Professional Property Management Benefits Ingenious Asset Group
Commercial real estate properties and portfolios that are actively and professionally managed not only perform better on an operating basis, but in most cases, yield a higher disposition as well. With that being said, why is it that so many commercial real estate owners still attempt to manage their own portfolio? While the answers vary on a case by case basis, the most common one boils down to the perception that money can be saved by not paying third party management fees. The age old philosophy of "do it for you", and "do it yourself" is rampant in the commercial real estate industry. In the following text, Ingenious Asset Group (IAG) will provide you with a solid foundation for professional management as a value added service that is essential to your overall property returns.
It is important to recognize the difference between property management and asset management. Not too long ago, there was a distinct difference between these two fields. Property Managers were considered to be tactical in nature, focusing on day-to-day operations such as maintenance, minimizing vacancies, collecting rents and being the first line of communication with tenants. On the other hand, Asset Managers were deemed to be strategic in nature focusing on adding value to the property by making positioning decisions that would increase net operating income (NOI) and overall value. Although these clear distinctions exist among other firms, Ingenious Asset Group possesses a strong and in depth knowledge of the commercial real estate market that allows it to provide both disciplines in an integrated service offering.
When meeting with commercial real estate owners who manage their own properties, IAG does not ask owners if they manage their own properties, but rather, should they? Four factors are presented to provide some insight as to whether they should:
Is it the most efficient use of time? Often, you have better things to do, and it would typically take much longer to perform the same tasks when performed by one person as opposed to a team. IAG has streamlined the management process to efficiently handle all facets of property management.
While certain owners are capable managing their properties, they are usually not up-to-date in tenant–landlord law, and are unaware of possible revenue streams. It is common that owners leave money on the table. As part of it's professional service, IAG is always up to date with tenant-landlord laws, and creatively advises on additional revenue streams.
If an owner makes a mistake while managing their own property, it will be their problem to resolve. Mistakes are often costly. IAG takes great pride in its processes and procedures to greatly minimize risk for owners.
The most common reason why owners attempt to manage their own property is due to the perception that money can be saved by not paying third party management fees. IAG is extremely competitive with their management fees and the benefits of knowing owners have a trusted, experienced partner greatly outweigh the cost. There are many areas of property management where mistakes can be costly. Whether it is renovations, evictions or simply mispricing the rental market, the benefits of IAG’s services far outweigh the cost.
IAG often asks prospective clients if they perform their own legal work and to think about different areas in business where professional advice and counsel is sought. Why deviate from a proven model when it comes to managing commercial real estate assets? When IAG is selected to manage an owner’s property, IAG represents and works for the owner. Owners are in control, call the shots and leverage IAG’s knowledge and expertise.
As a commercial real estate owner, you want to collaborate with the best management professionals to produce the best possible outcome for your property. IAG will maximize your investment while managing risk along the way.
The following topics are only a few examples of how you can expect to benefit from IAG’s professional real estate management services:
IAG will collaborate with you every step of the way to determine how your property should be positioned or re-positioned relative to current market trends and competitive properties. Whether advising on rental rates, improvements, comparable rentals, IAG will advise on issues that may lower operating expenses, increase NOI or add new sources of revenue.
IAG offers leverage and economies of scale that you typically cannot match. IAG utilizes the aggregate size of its management portfolio to negotiate prices, assure the highest quality and rapid response times. IAG can deliver bottom line savings to you as a result of its relationships.
IAG has the depth of knowledge, skill sets and competencies to deliver turnkey solutions. IAG applies state of the art technology and tools towards improving your property’s performance.
Regulatory & Compliance
IAG is an expert in state and local municipal codes and regulations as well as with federal laws (ADA, EPA, DEQ, etc.) which will benefit your property’s performance, minimize risk and save you money.
IAG is on call 24 hours a day, 7 days a week. You will not have to deal with management issues or tenants when you’re in a meeting, with your family or on the golf course.
IAG is your single point of contact to manage vendors. Our sound policies and procedures with vendor management means you do not have to deal with managing multiple vendor relationships which saves you time.
IAG’s professional property management service has provided many real estate owners peace of mind. Without IAG’s management, there’s a high probability you're not maximizing your investment and spending your time wisely and efficiently. Your competition is hoping you manage your own property. IAG’s property management service improves the lives of property owners. Call us today at (310) 405-0813 or (310) 997-2552 to inquire how IAG’s expertise can be your success.