, property managers are uniquely positioned to provide critical feedback regarding budget preparation—serving as true partners as they create alignment between the landlord’s goals and the building’s needs.
Elevating the Tenant Experience
A property manager’s ability to strengthen tenant relationships is an integral component of a landlord’s needs just as much as budgetary planning. By serving as an approachable and available resource, property managers can harness tenants’ requests to create a customized and functional work environment that meets tenants’ needs and ensures their overall satisfaction. However, addressing concerns is just one aspect of the property manager-tenant relationship.
Today’s market demands distinct and positive experiences to drive tenant loyalty, which bolsters an asset’s value. The reason is simple: employees are searching for something more—an office experience that transcends their day-to-day, providing a greater sense of purpose and fulfillment. While the employer (aka, the tenant) plays a significant role in meeting that need for the employee, the employer relies on the asset’s appeal to drive that message further, which is why tenants are drawn to (and remain within) assets that cultivate a positive, welcoming ecosystem.
One way that property managers can elevate the asset and the tenant experience is by finding solutions that meet tenant needs. A tenant may want lunch options in a building that does not offer a restaurant. Organizing routine catered lunches or arranging for local food trucks to come regularly offers tenants food variety during their work week, increasing their overall satisfaction.
Delivering Results
Property managers play a crucial role in the real estate market, especially in times of rapid change and evolution. In today’s dynamic market landscape, property managers must possess a diverse skill set. Ultimately, exceptional property managers are invaluable partners for landlords, providing strategic insights and operational expertise that drive long-term value. As tenants reevaluate their lease terms and landlords make essential decisions for their assets, property managers are the partners that keep everything moving in the right direction, with exceptional property managers making all the difference.
This CRE Opinion piece was written by Tiffany Marano, managing director of property management with Stream Realty Partners.
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