{"id":1004728532,"date":"2024-10-02T14:39:13","date_gmt":"2024-10-02T22:39:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004728532"},"modified":"2024-10-16T07:10:42","modified_gmt":"2024-10-16T15:10:42","slug":"property-management-success-winning-the-competition-for-clients","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/property-management-success-winning-the-competition-for-clients\/","title":{"rendered":"Property Management Success: Winning the Competition for Clients"},"content":{"rendered":"\n

Property management is a fast-growing commercial real estate specialty. By the end of this decade, the size of the market will reach nearly $99 billion<\/a>, according to Mordor Intelligence. At the same time, the level of competition is arguably increasing amid the office market’s challenges and shrinking development pipeline for the office<\/a> and industrial<\/a> sectors.<\/p>\n\n\n\n

This challenges property managers in all asset classes to not only continuously be at the top of their game, but to add value<\/a> for clients in such areas as net operating income and foot traffic. It\u2019s crucial for service companies that want to break away from the competition and build relationships with owners and tenants.<\/p>\n\n\n\n

Wanted: versatility <\/p>\n\n\n\n

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 Whether it\u2019s floorplates at a trophy office tower or a grocery-anchored retail center, owners and tenants prefer property management firms capable of offering an individualized touch at their properties. A smaller firm focused on a particular market that may have established relationships with local residents, business and government officials may be a better fit than a national service firm company.<\/p>\n<\/div>\n\n\n

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\"Ben<\/a>
Ben Mandell, CEO of Tricera Capital. Image courtesy of Tricera Capital<\/em><\/figcaption><\/figure><\/div>\n\n\n

Ben Mandell, CEO of Tricera Capital, which launched a property management arm in August 2023, advocates for this approach, seeing a \u201ccore infrastructure\u201d consisting of \u201cboots on the ground\u201d that constantly listen and adapt to the space-specific needs of tenants and owners. <\/p>\n\n\n\n

In Mandell’s view, a local operation also gives tenants more individualized attention in the South Florida markets where his firm is active. \u201cYou can provide an institutional\u2013(level) product with a boutique touch, and we have separated ourselves by doing that,\u201d he said.<\/p>\n\n\n\n

This can mean anything from curating on-site events with local businesses, to making sure that a tenant\u2019s ground-floor retail space isn’t obstructed by a bench and bus stop enclosure. And Tricera has direct experience with the latter issue at a property in Miami\u2019s Wynwood neighborhood. \u201cIt hindered their visibility and obstructed their traffic, and we used our relationships with the city to have (them) removed, which eased visibility,\u201d Mandell said. \u201cIt\u2019s a little bit above and beyond in our relationships, which are very regionally focused.\u201d<\/p>\n\n\n\n

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READ ALSO:<\/strong> Property Management Success: Trends, Strategies, Innovations<\/a><\/p>\n\n\n\n

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Alongside a preference for a more local, nimble approach, some stakeholders also like to get all of their ancillary services in one place. \u201cExperienced, one-stop commercial real estate services providers, those that offer full operational, construction management and leasing capabilities in-house, have a distinct advantage when it comes to winning new business,\u201d said Erika Morasco, vice president of property management at Levin Management, which serves retail properties in the Northeast and Mid-Atlantic.<\/p>\n\n\n

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\"Erika
Erika Morasco, vice president of Property Management at Levin Management Corp. Image courtesy of Levin Management Corp.<\/em><\/figcaption><\/figure><\/div>\n\n\n

In practice, that requires some property managers, for example in retail, to take on a development role. In Morasco\u2019s experience, this is because tenants \u201care looking for a turnkey delivery of space, which, simply put, is having us fully build out the store.\u201d<\/p>\n\n\n\n

Having in-house construction expertise is \u201cparamount\u201d for property managers to set themselves apart in a place where owners may otherwise hire multiple firms, leading to a more costly and time-consuming operation.<\/p>\n\n\n\n

From this perspective, the best partners are those that can improve a property before they are brought on to manage it. \u201cFa\u00e7ade improvements freshen up a space and make it more attractive to prospective tenants,” Morasco said. “In the past, this is something we may not have done until a tenant was signed to the space.\u201d <\/p>\n\n\n\n

Adding tangible and intangible value<\/p>\n\n\n\n

Besides bringing local expertise and wearing multiple hats, property managers can set themselves apart. The ability to save owners and tenants money is a sure winner. \u201cWe look at where there may be opportunity to save, and then we go and provide the quote,” Mandell reported. “You (can) give them intel and knowledge that they would not have otherwise.\u201d  <\/p>\n\n\n\n

