Personalization is Key
Our property managers build lasting relationships with each of our tenants through regular face time and take the initiative to get to know each individual by name. This commitment to “personalizing” the property management experience generates dividends. We are better able to identify problems early on and can encourage cooperation among adjacent tenants. Our on-the-ground teams can often uncover the subtle signs of whether a tenant is successful or not, such as the lack of customer traffic in the store or low levels of inventory on the shelves. All of this market intelligence better positions us either to retain the retailer when their lease expires or to quickly replace them. Should a problem be identified that cannot be remedied, our property management team immediately works with our leasing group to devise innovative strategies to backfill the space quickly to minimize downtime and lost income.
Key attributes that distinguish our property management team from others include:
- Our focus is quality and not quantity.
Similar to our leasing portfolio, we strategically lower our property-to-manager ratios to garner specialized attention at each asset. This avoids the frustrations that often come from working with a large third-party property management company.
- We’ve invested in technology.
Our information technology systems allow us both to safeguard data and to share it quickly in the office and out in the field. We have implemented prudent internal controls to ensure accuracy of reports and to protect financial resources.
- We’ve got financial reporting covered.
Our property management group is supported by a diverse team of finance and accounting professionals with significant retail experience. We can report on whatever basis of accounting is appropriate (cash, tax, or GAAP) and have worked with diverse outside parties ranging from “hands off” high-net-worth investors to very “hands on” publically-traded institutional investors.
- Idea Sharing.
Our leasing and property management teams are constantly interacting to share feedback on tenants, prospects, and competitors. This information exchange is vital to quickly identifying and solving problems in a fast-moving environment and does not happen often or efficiently in most large third-party property management firms.
Through our property management team, we maintain high tenant retention through knowledge of market rental rates and vacancy and meeting tenants’ needs in a timely manner. We constantly monitor each property to maintain the integrity of the asset and to enhance overall value for our investors and third party clients.