Starboard Commercial Real Estate

Hans Hansson | March 16, 2009

In good times with lower vacancies and higher rents, the importance of providing the highest standards of property management is not always emphasized. In fact, in a recent poll of commercial landlords the majority felt that property management firms were overall not very good. Some of the things that were pointed out were: the revolving door of property managers that came and went through their projects; lack of flexibility in accounting reports; poor follow through; lack of competing bidding on repairs and projects; and, mistakes made in operating expense pass-through calculations.

Several landlords note unless you were a large REIT that the larger commercial property management firms treated them with less service overall.

This coming year will offer many challenges to building owners such as higher vacancies, less revenues and tighter credit standards. To compete for a smaller amount of tenants, buildings will have to "shine" to win these tenants. That means from the lobby on up buildings will have to remain modern, clean and attractive while landlords have fewer funds to upgrade. Buildings will have to offer personal attention to their tenants to insure that they work with their tenants to survive these difficult times. They will also have to insure that they pass on all costs that they are legally able to pass on to insure maximum revenue.

To meet these challenges property management companies will have to change the way they do business. They will have to invest in better people; more supplicated software and provide more personal rapport with clients.

In order to meet this challenge, Starboard TCN Worldwide and Westlake Realty have formed a new company StarWest Property Management Services. StarWest combines two independent firms to provide personal leasing and management services with top-notch software applications. Westlake Realty has been providing property management services since 1972. In 2007 Westlake won the Northern California Property Management of the Year award. Westlake manages over 500 million dollars worth of real state throughout the Western United States. It offers a personalized financial application system that allows a landlord absolute review of everything that goes on with their property in a paperless world fully tailored to how the owner wants to view this information. It offers GPS technology to insure that support is provided and delivered as quickly as possible. It has long standing management staff that stays with a building.

If you are interested in learning more about StarWest please visit StarWestRealty.com or call us at 415-765-6900 for a free review of how we can handle your property management needs.
Posted 10 years, 6 months ago on March 16, 2009
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Comments on this post:

Re: Why Property Management Will Gain More Importance in a Down Market
A nice post, really valuable and worth reading. Such a post in an economic downturn time is really worthy.

2009/03/30 by Small Office Space wwwReply
Comment Trackback URL : http://blog.starboardnet.com/bblog/trackback.php/126/39708/
Re: Why Property Management Will Gain More Importance in a Down Market
Quality property management makes a difference, however it is expensive and should not used as a loss leader since it only serves to confuse investor into thinking that quality can be obtained easily by bidding it out.

2009/06/15 by Michael Gray • • Reply
Comment Trackback URL : http://blog.starboardnet.com/bblog/trackback.php/126/40487/
Re: Why Property Management Will Gain More Importance in a Down Market
I can't argue with what you have said. Good property management and a well kept building will not only help fill vacant buildings but will also retain the tenants they already have that may be looking for a bargain in a down market by keeping them happy with what they already have.

2009/04/05 by Los Angeles office space wwwReply
Comment Trackback URL : http://blog.starboardnet.com/bblog/trackback.php/126/39785/
Re: Why Property Management Will Gain More Importance in a Down Market
Hello,

Property has emerged as one of the safest option to invest your hard earn money as a result profession of property management is also rising high in the market, it is just the consequence of market trend.


Regards,
sarah

2009/05/24 by sarah wwwReply
Comment Trackback URL : http://blog.starboardnet.com/bblog/trackback.php/126/40215/

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