Commercial real estate looks vastly different now than it did 40 years ago, let alone five years ago. Employees are working nontraditional hours, building floor plans don’t necessarily include cubicles or corner offices, and tenants want amenities that go beyond just having a restaurant downstairs.
Historically, a commercial property manager was someone who helped coordinate move-in/move-out dates and collect monthly rent. But today, commercial property management teams need to evolve to meet the demands of the tenants to keep assets relevant and competitive in the market.
From our more than 40 years of experience managing properties, we’ve come to understand that property managers need to act more like a concierge, providing tenants with exceptional service in addition to executing their traditional role at the highest standard. Tenants want to know where they should get their lunch catered, car valeted, or clothes dry cleaned while at work, among other things.
Rising has assembled a property management team experienced in institutional management that also has these three characteristics that we believe are crucial to a successful building operation. These characteristics enable our team to go beyond the standard day-to-day operations of a property manager and further enhance value for our institutional clients and partners.
The relationship between the tenant and property manager is crucial and always has been a key element in tenant retention and issue resolution. As they will be interacting on a weekly, if not daily, basis, the overall office building experience is directly tied to this interaction. At Rising, each property is equipped with a property management team that innately understands each tenant beyond the generalities like name, company/suite number, and how much they pay in rent. Our property managers know what time each tenant arrives and leaves, their communication styles and habits, whether they like to meet in person once a week or once a month, their birthdays and more. Overall, we have found that the most effective way to acquire and retain tenants in our buildings is attributed to this relationship driven approach built on trust, honesty, and communication.
Rising managers foster these relationships in a variety of ways and initial introductions usually occur upon move-in and frequent tenant events throughout the year. Each manager makes an effort to get to know tenants and employees on a more personal level, in order to understand perspective and to meet their needs. Each Rising property manager is equipped with a monthly budget, separate from the property, to reach out to tenants over coffee, lunch, or to simply send flowers. As a company, Rising supports the mission of each manager to foster every relationship from a corporate level, not just the building budget for events and global tenant outreach. It is a personal touch that is meaningful in supporting open communication and creating an environment that tenants want to continue to be a part of.
Many tenants in the market today are anything but traditional. Many want to host events in their space, have dogs by their side, and work outside the hours of 9am-5pm. With this comes the need for property managers to be resourceful and strategic. Each of Rising’s property management teams have been forced to think outside of the box to create value for tenants and owners that goes beyond the ability to allow dogs into the office. If a tenant is hosting a dinner party in their office in less than a week, for example, and they need need to know the best caterer to reach out to, we have plenty of recommendations. If they need assistance getting insurance for the event, our property managers can assist. You never know what problems may arise on a given day, but we’re always ready to think outside the box to find a solution.
In today’s changing work environment, it is becoming more and more rare for an employee to sit in or work in one single place. Because of that, standard practices in building access and parking don’t always work to the employer’s or employee’s advantage. Most recently, we were approached by a tenant whose office space is “satellite” and has no permanent staff but did not want to acquire a monthly parking pass for every single employee that works for the company that may decide to work there in the future. In most office buildings, monthly parking access is non-transferrable, it protects the landlord and tenant from abuse of parking privileges. But, in this case, the tenant had a valid point. The tenant believed they would need 10 passes total, but wanted those to be used by different people. Rather than issue parking access cards, or make the tenant pay full day rates every time a new employee parked, the solution was to provide the tenant with 200 entry/exit passes at the cost of 10 monthly parking access cards. The tenant then can have 10 people per day, 5 days per week, four weeks per month enter and exit the property for the same price as monthly parking but with the transferability that today’s new office tenant requires.
Creative thinking allows Rising’s managers to push the current norm’s into the modern working age and allows our tenants to do the same while adding value to our clients by continuing to attract and retain tenants.
Last but not least, property managers must be organized. There are a lot of moving pieces and property managers must be organized in their practice in order to be efficient, precise, and on top of their work. Rising takes an innovative approach, utilizing technology to allow managers to connect from anywhere and manage ongoing tasks at the building outside of email. Rising’s use of technology throughout the business also requires managers to be tech-savvy. The approach creates transparency among property teams and makes communication seamless in order to efficiently drive tasks to the finish line.
Rising has a proven track record of creating value through the best property management practices. We are in the business of customer service by default and our goal is to provide the best experiences for our customers.
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