Building an Effective Commercial Property Management Team

Experts share best practices for developing top-notch professionals.

As seen in Commerical Property Executive

By Gabriel Frank

For all the diversity of commercial real estate asset categories, one thing they have in common is a need for effective, responsive and productive property management teams. Building a property management team that provides the best possible service, in addition to maximizing the owner’s bottom line, is key to success. As a new generation enters the workforce during economic uncertainty, a strategic approach to property management team building is a must.

Emphasize the Intangibles

The most important part of building a team that can fulfill the many demands of property management is that it is a people-centric service. That is distinct from the revenue-related and maintenance responsibilities that are often more commonly associated with property management. “Collecting the rent, mowing the lawn—that’s the commodity part of the business,” observed Bob Assoian, executive vice president & executive managing director at NAI Hiffman/Hiffman National. “I put on asset management. Let’s assist the owner in helping their investment be successful…our clients see us as a support to them, not just doing the minutiae in this business.”

Hiffman’s training for new property managers reflects this idea, regardless of the team member’s professional background. The approach focuses primarily on the type of person being trained, and where their inherent skills find the best use. “Few people go to college to study property management,” Assoian noted. “We could take liberal arts majors, take them through our training program, turn them into successful (managers) and give them a great career. We think we can teach it if the right personality and drive is in that individual.”

Click here to read the full article at Commercial Property Executive.