But what about repetitious, day-to-day tasks? The traditional communication skills associated with property management are often what tenants use to associate services with brands. \u201cMost firms will offer similar versions of the same types of services,\u201d noted Adam Parritz, director at Glenstar. \u201cBut someone is actually responsible for sending out those emails and planning those events.\u201d <\/p>\n\n\n

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\"Adam
Adam Parritz, director at Glenstar. Image courtesy of Glenstar<\/em><\/figcaption><\/figure><\/div>\n\n\n

For event planning, a smaller, nimbler operation is often better able to curate experiences<\/a> that make sense for specific occupiers, rather than provide blanket appeal to an entire building. Parritz recommends that approach, not only to cultivate long-lasting relationships, but to make the company’s services a reason to stay in a space long-term.<\/p>\n\n\n\n

\u201cAll of our capabilities and all of our services that we provide are directly related to a tenant\u2019s experience at the asset, and the likelihood that they are going to renew or expand their space,\u201d Parritz said.<\/p>\n\n\n\n

That mindset applies to the curation of the spaces. In life science markets as saturated<\/a> as some of those on the West Coast, it’s often one of the deciding factors for owners in selecting a property management partner.<\/p>\n\n\n\n

And at those facilities, it\u2019s often not so much the appearance of the lab space, but what\u2019s offered outside of it. \u201cOur property managers recognize that their role goes beyond providing great lab buildings,\u201d pointed out Tracy Perrelle, senior vice president of West Coast operations at BioMed Realty. \u201cThey know (that) they must foster work environments that meet and exceed client expectations with curated amenity programs and events that encourage innovation and the exchange of ideas.\u201d<\/p>\n\n\n\n

Additionally, technology is becoming even more of a game-changer, with real-time monitoring applications such as Placer.ai giving operators \u201ccrucial insights into market trends and consumer patterns,\u201d according to Morasco. All-in-one financial dashboards and integrated work order platforms also ease up tenants\u2019 clerical experiences. These tools are comparable to the preference for all-in-one offerings of project and property management services.<\/p>\n\n\n\n

Get the word out<\/p>\n\n\n\n

Of course, the best, most responsive services mean nothing if one\u2019s prospects don\u2019t know about them. Trade shows, industry events<\/a>, web and email marketing all have a place, but for service companies, the best form of advertising is a good reputation.<\/p>\n\n\n

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\"Tracy<\/a>
Tracy Perrelle, senior vice president of West Coast operations at BioMed Realty. Image courtesy of BioMed Realty<\/em><\/figcaption><\/figure><\/div>\n\n\n

As such, happy tenants are likely to sell a company’s services more effectively than any brochure could. \u201cWord-of-mouth referrals have always been, and will continue to be, the best and most gratifying introduction to new business prospects,\u201d Morasco advised.<\/p>\n\n\n\n

That positive feedback can be at least as valuable to property managers as upward-trending web analytics. <\/p>\n\n\n\n

\u201cIf it comes from that type of source where they are happy and referring us, it\u2019s because the service was of a certain class,\u201d Mandell noted. “(It\u2019s) giving live examples of what we have done for clients and getting in touch with the owners to give that to them directly.\u201d <\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The keys to building brand differentiation and durable client relationships.<\/p>\n","protected":false},"author":3012,"featured_media":1004728633,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,23891,21742,21747,21785],"tags":[32854,41738,37394,44543],"class_list":["post-1004728532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-national","category-latest","category-office","category-property-management","tag-biomed-realty","tag-glenstar-properties","tag-levin-management-corporation","tag-tricera-capital"],"acf":[],"yoast_head":"\nProperty Management Success: Competing for Clients - CPE<\/title>\n<meta name=\"description\" content=\"For property managers, keys to brand differentiation are a mix of adding value to assets and building longstanding relationships.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/property-management-success-winning-the-competition-for-clients\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Property Management Success: Winning the Competition for Clients\" \/>\n<meta property=\"og:description\" content=\"For property managers, keys to brand differentiation are a mix of adding value to assets and building longstanding relationships.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/property-management-success-winning-the-competition-for-clients\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-02T22:39:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-16T15:10:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/Featured-image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"775\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/property-management-success-winning-the-competition-for-clients\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/property-management-success-winning-the-competition-for-clients\/\",\"name\":\"Property Management Success: Competing for Clients - 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