Top 5 New Year’s Resolutions for Real-Estate Property Managers
January 6, 2020 in Blog
As the Real Estate community kicks off 2020, its time to think of New Year’s resolutions that start the year off right. SDI Presence’s real estate team offers suggestions for property managers as they begin a new calendar year.
Welcome to 2020!
What’s a new year without a fresh list of resolutions? One study found that 46 percent of individuals who made resolutions were successful compared to four percent who wanted to achieve a certain goal and considered it but didn’t actually create a resolution. A well-thought-out resolution can move you closer to achieving meaningful goals. With this intent in mind, the SDI Presence real estate team huddled up to assemble their top new year’s resolutions for real estate property managers:
Resolution 1. Know your exact RSF – down to the last square foot
When was the last time that you had your building’s square footage measured? And do you have a program in place to keep that information up to date?
As tenants come and go and spaces transition—and BOMA standards evolve—property managers need a plan to keep up with changes in square-footage information at any point in time to both save on costs and capture revenue. From an operations perspective, like managing your maintenance contract, knowing your cleanable square footage will ensure that you only pay for cleanable space. From a leasing perspective, don’t leave rental revenue on the table! And especially during a property transaction, accurate square footage allows the seller to maximize its price point while preventing buyers from overpaying.
Resolution 2. Make sure that your as-built architectural documentation is ready to go.
Rather than hunting for building drawings that may not be up to date, make a resolution to get your building’s documentation in order. From stacking plans to lease terms to floor plans, your marketing and tenant development teams will thank you for easy online access to accurate documentation. And accurate docs will make a difference from a cost perspective—from ordering the correct amount of paint to estimating construction costs.
Resolution 3. File emergency plans with your designated first-response authority.
No property manager wants to make headlines for failing to have proper safety measures in place when an emergency occurs. First responders and incident managers must have quick access to accurate information about your building to handle emergencies effectively. Lives may depend on it. Give the gift of safety to your tenants by reviewing and complying with your local authority’s Emergency Building Ordinance requirements. Follow your first-response authority’s information update requirements to ensure a prompt first response.
Resolution 4. Make sure that the right building personnel is armed with emergency response information.
In emergency situations—from an active shooter to a fire or building system failure—make sure that the right personnel has easy access to critical building information, emergency response procedures, and contact information. Your building security, front desk, engineers, and property management team should be properly prepared and armed with response protocols for multiple scenarios and up-to-date emergency evacuation routes. Make access easy for your team by going mobile: Loaded on any Apple or Android tablet, phone, laptop, or desktop, the SDISECURE app provides your building’s critical information through an easy-to-use, intuitive interface. SDISECURE delivers the most accurate property data available, constantly maintained by the SDI Team of real estate professionals. Just click to access floor plans, emergency evacuation routes, emergency contacts, and standard operating procedures for over 15 emergency scenarios tailored specifically for your property.
Resolution 5. Know your cyber posture and make sure your team is cyber aware.
Property managers must acknowledge the cybersecurity risks they, their buildings and their tenants face every single day and take the necessary actions to address cyber exposure. Start off the new year with a new awareness of your role in cyber incident prevention! Smart cyber steps to take in the new year include:
- Cyber awareness training for real estate employees – employees at all levels, including building contractors that have access to target systems and information
- An enterprise vulnerability assessment that considers your property’s systems, data, access privileges, and policies, with a remediation plan to achieve an effective cybersecurity posture
- Cybersecurity monitoring of your property’s IT and Operational Technology (OT) environment, including 24×7, managed detection and response via a security operations center (SOC)
Committing to these top 5 five resolutions will provide a foundation for a prosperous and safe 2020 for property managers, your teams, and your tenants alike. Be sure to reach out to SDI for assistance with getting started with each of these resolutions.
With a 25-year corporate resume, SDI is the real-estate industry’s square footage expert: the firm measures and manages commercial and industrial properties’ space to maximize rentable revenue, overall valuation, and tenant safety.
11 of the top 15 largest real-estate owners and managers in the US are among SDI’s 1100+ real estate clients. SDI’s portfolio includes almost half of Chicago’s commercial business district’s office space.
SDI has verified over 260 million square feet of space throughout the US, and we maintain over 100 million square feet of property information across the nation. We actively maintain this square footage—as well as its “golden set” of construction and as-built drawings—ensuring that the information is always accurate and available for daily leasing activity, property management, and transactions. Leveraging this data, SDI also provides emergency plans through our SDISECURE app to ensure compliance with local safety ordinances and enhance tenant safety. SDI has delivered 200 emergency plans to both property owners and first responders.
To discuss how SDI can help you start the New Year off right, please contact Bob Ladner, SDI Real Estate General Manager, at email@example.com or call 312-580-7512.