Changes in both the economy and the workforce have meant a new way of conducting business for many industries in South Jersey, and property management is no exception. These industry leaders have had to develop new methodologies to meet the needs of a more cost-conscious, technologically adept workforce. According to K.C. Isdaner, COO at The Bloom Organization, there are several ways property management firms have been addressing these changes.
1. Improvements in energy efficiency and building enhancements. This includes lighting, HVAC, plumbing and equipment all to lower operating costs in the more stressed economy. In addition, programs aimed at promoting recycling and renewable energy sources, such as passive or active solar efforts, have grown in popularity.
2. Proper and well-thought out contractor selection. Repairs need to be timely, performed correctly and in the most cost-efficient manner so the end result is the minimum in tenant disruption.
3. Looking into tax appeals as a possible way to lower operating costs. While the first two are a result of changes in the industry as a whole, this third trend is more specific to the economy. With the great number of real estate sites over-assessed in the declining economy, a tax appeal may be warranted. A skilled real estate attorney and appraiser may improve the outcome of such an effort.
4. Using technology to enhance property managers’ ability to meet tenants’ needs and maximize cost efficiencies. For example, mid-rise office buildings are now being equipped with automated building management systems which allow property managers to control HVAC, lighting and security straight from their computer desktops. The result is a combination of greater efficiency and cost savings.
5. Last but not least is security. From after-hours access and security cameras to safety and exterior lighting, companies are looking at all the ways they can protect their workforce with the help of professional property management firms. Life planning training is also on the rise. No matter how secure the building may be, preparing for the unexpected, such as disgruntled former employees, traditional crime or other emergencies, has become a “must” in this day and age.
Published (and copyrighted) in South Jersey Biz, Volume 3, Issue 12 (December, 2013).
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