Funny Friday: Lessons in Property Management- From a Ball Boy

January 27th, 2012 Katherine Fawcett No comments

He may be on the sidelines, but he’s caught our attention! Property owners and managers, take note. Here’s 6 reasons why you should be like this ball boy:

1. He keeps all his balls in the air.

2. Talk about preparedness!

3. He has no problem with retention.

4. He’s all about good service and fast responsiveness.

5. He’s improved net operating [income].

6. With over 2 million YouTube hits in a day, he’s a social media marketing maven!

One way you should not emulate the ball boy: leave out the silly hat.

Watch him steal the spotlight from Nadal and R-Fed:

Retaining With Responsiveness, Be Our Guest

January 26th, 2012 Katherine Fawcett No comments

"Be our Guest"Ever taken advice from a candlestick? Odds are, your service can’t hold a candle to that of Beauty and The Beast’s Lumière. Afterall, how often do you urge tenants, “put our service to the test!”

That is the one major, elastic characteristic tenants consider when looking for a space: exceptional service. My advice for keeping tenants in your building is to leverage the factors you can control: service response time and quality.

You don’t need to sing and dance for tenants à la Lumière, but you do need to respond to their service requests. Here’s how to maximize the process:

Insights from industry expert Patrick Braswell:

Video
Presented by Patrick Braswell, Tenant Representation Specialist

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Want more? Read Improving Responsiveness to Tenant Requests. If that doesn’t work, try the gray stuff – it’s delicious.

Visit our website for more information on tenant retention strategies, managing  service response times or bringing your program online.

10 Biggest Mistakes People Make with Fire & Life Safety Systems… and How to Avoid Them

January 24th, 2012 Sarah Fisher No comments

Fire and Life Safety systems are in place because unplanned incidents and mistakes happen. Those mistakes shouldn’t be the way you use your system. Don’t fall trap to #4 and confront the responsibilities that building owner and managers are liable for! Start dishing on the condition of your system and be wary of the common mistakes below.

The Top Ten  Fire & Life Safety System Mistakes to Avoid:

Continuing to band-aid an outdated system, rather than replace it.

Missing the Big Picture: Have all the little one-off improvements and renovations necessitated a change to the entire system?

Not implementing building and portfolio-wide fire and life safety standards.

Passing the Buck to Service Providers.

Thinking you can catch up later when the market turns around. Codes change. Tenant demands change. New technology is introduced. Don’t fall behind your competition!

Not doing an Assessment of Condition of your Fire & Life Safety systems at each building.

Diving into a Fire & Life Safety overhaul without first outlining and prioritizing baseline requirements and goals.

Choosing the wrong person or team to spearhead the project.

Share is Caring: Making sure that all appropriate building representatives get their hands on the final report.

Neglecting to utilize technology in the process.

If any of the above mistakes sound a little too familiar, register for our free upcoming webinar with speaker Peter Harrod of Rolf Jensen &Associates:

Conquering the Code! Assessing the Condition of Your Fire & Life Safety Systems

Upcoming Webinar: Conquering the Code!

January 19th, 2012 Sarah Fisher No comments

Conquering the Code

Date: Wednesday, January 25th, 12:00pm – 1:00pm EST

Guest Speaker: Peter Harrod, Senior V.P. of Rolf Jensen & Associates, Inc.

Conquering the Code!

Assessing the Condition of Your Fire & Life Safety Systems

Are unknown fire and life safety violations and out-of-date standards putting your property at risk? Can you not only speak confidently, but prove that your building or portfolio is being properly inspected, tested and maintained? Learn More!

In 30 minutes, you will learn how to:

  • Implement an Assessment of Condition of your Fire & Life Safety Systems
  • Plan the forward thinking changes that will attract and retain tenants
  • Avoid the 10 biggest Fire & Life Safety management mistakes
  • and more!

“We might feel that we’re passing on the liability to our service provider, but there is still a responsibility as a building manager and/or owner to ensure that we’re testing, inspecting and maintaining our fire life safety systems in accordance with the jurisdiction’s codes and standards.”

