Understand Management Philosophies

One of the most important pre-requisites to the creation of each Site Analysis Report is to fully understand the specific management philosophy of the property manager and their client. It is this philosophy that dictates how to prioritize repairs and maintenance activities, when repairs should be targeted, and provides insight as to the type of repairs to plan for.

Criteria that typically affect the management philosophy are...

• The current condition and age of the property
• Current Income generated from the property
• Anticipated Income from the property
• Owner's plans & objectives for the property
• Liability risk tolerance.
• Owner's propensity towards maintaining aesthetics.

It is the management philosophy that dictates what specific areas justify spending money to repair, as well as dictating what type of repair to perform. The two extremes of management philosophy range from…

• Prevent it from failing and when it does fail, fix it right.
• If it's not completely failed, don't fix it, but when it does fail, repair it as cheaply as possible.

Obviously each of these two extremes would dictate a completely different 3 to 5 year plan of action for a given property. We strive to understand the management philosophy prior to the creation of any site analysis so that we can customize the plan of action to fit your specific objectives.

Refer to our Learning Center section regarding the various types of management philosophies and the advantages and consequences of each.