5 Property Management Tips From an Office Pro

MIAMI—Whether you're managing an office tower, a multifamily community, an industrial park or some other commercial real estate asset, there are some general rules of thumb that will help you compete with other properties in your region without breaking the bank. Although it's daunting when neighboring properties launch multimillion-dollar capital improvement campaigns that you can't match, there are baseline tips to make the most of your property even with budget constraints. It's a balancing act.

JLL's Steven Froot manages buildings like Southeast Financial Center, 701 Brickell, 810 Brickell, Miami Tower and 1221 Brickell in South Florida. He starts his recommendations with a focus on amenities and tenant relations.

Specifically, Froot suggests offering amenities in the building that enhance the tenants' experience and implementing a strong tenant relations program, which should include making regularly scheduled visits to tenants, to make sure they are highly satisfied. He also has several other best practices that help balance the ability to compete with profitability.

"Ensure excellent curb appeal at the property to help create a positive first-impression when prospective tenants are touring the building," Froot says. "Invest resources in creating an energy-efficient building to make it more affordable for the tenants and ultimately, for the property's ownership as well. To compete and stay cost conscious, regularly bid out services to ensure you are getting the best service pricing in the industry. Hiring a competent and experienced property management firm that can act as an extension of the ownership can help achieve this goal."

Froot put these best practices into practice at a 34-story trophy office asset on Brickell Avenue that JLL manages. The Brickell submarket office vacancy stands at about 15%.

"We were able to be very cost-conscious by arranging a group bid for vendor services to get better pricing for the client," Froot says. "Additionally, we utilized some very strategic sustainable programs to reduce energy usage at this particular building and that had a positive impact on its operating expenses."