Showing posts from December, 2017

Record Keeping: A Foundation for Efficient Operations

It is important to keep accurate records. They can serve as a reference for historical financial and property data, and factor into the determination of future needs for a property. Records are also instrumental in proving that tax and legal requirements are being met. Records enable property or facilities managers to store raw data such as rental payments, utility bills, and salary figures. These records can then be analyzed and converted to information for reporting the results of operations, making decisions on future capital projects, developing strategies for marketing or leasing, and many other purposes. Therefore, property and facilities managers should keep and maintain records of all financial transactions at all locations or properties they oversee. To accomplish this, both paper and electronic records and files should be updated and maintained daily.

Property and facilities managers are the point persons concerning financial information about each property in their portfolio…

Barriers to Group Effectiveness

Simple and obvious behaviors distinguish effective groups from ineffective groups. They are obvious enough that managers tend to overlook them until they impede group performance or create significant conflict. Barriers to group effectiveness are caused by: no clear sense of purpose; goals and objectives have not been clarified (often this can be attributed to ineffective management)formality surrounding and encumbering the group; the environment is void of humor, excitement, or fulfillment; members dread the workplace and any interaction with group members or the leaderunequal member participation; certain members are stigmatized, ignored, or undervalued; weighted participation is necessary to gain diverse and quality input; decisions consistently made by the same group members generate tunnel vision and reduce creativity and innovationpoor listening skills; team members’ inability to listen to each other creates errors and misunderstandings; the inability to listen effectively impact…

Bundling Tenant Improvement Projects with High-Performance Goals

Tenant improvements tend to target interior design rather than the system components of a building. A tenant improvement might address relocation or installation of nonstructural walls, workstation layouts, and wall and floor finishes, as well as furniture, fixtures, and equipment.

However, each of these interior-focused remodeling projects creates an opportunity to review system operations, design layouts, and the construction process itself to determine where it is feasible to incrementally address sustainability concerns. By bundling necessary tenant improvements with other investments, you can realize returns in multiple areas such as tenant satisfaction, energy reduction, and lower operating costs.

Investment bundling:The benefits to be derived from high-performance investments can be maximized by implementing two or more complementary high-performance investments simultaneously,

Certain building systems and components require thorough analysis and consideration during tenant improv…

Transforming Property Managers into High Performers

Advanced knowledge to optimize current and future high-performance building operations positions managers to be sustainability leaders.
Developing and managing high-performing real estate assets, while reducing the consumption of natural resources is now an industry expectation. Today, an acceptable approach to responsible management is one that aims to achieve maximum corporate profitability, while also making positive social and environmental impacts. To this end, BOMI International’s three-course High-Performance Sustainability (BOMI-HP®) designation provides today’s property manager with cutting-edge knowledge to optimize current and future high-performance building operations. Not only does the program provide the practical elements necessary to manage a high-performing building, but also provides the necessary credentialing for property managers to be acknowledged as leaders in sustainable building operations.
Paths To Success BOMI International’s Building Practices course identifie…

Buying Utilities at the Lowest Cost: A Property Manager's Guide

Purchasing utilities—such as electricity, gas, steam, oil, water, and sewerage—at the lowest cost is one way to ensure that your building is running as efficiently as possible, while also maximizing corporate net operating income and profits.
Many opportunities exist to reduce payments for utilities once a building’s energy consumption has been reduced to the lowest loads required to operate the building properly. Property managers who strive to buy utilities at the lowest cost must pay careful attention to utility expenses, the reasons for them, and the following opportunities to reduce energy payments: utility rate optionsutility service optionsopportunities stemming from deregulationdemand-side management (DSM) programsaccurate utility billsutility company and government rebatesUtility Rate Options Because the choice of utility rates is typically the responsibility of the customer, property and facilities managers should obtain copies of the rate schedules, criteria, and regulations o…

3 Tips for Immediate Improvement of Facility Performance

Our workforce is overstressed, overworked, overstimulated, and under informed. Fortunately, we have facility managers who can become a key part of the solution!  Below are just a few simple things you as an FM can do to make your facility high-performance, while increasing the efficiency of your building, improving the bottom line, and making your tenants happy.
1. Increase Communication: Your tenants are overstimulated, which means they already receive too much communication, right? Not so fast. More information can sometimes be fool’s gold, but when it’s the right information, it’s a gold mine. Your tenants treasure information that answers the question, “How does this affect me?” When implementing a change to your facility or operation, do not be coy about promoting how the change might benefit your tenants. Environmentally friendly practices and personal security are hot topics. So if you change the boiler to increase energy efficiency or hire a new staff member focused on emergency p…

The Digital Decide: Using Asset Management Software

Calculating an internal rate of return can be difficult. Discounting cash flows can be time consuming. Analyzing investment options can be confusing. Fortunately, today’s property managers will frequently use investment analysis software to perform these tedious tasks.

When projecting lease revenue and the timing of income and expenses, financial analysis software combines all of the variables and produces a net result. The resulting matrix of returns using alternative assumptions becomes a useful tool in assessing risk, as well as establishing best-case and worst-case scenarios and predicting a most likely outcome.

There are many software packages on the market. Before settling on one, you should familiarize yourself with the features available in each, and compare these to your actual needs. For example, you may only need to perform simple projections or only very complex, comprehensive ones. Or you may need a system flexible enough to do both. What If… What if you need to provide your …

Hazardous Material Spills

Hazardous materials spills, including biological, chemical, and radiological materials, pose a serious risk if not promptly identified and properly responded to by the individuals, staff, and/or emergency response staff. Although most building and property managers will likely rely on the expertise of the local fire departments and their HAZMAT teams, some may choose to have their own select staff officially trained for these responses. The complexity and detail of the plan will, of course, depend upon the physical characteristics and volume of materials being handled, their potential toxicity, and the potential for releases to the environment. 

Preparing for an effective response to a spill hazard involves all of the following actions: Review material safety data sheet (MSDS) documents or other references for recommended spill cleanup methods and materials and the need for personal protective equipment (such as a respirator, gloves, and protective clothing).Acquire sufficient quantitie…