Contrary to popular belief, real estate executive Adam Hochfelder believes that smart property managers can always realize income growth. There are a number of techniques to accomplish successful property management, but in the end they are all focused on the same essential value, to maximize the income and minimize the expenses. In order to achieve this, it’s essential that you go through every component of the income and expense statement, just to make sure you’re getting the most of the situation.
Property managers have the power to enhance the value of the properties they manage. If they are driven by the right reasons they could also expand their wealth of knowledge to new assets in need of professional handling. Over the past few years the growing property management role has led to higher expectations from asset managers and owners. As a result, asset managers are relying on property managers to provide a wider range of services and advise on different areas. As property management continues to evolve, the sector now includes so much more than increasing efficiency and tenant retention. Nowadays property managers are considered as real estate professionals. Because of the continually growing demands, many property managers have found it beneficial to take education courses.
As Hochfelder, the managing director of Merchant Hospitality, explains, property management teams must align management with overall client objectives. That means they need to incorporate asset management practices and the owner’s financial objectives to be effective. In addition to that, property managers have the role to reduce operating costs, and to generate a positive impact on the asset’s net operating income. Institutional property owners on the other hand must also have broad, company-wide objectives connected to their portfolios. Those initiatives must be incorporated into the property management strategy.
Enhancing the tenant experience is, and always will be an important aspect in property management. Enhancing the tenant experience through sustainability and energy-efficiency initiatives is the starting point of tenant retention. A successful tenant retention strategy should provide the best possible value. The property management team should also make sure that the asset is well positioned in the marketplace. According to Adam Hochfelder, In order to compete in the commercial real estate market, property management teams have to differentiate themselves with innovative new services that attract clients.
You can read more about Adam Hochfelder in the about section.