Property management can be a fun and fulfilling career. One of the great pillars of property management is being the quarterback for large capital projects. These projects may include paving parking lots, building garage strips, fencing a dog run, landscaping, HVAC, plumbing, security systems etc etc. Each one of those has a lot of dollar signs with it. What do you do? What are some points to making things happen?
All aspects of property management mesh together. In this post we will do our best to keep it just within the realm of getting bids. Here are a few keys:
- Courage. You are the quarterback. You control the battlefield. This is your vision of what needs to be accomplished. You must resolve to be the person in authority when contractors come to bid on a project. Sure, gain from their knowledge and perhaps expand or contract the scope of the project according to their expertise.
- Vision. As soon as you get a spark of a project idea, get out of the office or out of bed and take a walk. Whether it be an inside or outside project, go there and "see" it. Write down exactly what you want with measurements, projected materials and so forth.
- Contractors. In that blueprint make note of what services you are going to need. If it is tree removal or apartment complex flower beds you may only need landscaping companies. If it is erecting a building or buildings it may require electricians, plumbers, construction outfits and HVAC.
- Organization. It is incredibly easy to get confused. Usually for large projects over a threshold dollar amount, approval and authorization is required from a corporate office. You want your paperwork concise, complete and organized. Say you want to start at the foundation of a building. Go ahead and get at least three bids from concrete outfits or construction companies. In the world of building, there are contracting outfits that can organize all those subcontractors, or you can be more "hands on" with more control. When it comes to plumbing it is the same thing. What is important to remember is that each contractor walks the project with you and knows exactly what you want done. This way when they turn their bids in there should be clear comparisons of the scope of work to be done.
- Shake their hand. For God sake shake the contractor's hand. You represent your company, your property, your budget and your confidence. That contractor may or may not get the winning bid, but that last impression may be the most valuable token of all.
These all may seem very simplistic and of not much worth. However, it is the simple things that are forgotten. It is the forgotten simple things that can ruin a project or even shut it down completely. Here are just a couple oddball extras to remember.
- Payment. THIS IS CRUCIAL! In the modern world this can make a friend or drag your name through the dirt. We are fast becoming a paperless society. By paper I mean checks. Yes, there are many companies that prefer that hearty feel of a check in their hands. They want to be able to take that valuable time to take it to the bank to deposit. These companies do still prosper, but have yet to capture the value of bank transfer payments. Oftentimes, it can be referred to ACH payments. If your company only deals with ACH systems of payment, then you are better off not reaching out to companies who do not accept that form. Make that subject the very first sentence of substance when you call a potential contractor on the phone. If they say they only do checks, thank them and end the call.
- End game. I spoke of vision earlier. A property manager must relish the satisfaction and benefit of all their tenants. Assess a project not just on what you want, but rather what would benefit the tenant community as a whole. See a need. "See" the project. Most of all, "see" the result of that project.
I continue to learn much on the road of property management. It has its lows but also incredible highs. I am continuously considering and commencing large projects. With each experience I gain wisdom on how to improve my own performance. This equates to efficiency, productivity, increased quality and a better project in the end.
