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Page 16 — Property Management Quarterly — April 2017
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CHOOSE
YOUR
SUBSCRIPTION
2 YEARS
48 ISSUES
$170
1 YEAR
24 ISSUES
$95
OR
Perspective
O ur ultimate job as
property managers
is to take care of the
building tenants and
make sure they are
happy in their space. Daily
contact ensures we are serv-
ing to the best of our abili-
ties and understanding of
the tenants’ needs. Our end
goal is to make our service
the best so tenants renew
their lease and feel at home.
With all the interaction
with property management,
why are brokers important?
The answer is revenue. Bro-
kers create R-E-V-E-N-U-E.
Property management
creates the aesthetic value
to our tenants but does not
create revenue. Yes, if the
property management team
does its job, the hope is
that the tenant will want to
renew, but the negotiations
that the brokers perform is
what creates the revenue
for the property.
Brokers can be great
assets to property manag-
ers, and both parties can
help the other succeed.
Working side by side will
ensure that the brokers
have the correct informa-
tion about the tenant,
which will enable the broker
to understand the issues or
concerns and to transact a
mutually satisfying lease.
Communication between
the property management
team and the brokers is
key. Always work with your
brokers and
ask them
to provide
feedback.
Brokers
can offer
insight
about how
your mar-
ket-ready
spaces
look, what
amenities
a potential
tenant is
looking for
and what
new trends
you should
be focusing
on. You should ask the bro-
kers what a potential tenant
said about your building
after touring it. Any infor-
mation brokers can provide
will help you meet potential
tenants’ needs and help the
brokers sign these new ten-
ants into your building and
not the competition’s.
Remember your building
needs to be immaculate, the
bowels should look as good
as the lobby. The tenants
may not see these details,
but it is a best practice for
all managers to remember.
Often the brokers are not
around on a daily basis to
understand the complete
story from your existing
tenant. Instead, it seems
like they show up about a
year out from lease renewal.
A good property manager
should always be supply-
ing information about the
tenants to the brokers,
regardless of whether the
tenant’s lease is expiring.
Leasing calls should be held
a couple times a month to
discuss issues and concerns
from all the tenants in the
building.
The property manager
always should be involved
in the lease negotiations to
ensure that anything that is
promised can be made pos-
sible. In order to accomplish
this, property managers and
brokers need to work as a
team, whether they are co-
workers or not. There needs
to be respect and trust.
The importance of work-
ing together will benefit
all parties involved. Better
communication will lead
to better deals, and better
service will lead to greater
satisfaction. Existing tenant
satisfaction is key for the
property manager. Always
go above and beyond with
your service to tenants, not
only at lease-expiration
time.
Both sides, property man-
agement and commercial
real estate brokers, have
their respective responsi-
bilities when it comes to
leasing and tenant reten-
tion. Both should work hand
in hand to result in better
compensation and future
relationships. s
Lyla A. Gambow,
CPM, CAM
Managing senior
vice president,
management
services,
Transwestern,
Denver