-Peter Harrod, Senior VP at Rolf Jensen & Associates

Preventing Tailgating (The Non-Drinking Kind)

January 18th, 2012 Scott Sidman No comments

Tailgating is fun, right? Football, food, family, friends… forgive the alliteration, but what’s not to like?

Rewind back to real estate mode and you’ll see that tailgating doesn’t reference weekend football pleasantries, but instead the potentially dangerous outcomes of undocumented building entry. This sounds like it should involve stealthy espionage activity on behalf of the intruder, but undocumented entry can be the result of something as innocent as holding the door open for the person behind you.

There are strategies, though, to protect against undocumented entry. According to an article in Buildings magazine by Jennie Morton (10 Strategies to Prevent Tailgating), there are three categories undocumented building entry can be broken down into:

  1. The Problem,
  2. The Solution
  3. Building the Culture

The Problem is simple to understand. Tailgating can expose your building to things such as domestic violence, theft, sabotage, and terrorism… to name a few. Additionally, think about the areas inside buildings that require restricted access. There are some places where you really do not want intruders such as laboratories, pharmacies, operating suites, equipment rooms, and data centers. Morton explains how you may want to restrict and track who can access valuable equipment, sensitive files, or toxic chemicals.

Still not convinced that tailgating is a problem? Morton says to “consider the security measures you’ve already implemented.” For example, Warren Rosebraugh presents the idea that if you already have a security system installed, you think that the building’s contents are important enough to protect in the first place. So then why would you let people move around the property freely anyway?

The Solution is made to seem simple by Morton as well. Building owners can choose to implement one, or a combination of, these ten security solutions:

  1. Smart cards house multiple credentials on one card.
  2. Security guards can visually confirm a badge matches the holder.
  3. Turnstiles serve as a physical barrier and are good for high-volume traffic.
  4. Laser sensors can detect multiple people.
  5. Biometrics deter employees from sharing credentials.
  6. Long-range readers can be used in parking lots and garages.
  7. PIN numbers can be added to card readers.
  8. Camera analytics enable remote facial recognition.
  9. Visitor badges ensure temporary guests are documented.
  10. Man traps or air locks require a double set of identification.

Finally, Building the Culture can be the most difficult category to implement. Installing the most advanced security systems on the market is all well and good, but what if the occupants of your building aren’t on-board with your enhanced security plan? This can detract from every measure in place. Morton says you need to “create a secure building culture.” Use clear expectations and consistent communication in order to shape behavior.  Make sure your occupants are aware of tailgating risks and keep them empowered to challenge any unfamiliar faces.

If you’re looking at all of this and feeling overwhelmed – take a deep breath… Jennie Morton is here to save you again. In another Building’s article (4 Tips for a Corporate Security Plan), Morton gives 4 clear-cut steps to installing or updating a security plan.

  1. Provide a Standard. Ensures that a location hasn’t overlooked a security concern.
  2. Circumvent Liability. You need documentation in place to prove you’ve taken appropriate action.
  3. Avoid Micromanagement. Make sure your plan’s requirements are broad enough so they can be adjusted.
  4. Rely on Experts. Don’t forget to take advantage of security professionals who interact directly with your buildings.

Thinking about making your building secure doesn’t have to feel like a heart attack. By following simple steps and implementing plans that your occupants can respect and uphold you’ll be able to keep everything under control and, most importantly, safe. Think about it this way: confusing your building lobby with the parking lot of the “big game” is probably not what you want to happen.

