As seen originally in the Colorado Real Estate Journal – December 2022
As a property manager in the commercial real estate arena, your owner is one of the (if not the) most important persons you work with. As we will see in this series of articles, while seemingly the most important, your success working with and for this individual, the owner, is highly dependent on the other four relationships you must be focused on. As we look at the qualities and skills needed to be successful as a property manager, there are five areas that each work together in a synergistic way to make you successful. Let’s jump in and see what that means day by day.
Focused. Everyone talks about focus, but few people make it a priority. How can you be focused on your owner? This should always be top of mind. It starts with knowing your owner, and the best way to know your owner is to always be asking questions of your owner – not in a fast-paced bullet approach, but a relationship approach. When you first meet an owner, what questions are you asking? Are you
asking about the building, or about him and who he is as a person, and what is important to him in life? As you begin to understand and
know him as a person and investor, you will soon understand how and why he makes decisions about his property, about money and
about the type of service contractors you employ. Focused property managers are always asking their owners questions, and then they stop and listen. The more you ask, the more you will know, and the details of property decisions will become almost unnecessary to ask, as you will have the answer already because of these prior conversations and relationship building. You know the answer because
you know your owner. What are the questions you will ask your owner today? Make sure they are focused on the owner, her goals and then the property.
Inclusive. What does your owner want and need to know about or be involved with? It is important as a property manager to know what your owner wants to know and discuss with you, and when he or she expects you to just do it. The only way you will be able to gain trust goes back to being focused. Are you having conversations that get to issues and solutions, or are you just making small talk and not really getting to know your owner? One of your top goals with your owner is to understand what decisions she wants to make and
what decisions she want you to make. The only way to get there is to always be asking questions that allow you to hear what her views
on issues are. The initial question is not: Will you approve this $5,000 HVAC unit replacement? The discussion you had a long time ago was a discussion about preventive maintenance and the age of the units on their building, as well as the current availability of new versus old equipment. You know if the owner is planning a sale of the property in the next six months – from this and other conversations, your recommendation of what the owner should do is already known. It is known because you know what she believes and what her goals are for the property. Your priority is to understand the owner’s core expectations while at the same time giving the best overview of the current situation with all the facts available and all the input available from all the sources. You are the information funnel that is getting accurate information to your owner, balanced with your expectations and recommendations.
Strategic. Many owners assume their property managers are going to be focused on the day-to-day responsibilities and solving problems. They do not always consider their property managers as strategic because their property manager has always acted as a day-to-day problem solver. Problem-solving is an important skill and one we use every day, but strategic thinking is a skill that brings you to the level of trusted partner with your owner. Rather than just solving the problem, show your owner what they need to be thinking about in a strategic fashion, and bring them the information and recommendations to make those decisions. One of the best times and places to do this is in your annual budget planning. Think long term and long-term savings, and show your owner what is
in your budget as a discussion item to show you how you can increase the value of the building and save them money in the
long run. Moving from day-today thinking to strategic thinking gives your owner the best value and the highest level of respect for you.
Dynamic. Property managers are individuals with a variety of skills. They must deal with individuals and companies at many different levels and may at times get put into the “just do this” spot when in fact they should be the ones bringing new ideas to the table. You need to feel comfortable with your owner in this type of discussion, not just answer the question with a statement. You need to know your owner well enough to have discussions that are between the two of you, not statements from one to the other. It is not only acceptable to have an opinion, but you should also be able to verbalize and defend your position as a person of knowledge and experience. You are the expert; that is why you have been hired. Do not be embarrassed to make decisions and answer questions with a sense of authority, but do not flaunt the authorities you have either. Real confidence is usually dressed in humility.
David W. Hewett
Executive Director Property Management, Olive Real Estate Group, Inc.