10 Marketing Plan Elements to Help Sell or Rent Your Property

Whether you have a marketing plan in place or are looking to create one, understanding its elements is key in helping sell or rent your property.

A marketing plan is a tool for organizing the planning, pricing, and promotion of a product. Creating a marketing plan is a fundamental exercise for every business. Your building is a business. Its marketing plan should identify the target market to which you are going to sell space, the price, how you are going to make the building unique, and methods for communicating with those target markets.

Writing the marketing plan requires research and analysis. The steps involved in preparing a strategic marketing plan include:
Analyzing the owner’s positionAssessing the propertyPerforming a market analysisFormulating goals and a strategyOnce the plan is established, you need to prepare a budget to fund it and pick people to execute it. In large property management organizations, entire departments may be devoted to marketing. If you do not have the l…

4 Methods to Create a Successful Building Project Team

The development of a project team is critical to the success of any project. In the building industry, owners and developers have several methods available for creating a project team.
Project Delivery MethodsThere are four primary project delivery methods used, each having benefits and limitations. The intent of the project and its goals regarding schedule, costs, quality, and safety will help determine which method is the correct one.

Design-Bid-Build ApproachUnder this traditional method, an architectural firm is hired and serves as the owner’s agent. Although the firm may have numerous responsibilities, including the selection of consultants, its primary responsibility is providing and managing the design and construction documents for the project. As the design progresses, the architectural firm and external cost estimators periodically prepare cost estimates. Once the construction documents and specifications are completely finished, the project is bid and subsequently awarded to …

8 Remedies for Noncompliance with Commercial Lease Terms

Landlords have a variety of remedies available to them for a tenant’s noncompliance with the terms of the lease. Effective remedies are also available to tenants for the landlord’s breach of the lease provisions.

Remedies Available to the LandlordCommercial leases are frequently written by landlords with innumerable covenants, conditions, and requirements for the tenant to meet. Many of these can be negotiated. If a tenant is in default, the landlord has a number of remedies at its disposal. The landlord may exercise more than one remedy, either concurrently or in the future.
TerminationIn most cases, a lease allows the landlord to terminate the tenant’s possessory interest in the leased premises upon a tenant’s default. Because the lease termination may end the tenant’s obligation to pay rent, a landlord may not immediately want to terminate the lease. Landlords should include a survival clause in their leases that converts the rent obligation into an obligation to pay damages due to t…

Think Your AC Isn’t Working Properly? It Could be a Refrigerant Leak

Most of the time someone calls and reports that the air conditioning is not working properly. By checking system pressures and temperatures, you can determine whether the system refrigerant charge is either low or empty. Refrigerant leaks typically fall into four types:
Standing Leaks: occur even while the unit is tuned offPressure Leaks: occur at a certain pressureVibration Leaks: occur when a strain is put on a line or componentTemperature Leaks: occur as a result of the expansion and contraction caused by temperature changeOne way to start checking for a refrigerant leak is to listen to the system. Most of the time it will be hard to hear any gas escaping because equipment noise is too loud or the leak is too small.
Next, visually inspect the system. Since some oil (lubricant) circulates throughout the refrigeration system along with the refrigerant, inspect the system for signs of oil leaks.
Some obvious places to look for leaks are service valve caps, brazed fittings, and piping joi…

6 Steps to Developing an Income Budget

Budgeting looms as an onerous undertaking for some people, mostly due to the size and complexity of the task. Because of sheer volume, budgeting must be broken down into parts, and each part must be completed in full before progressing to the next. When developing an income budget, use the following steps.

Step One: Gather InformationBefore you can begin budgeting income, you must have a firm handle on existing tenancy. Prior to beginning the budget period, you must thoroughly review the rent roll to update:
New leases not yet abstractedExtensions, expansions, contractions, and other changes to the space requirements of your existing leasesAmendments, addenda, and other changes to the terms of your existing leasesYou must have available all current information relating to your existing tenancy. Your tenant base is likely in a dynamic state. Changes always occur, and it can be easy for a busy property or facility manager to overlook these changes. Take the time before beginning on your i…

SOP Programs: Identifying Differences Among Ductwork Systems

Establishing and implementing standard operating procedures (SOP) in an effort to improve operations and reduce energy costs can be achieved with little or no layout of capital funds. Numerous studies have been conducted that prove that significant energy savings can be obtained through minor operational changes, such as improved maintenance or repair of malfunctioning equipment.

SOP programs can be developed virtually overnight, but their implementation is continuous. For example, filters have to be changed routinely, HVAC system coils must be kept clean, motor and fan bearings must be lubricated, and lighting fixtures must be cleaned. All of these tasks are essential steps that are included in SOP programs. These programs will form an ongoing process to ensure that equipment operates at peak performance.

The following guidelines will help you to design a comprehensive SOP program for ductwork systems, including dual-duct systems, multizone systems, variable air volume (VAV) systems, c…

Fire Prevention in Your Building: What Facilities Managers Need to Know

The goals of fire prevention programs are to prevent loss of life, property damage, and downtime in use of a building. Fires often cause disruption of business activities, loss of business documents, loss of employee work hours, and liability claims resulting from the spread of fire to adjacent properties. Depending on the construction type or contents of the building and the occupancy type and number of occupants, fire prevention features should provide life-safety and property protection or a combination of both.

A fire prevention program can reduce or eliminate the occurrence of fires by training occupants in fire safety, as well as proper maintenance and care of fire protection and life-safety systems, and by controlling potential ignition sources and fuels. A successful fire prevention program is part of the day-to-day operations of every property. Fire prevention is the responsibility of the owner, the manager, and all occupants of a property. 

Precautions Against FireTraditional …