Carrie Szarzynski, executive managing director,at Hiffman National, joined a sponsored episode of the REIT Report podcast to discuss how property management can operate as a vital profit center to create growth in today's market.
Hiffman National is one of the nation’s largest independent commercial real estate property management firms, providing institutional and private clients with customized solutions for property management, project management, property accounting, lease administration, marketing, and research.
Operational excellence has emerged as a critical factor in dictating performance across various property types, Szarzynski notes, and stresses the importance of managing assets thoughtfully, moving beyond merely collecting rent. "It's about thinking like an asset manager."
This approach includes identifying low-cost improvements that enhance tenant satisfaction and engagement. For instance, she recounts a successful case where Hiffman National helped a client identify adjustments that quadrupled their initial expectations without impacting tenant experience.
In today's high-mobility environment, retaining tenants is more crucial than ever. Szarzynski points out that tenants are more inclined to stay put if they feel valued and heard. "It's that manager touch that makes all the difference."
Szarzynski explains how understanding tenant usage patterns can inform property management strategies. "What do they need and how are they using it?" This insight can ultimately lead to increased retention and improved net operating income.
To maximize asset performance, she recommends tracking renewal rates and understanding tenant needs and engagement. "Every owner should be partnering with someone that is a true partner,” she stresses.