Keeping an Eye on Aon- Rent Default Insurance for Private Landlords

January 13th, 2012 Scott Sidman No comments

I recently discovered an interesting new insurance product for the small owner Multi-family market that allows private landlords in the U.S. rent default insurance. It may be hard to understand the excitement behind this new offering, so let me paint a picture for you:

Three kids in college, the economy, a mid-life crisis car, digital cable (with HBO added on, of course), utilities, holidays, etc. The list is extensive! It’s going to be a tough year to go to the lake house. Gah, the lake house! There’s another expense to add to the list. Wait a minute… the lake house. We don’t need to go to the lake house, but someone else could! There has to be someone out there willing to rent my second home. Here I go, time to find a tenant…”

This thought process could be the catalyst to someone’s shift from owning a second home to owning a residential investment property. Great idea – renting out one’s investment property can yield rental income of potentially great value to the owner. So, say our protagonist from the beginning is named Jim. Jim finds someone he thinks will be a suitable tenant for his lake house property. Sure, this guy looks a bit sketchy, wears a dirty white undershirt covered in Doritos, and doesn’t seem to bath often, but Jim needs the money and the lake house has been more of a fund-guzzler than a leisurely retreat for his family. This tenant will do.

Things are going well with Jim and his rental property, until after a few months, Jim’s tenant stops paying rent. As the residential landlord, Jim is now losing his much-appreciated monthly income. There’s no money coming in and money still going out for ongoing property expenses. Essentially, this is turning into a severe financial problem for Jim. What is Jim going to do? Putting aside the more illegal, painful, and/or mob-affiliated options, Jim turns to Aon Affinity and their rent default insurance.

Through a group effort with ARS and GRIP Solutions Advisory carrier partner QBE Insurance Group, Aon Affinity has created  Aon Rent Protect insurance so that landlords, like Jim, don’t have to worry about financial terrors resulting from deadbeat tenants. Rent Protect was designed to reimburse up to six months of lost rent which puts Rent Protect in a league of its own in the U.S. when it comes to protecting individual landlords against rent default.

And hey, don’t feel bad about the premium subscription to HBO. We all know how hard it is to crack a severe addiction to Entourage.

Dorm Wars: On the Verge of Privatizing Student Housing

January 11th, 2012 Scott West No comments

The possibility of a new trend has surfaced in the housing market: the management of college dorms by private companies. Until recently, the job of on-campus housing maintenance fell directly on the university. This could all change.

According to the Wall Street Journal, The University of Kentucky has been discussing the possibility of turning over all on-campus management and maintenance responsibilities to realty group, EDR. Currently, the university wants to increase the size within the next ten years, and would turn all responsibility of this task to EDR. Their responsibilities would include replacing most of the 6,000 beds now a part of Kentucky’s housing program, as well as adding another 3,000 beds over the next ten years. This marks the first time a university would completely turn over housing management and expansion to the private sector.

In order to update the number of beds on campus, EDR would be required to construct new buildings. Normally this would involve erecting new buildings on campus, but EDR has different plans. They intend to tear down existing buildings and replace them with upgraded, larger dormitories. In doing so, the total number of beds on campus would actually  increase each year.

This plays an important role in this new market. Losing beds poses a threat to universities as many schools struggle to house everyone already enrolled. Upgrades would be necessary, and there so would spending money. EDR has already stated that they may spend as much as $500 million on the total renovation project.

Managing all on-campus housing comes with its downsides as well. Universities are in session nine months out of the year. Having students living on campus poses issues to a company attempting to renovate a large number of buildings. This means that management companies would need to find a place to house students while they renovate certain dorms. Considering their plans to start construction on a 600-bed facility sometime in April of this year, EDR seems to have found a way around this dilemma, assuming they win Kentucky’s housing contract.

It’s Time for the… Best of 2011! The Top Content as Voted by Our Readers

January 6th, 2012 Katherine Fawcett No comments

It’s a new year and new you – with the same needs to enhance operations and customer service. As we shelf 2011 and delve into 2012, here’s a look back at our most popular educational content and resources from the past year.

The top topics enjoyed by your peers:

Implementing a Successful Emergency Response Plan

Checklist: Implementing a Successful Emergency Response Plan

How ready are you for an emergency? How do you track and document incidents? What sort of emergency preparedness training do your employees have? When was the last time you practiced a tabletop exercise? Time to assess your readiness?

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Webinar Executive Summary: From an Owner & Investor- Metrics That Matter

Senior Real Estate Investor, Timothy Donahoe shares his perspective on identifying key areas for metrics and visibility to mitigate risk and enhance investor returns. Watch the full webinar or just the highlights of Donahoe’s insights into quantifiable operational performance metrics. Take measures to measure!

