A Great Time to Implement Change

NEW YORK CITY-“Now is the best time to get your house in order,” advised Warren Adair, VP of information technology at Shea Properties. Adair was one of a trio of property management experts convened for the latest in the GlobeSt.com Webinars series; all three drew on examples from the successes their own companies have achieved in streamlining systems.

Titled “Invest in Your Property Now and Reap the Rewards in the Future,” the hour-long webinar focused on new technologies that can attain a substantial ROI in terms of cost savings or increased client satisfaction. They range from greening operations to creating web-based portals to address tenant concerns.

It’s a broad-based approach, one which the webinar’s viewers appeared to appreciate: an audience poll showed that 47% plan to make investments on some combination of technology, curb appeal and tenant services in the next 12 months. Only 17% said they had no plans to make investments in any of these areas.

Sue Fortman, CFO for the Mackenzie Cos., said one unexpected result of her company’s internal streamlining process was that it increased managed square footage by 12% even as it reduced management and accounting staff by 10% over a two-year period. One of the biggest hurdles to overcome, she said, was convincing staff that the time to implement the new technologies would be offset by time savings down the road. “You need to get your staff on board to open up and think outside the box,” Fortman said.

Web-based portals, which can automate and therefore streamline many client requirements from rent payment to property listings, were talked up by Robert Teel, VP of global solutions at Yardi. He noted that these portals, which have been so important in residential property management, are gathering steam in the commercial sector as well.

Elliot Markowitz of ALM’s Real Estate Media Group moderated the discussion, available for free replay until Dec. 28. Click here to access the webinar.