Reputable PM firms can serve out-of-state owners effectively

Building Operation and Maintenance Just as a good financial system must be in place to drive the bottom line, it pays to maintain a building in a highly marketable state. Inspection and maintenance of building systems must be scheduled on a regular basis to ensure that equipment remains in good working order and lasts as long as possible. In addition, the property management company should update building files promptly and analyze them periodically to make timely recommendations on energy-saving and other cost-effective upgrades. Code compliance pertaining to life safety systems and the Americans with Disabilities Act as well as environmental matters such as healthy indoor air and waste recycling programs also are among vital issues that the professional property manager can address. Face-to-face communication by tenants with a local property manager who can quickly assess a problem and provide a solution is important to retaining good tenants. In addition, frequent personal contact with tenants enables the local property manager to stay aware of various circumstances that may lead to mutually beneficial situations which otherwise may not be so apparent to the busy, distant building owner. For example, with a little creativity, we were able to accommodate a local firm that was searching for 38,000 s/f of contiguous space in a Class A office building in Providence - space that was not entirely available. Good relations and understanding the needs of our tenants enabled us to engineer a deal that was a win-win for everybody. Through lease buyouts, reduction in space and relocation of a few tenants, we were able to create the 38,000 s/f of contiguous space to attract the new tenant while satisfying seven other tenants whose needs had changed or could otherwise benefit. In the end, we were able to cost-effectively carry out one of the most complex and largest office deals in the city in several years. No Worries In conclusion, the most important benefit of hiring a full-service property manager for your distant properties is the immediate availability of a wide range of professionals who know the local market. Excellent lease administration, facility maintenance, construction services, timely systems upgrades, proactive code compliance, "green" operation, personal communication with tenants and creative solutions all contribute to efficient operation that enhances the bottom line. John Macliver is the president of MPM Property Management LLC, Providence.