In a competitive marketplace, standing out isn’t about doing one thing well – it’s about doing everything well. It’s hard to recall a time when the role of the property manager was more critical than it is today. Surviving this market is about exceptional asset management. Period.
Think of it this way: If there were three ice cream shops in your town a year ago, there’s a good chance that, today, there are only two. The same holds true for law firms, accounting firms, insurance companies, and other office-building tenants who might be downsizing or going out of business. Although we can’t prevent tenants and clients from slipping into the red, we can position our buildings to be the most desirable, efficient, and well-managed properties in the market. With vacancy rates topping 20 percent in some cities, tenants now have a broader spectrum of office space to choose from. Promoting your property’s assets will help you retain your tenant base and entice prospective tenants who have the luxury of seeking out the best.
To that end, BOMA Intl. recently launched the BOMA 360 Performance Program™ to recognize outstanding achievements and provide a tool that can be used to market buildings as meeting and exceeding best practices.
Dallas-based Stream Realty Partners’ program allows the organization to showcase and distinguish its managed properties across every major aspect of building operations and management. It’s this holistic approach that makes BOMA 360 unique. Other rating programs only focus on a specific area of operation, such as sustainability. The BOMA 360 Performance Program takes a 360-degree evaluation of all major areas of a property’s operations and management practices. Specifically, the program includes an online self assessment that evaluates six components: building operations and management, life safety/security/risk management, training and education, energy, environmental/sustainability, and tenant relations/community involvement.
I was privileged to recognize the inaugural class of BOMA 360 designees during the BOMA Intl. Conference in Philadelphia this June. There was something inspiring and gratifying about honoring this group of designees – inspiring to see that so many building managers are putting forth the time and effort to ensure that their buildings are operated to the highest industry standards, and gratifying to know that the program is being received as a valuable tool for benchmarking.
BOMA 360 offers a much-needed survival strategy for property professionals navigating an uncertain and unforgiving market. But, beyond the immediate benefits, there’s the satisfaction of knowing that your building can survive any market cycle because you were the most creative and driven when it mattered the most. Recognition as a BOMA 360 Performance Building provides validation for management teams, confidence for building owners, and peace of mind for building tenants.
For information on how to submit your building to be a BOMA 360 building, visit www.boma.org/getinvolved/boma360.
Ray H. Mackey Jr. is chair-elect at BOMA Intl. and COO and partner at Dallas-based Stream Realty Partners LP. He can be reached at rmackey@streamrealty.com. For more information on this and other topics, call BOMA Intl. at (202) 408-2662 or visit www.boma.org.