Real Estate Journal — Owners, Developers & Managers — January 29 - February 11, 2016 — 27A
M id A tlantic
P roperty M anagement
By Marcy Gross, Sheldon Gross Realty, Inc. Some things change and some remain the same in the property management field and owners.
P roperty management has become an ever changing field, much
lease renewal options with tenants, make sure insurance policies are up-to-date, collect rents and make sure any rent increases are billed. Coupling our tenant rela- tionships with new technology and relating that to the needs of owners and tenants, affords our Company the high percent- age of repeat and new business in the property management sector. In today’s market- place, property managers are increasingly becoming a more valuable, and essential part of the real estate operation. By continued on page 40A
At Sheldon Gross Realty, our own unique approach to prop- erty management has resulted in a 90% tenant retention rate at the facilities that we man- age. Our current property management portfolio consists of over 1.5 million-square-feet in 15, multi- and single-tenant buildings as small as 10,000 s/f to as large as 135,000 s/f. Our technique to achiev- ing high tenant retention is to keep building owners and tenants satisfied using many of the same tools we did more than 10 years ago. Our property management
style, places a tremendous em- phasis on relationships with our tenants. We take a very hands-on approach to property management; sending a team to every property we manage on a monthly basis to ensure tenants are maintaining their spaces to the satisfaction of the building owner and according to their lease. Owners and landlords most- ly know the status of the build- ings as a whole, but not of each individual tenant’s space— that is our job. Our property management teams conduct all monthly inspections, review
Another new development in property management is building owners’ increased awareness of energy conserva- tion. Property owners are con- stantly looking for new ways to conserve energy at their facilities, which in turn has motivated property managers to search for new programs to reduce energy use and costs through things such as light- ing upgrades, alternate energy sources and recycled materi- als. Some of this can be done at minimal or no cost to the owner.
l ike bui ld- ing des i gn and technol- ogy. Property management has become increasingly impor tant , p l a y i n g a value-added
role in tenant retention. Suc- cessful property managers are highly sophisticated, and utilize state-of-the-art tech- nologies and complex strate- gies. No longer is property management defined as merely collecting rent, changing light bulbs and coordinating ser- vice contracts. But, while a lot has changed, still many things have not. Things like responsive customer service, understanding how to handle people and crises, being sure tenants are doing what they are supposed to do, as well as knowledge of the workings of a facility, are as crucial today as they were in the past. As the world has seen ever increasing acts of terrorism, these acts have changed the way properties are managed. Property managers are now expected to create individual- ized evacuation and emergency plans for all tenants and train them on security procedures in the event of an emergency. Never before has security been so important in the lives of property managers and how they manage facilities. New security procedures have also made way for new technology. Property manag- ers can now install digital security cameras to monitor common areas of larger build- ings for vandalism and other possible hazardous conditions. Another change in property management today is the use of state-of-the-art technology. Sophisticated computer pro- grams are geared directly to property managers, which has greatly improved the tracking of leases, repairs and other aspects of management. Many buildings have their own web- sites to track things like ten- ant work orders, building satisfaction, and also offer the ability for property managers to communicate directly with tenants. In addition, advanced technology allows property managers to create in-depth, real-time reports for landlords
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