An Owner’s Approach to Property Management
By Chase Mayhugh, SIOR, CCIM
My interest in the business of Property Management began around the same time I acquired my first investment property. Shortly thereafter, Mayhugh Commercial Management was born. At present, the firm manages assets from Jacksonville to Naples, with a heavy focus on Southwest Florida.
The owner’s approach to property management is treating every single property like it is my own and instilling those same beliefs in my staff. This is a simple idea but an important one, and I fully believe that my experience as an owner has increased my skillset as a property manager.
Not all property owners are created equal, and I am fortunate to work with many different types of individuals from different walks of life. Some own one asset, others own entire shopping centers or have properties all over the country. It is not always easy or stress-free, and there is usually a lot at stake. I feel that since becoming an owner myself, that my relationships with clients have only improved, and my empathy toward their perspective is heightened.
When I look at a property now, it is through the lens of an owner. I always took pride in properties and their appearance and upkeep, but even more so now that I have experienced ownership myself. I enjoy the challenge of maximizing value for landlords while also keeping the tenants happy. I contemplate every decision with that balance on my mind. I embrace the responsibility of taking care of what could possibly be my client’s largest asset and give it the same care and attention as my own. There are constant questions or decisions to be made such as: How and where can I cut expenses to increase NOI? Are there ways that we can extend the life of the capital improvements without stressing the tenants? Does this improvement add value to the property?
I have contemplated all these questions and many more for my property management assignments as well as my personal investment properties. When given the chance to opine, I always let owners know what I would do if the roles were switched, and I truly believe I can represent my owners better because I am one.
Sales and leasing of commercial real estate has been my life’s work. When I was contemplating starting the property management division, many brokers advised me not to do so as it would take away time from traditional leasing and sales. There are some companies that offer both, but brokerage firms typically do not offer property management services. As I began to manage my own properties, I realized that I enjoyed property management and began the company, despite many naysayers. To this day, I am grateful to have made that decision. I take joy in helping tenants in their time of need and getting the problem fixed. I take joy in helping owners resolve an issue with and quickly connecting them with the best contractors in our area. Like the saying goes, love what you do and do what you love.
About the Author: Chase Mayhugh, SIOR, CCIM, is the owner of Mayhugh Commercial Management, LLC. He’s also a licensed broker and senior associate at Mayhugh Commercial Advisors.