How Property Managers and Owners Can Deal with Burnout in Commercial Real Estate
A common sentiment among property managers and owners is that there is “too much to do and not enough time to do it”. They are in a unique—and uniquely stressful—position as the “go-to” person who takes care of all the tasks and responsibilities required to run income-producing properties.
They are constantly juggling current tenants, potential tenants, numerous third party service providers, site personnel, financial reports, and more to make sure the building runs successfully.
With so many demands on their time, they are prone to burnout, a state of exhaustion caused by excessive and prolonged stress.
Leaders in commercial real estate recently gathered to talk about the industry-wide problem of burnout to shed some light on the issue, and share their best advice (Bisnow).
The leaders’ advice for anyone struggling with stress and/or burnout is to first realize that they’re struggling with it. Burnout is not just something that happens to other people. Take a moment and evaluate how you are truly feeling, free of judgement. Once you acknowledge your feelings, “check your speed” – you don’t have to be everywhere doing everything all the time, and secondly, put tools in place that help manage the pressure and demands on your time.
One of the tasks putting pressure and demands on property managers/owners’ time is managing the repair and maintenance of their properties.
Since repair and maintenance is our specialty, here are some ideas for how you can put this advice into practice to make repair and maintenance activities as easy and as stress-free as possible:
1. Reduce the number of service providers you have to contact to repair and maintain the property.
When one company like Strada Real Estate Services provides maintenance and repair services with its own experienced employees, you have one point of contact routine maintenance, preventive maintenance, and repair services. This saves you time and worry as you no longer have to keep track of five or more vendors.
Furthermore, one provider means all services and all property locations are cared for with the same standard of excellence.
2. Streamline the way you keep track of repair and maintenance projects by leveraging technology
Physically meeting maintenance/repair service technicians at each property, or leaving voicemails to communicate about each job or task needed to be completed at each property on any given day, is no longer the best way to get work done.
With Strada View, Strada Real Estate’s proprietary software, Property/Facility Managers and Owners can access inspection reports, before and after pictures, the status of each of their buildings, and a list of building areas that may require repairs, replacements or special attention immediately. You have instant access to this information when you want it.
You can also communicate directly with the Strada team and field operations in this transparent, efficient, and secure cloud-based system.
In general, if you’re finding that too much time is spent on a part of your job that isn’t generating income for your property, figure out a way to automate the task or find a new way to do it.
Streamlining your repair and maintenance activities is a great place to start.
If you have any questions about how Strada can make the maintenance and repair piece of your job easier, please contact us.