Colorado-Real-Estate-Journal_318734
Page 30 - December 21, 2022-January 3, 2023 www.crej.com Property Management 2 0 2 2 BU I L D I NG OUR F U T UR E NOW! bomadenver.org Design by CREJ, Photo by Havey Productions Advancing CRE Through Advocacy & Education EDITOR’S NOTE : This is the first in a five-part series on leader- ship. Subsequent articles will appear in each of CREJ’s 2023 Property Management Quarterly issues: lead- ership with tenants, service provid- ers, your team and yourself . A s 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 seem- ingly the most important, your success working with and for this individual, the owner, is highly dependent on the other four rela- tionships 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. n 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 ques- tions 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 under- stand 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 contrac- tors you employ. Focused property managers are always asking their owners ques- tions, and then they stop and lis- ten. 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 conversa- tions 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. n 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 ques- tion 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 availabil- ity of new versus old equipment. You know if the owner is plan- ning a sale of the property in the next six months – from this and other conversations, your recom- mendation 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 recommenda- tions. n 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 think- ing 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 build- ing and save them money in the long run. Moving from day-to- day thinking to strategic thinking gives your owner the best value and the highest level of respect for you. n Dynamic. Property manag- ers 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 state- ment. You need to know your owner well enough to have dis- cussions that are between the two of you, not statements from one to the other. It is not only accept- able to have an opinion, but you should also be able to verbalize and defend your position as a person of knowledge and experi- ence. You are the expert; that is why you have been hired. Do not be embarrassed to make deci- sions and answer questions with a sense of authority, but do not flaunt the authorities you have either. Real confidence is usually dressed in humility. s dhewett@olivereg.com A property manager's guide to leadership: Owners David W. Hewett Executive managing director, Olive Real Estate Group Inc.
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