Today, Andy discusses how to optimize the management of your property. In a competitive industry, it is important to take inventory of your portfolio to make informed decisions.
Andy: Hey, it’s Andy and it’s time for another Whiteboard Wednesday. We’ve been walking through the process of commercial property management. In the previous episodes, we’ve talked about how we engage with our tenants through the process of attracting them to our facilities all the way through renewing them for the future. Today we want to turn that light inside and really look at how we manage our business. There are a few aspects of how we can do this because as we know out there it’s super competitive, not just for your tenants but also for you and your businesses as well. Now the first thing I’m going to recommend may sound silly or something that you know intuitively, but we want you to step back and take a look at all the things that you have in your portfolio.
If you haven’t done one in a while it may make sense to do an audit. This audit actually presents you with an opportunity to true up all the things that you have in your records with the physical things that you’ve been able to find through this audit, because it’s really critical to track these things as we go forward and that’s really the second element of what we’re talking about here.
We want to track things like our assets so that we can be in compliance with certain rules and regulations but also in case of an emergency we have the records to present with the insurance company if we need to. Insurance is actually a big aspect of this because as we look at our vendors, we want to make sure that we have their certificates of insurance that are up-to-date and current on record as well as we reach out to them for the things that we need and the duties we need them to perform.
Finally, we want to set priorities. As we look at our portfolio we’re going to make decisions based on the profitability of certain entities or buildings, we’re going to look at lease requirements or tenancy requirements. As we set these priorities, we can put them through the lens as we make our business decisions on where to allocate resources and people because at the end of the day, that’s really what keeping all the balls in the air is about, how we allocate our resources and our people to be as efficient and productive as possible.
Stay tuned, we’ve got two more to go, this is Whiteboard Wednesday for today.