Are you struggling to make time for effective asset management?
Time. There just isn’t enough of it. Even before MEES was a thing, our clients routinely complained that they didn’t have enough time to ‘do their asset management job.’ Invariably reporting requirements, internal processes, and high-level management & valuation commitments get in the way; and if you’re buying then it’s virtually impossible for effective asset management.
Business and property in particular, is becoming more technical, more procedural and with an increasing scrutiny on compliance. So it’s harder than ever to find enough quality time to get out onto site and meet the occupiers.
You have to be on site all the time to form a relationship with them, to allow an open business conversation to flow and to be able to influence their property decisions in a positive way. They have to trust you. They have to believe that you are committed as they are. Many clients have said to me that the required time commitment is irreconcilable with modest provincial estates whilst acknowledging these estates need the same high-level skills sets for more valuable assets. So what to do?
Believing your covered vs actually being covered
The usual response to counter this ‘client time reality’ is a heavy reliance on a multi-disciplinary appointment and ‘hope’ that this provides the intelligence you need. Over the years, I’ve been told by clients (repeatedly) that ‘cover’ was adequately provided by letting agents, a property manager, and an L&T surveyor. I’ve rarely accepted this because every time I’ve been instructed on property where this has been installed, I’ve found that the respective surveyors are entrenched into their professional silo’s, they don’t speak to each other and they still look to the client for instructions.
In the end, it doesn’t really create the time the client craves. It doesn’t mean you’ve not got good agents or property managers, but they still need to be managed, motivated and aligned; so it doesn’t help when a senior property professional delegates tasks to a less experienced team member and key insights and strategic discussions get lost in the process. And if staff turnover occurs, the ‘reset button’ is pressed meaning progress often stalls and momentum is lost.
Unlocking Tenant goodwill
In the end, nobody is constantly engaging with the tenants at the right level and nobody is asking the right questions of them. Over time, the estate drifts. When I’ve been appointed on estates subject to these conditions, every time I’ve found ‘untapped tenant goodwill’ to focus on. Sometimes huge reservoirs of it like at The Tinsley Industrial Estate.
But if one occupier is grumbling about something, odds on they all feel the same and collectively, it’s stopping them from doing the things you’d like them to do. Often, the very agents and property managers you hope are providing ‘the cover’ are saying the same thing but they aren’t empowered to pulling it together, drive it forward and make it happen. This is where Yoke bind the process together and add bundles of energy to drive it forward.
Harnessing the power of your property
Most of our projects follow this theme. Clients weren’t covered when they thought they were. So, if you’re a time starved Fund manager or the head of asset management, and if this sounds all too familiar and want experienced help, then it’s a case of who to trust? If you’re reading this then I’m hoping Yoke have gained your trust.
If you are struggling to make time for effective asset management, contact Yoke today.