CRE Quick Take: Proving Your Value to Your Manager, Owners, Clients… and Yourself!

This article shows you how to keep all your balls in the air AND prove your value to the owner, interested in the highest return from the property, and your tenants, interested in the best service and value for their money.

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Building Engines Kit: Tenant Retention

Is your tenant retention program building loyalty and increasing retention? Does it accurately document tenant meetings, service requests and other important state-of-the-tenant information:? Download the Building Engines Tenant Retention Kit and start assessing your level of tenant service today!

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Get ready for the year to come!

Register free for the 2012 Real Estate Operations Masters Series and receive automatic registration for webinars, on-demand content, and best practices on a variety of operations topics.


Here’s a Resolution: Improve Responsiveness to Tenant Requests

January 4th, 2012 Scott West No comments

It’s four days into the new year. Maybe you’ve already made  your resolutions, maybe you’ve already broken them, maybe the only resolution you care about is measured in pixels. Regardless, here’s one for business-sakes it would pay to heed: Improving responsiveness to tenant requests.

Here’s why:

Tenant Service is Elastic.

Service response time plays a key role in determining the involvement tenants have with a building manager. Longer waits and slower responses lead to an overall negative experience and vice versa. Being the most controllable aspect of any building, the speed of service with which a building manager can successfully complete required tasks, could make or break a tenant relationship.

This stems directly from two things. First, the rate at which an owner must charge a tenant more or less cannot be changed. Second, the location of the building will not change no matter how much you may want it to. This leaves one major, elastic characteristic tenants consider when looking for space to rent: the service provided.

Why do Tenants Choose to Stay?

Here’s How:

Be Effective, B-E- Effective (Automate)

Service must be provided efficiently and effectively. One of the major issues today with responsiveness falls back to the owner. Whether the tenant cannot get in touch with the building manager, or the building manager has not made available an effective means of solving issues, the tenant rarely is the one at fault. See if your company is putting its best face forward with effective customer service.

Allowing tenants the ability to submit work orders easily only quickens the response time. Automation, therefore, becomes crucial. Implementing a system where tenants have the ability to electronically submit service requests allows them to save time, which subsequently leads to a better experience.

Don’t Just Have a System, Use It!

Many things can be fixed quickly, and consequently should. Requiring someone to call the maintenance office every time a light bulb goes out never proves to be an efficient way of handling a situation. Automation is great, but it does not work if no one knows about it. Tenants need to be informed about the utilities they have access to in order to make the most of them. Simply having an online system is not enough if no one uses it. In order to effectively and efficiently vanquish service requests, the tools available to tenants must be used.

Find Out How Your Service Stacks Up

Know where your service level stands compared to that of your peers and industry top performers. What are other property owners and managers offering that you could adopt? What response times and service performance are standard? Take Building Engines Service Responsiveness Benchmark Survey for a compilation report identifying Best Practices you may want to consider.

Want more? Read about How to Rock Occupancy with Technology!

A Holiday Gift: Introducing… Inspections!

December 22nd, 2011 Kyle Maikath No comments

While this time of year has most focused on reflections (both in the mirror and on the year gone by), Building Engines has its mind on Inspections. This evening, Building Engines proudly introduced The Inspections Module!

This brand new module will support:

check Inspections of all types (Property, Environment, Tenant, etc.)

check Mobile and iPad compatibility

check Easy set-up and deployment

check Highly flexible formatting and question types

check Summary reporting with drill down capabilities

Save time and paper!

Based on client and market demand, this rich set of new features to our application will facilitate the creation and processing of paper-based property and tenant inspections. By digitizing this data and its associated processes, users will be able to build a wealth of information that can be easily consumed through our new inspections reporting dashboard. Take a look (or inspection):

Inspections Module Mobile Interface

Inspection Builder

Inspections Summary Reporting

We look forward to 2012 where we will continue to build new features and functionality into the application.