To say property professionals are stretched thin is an understatement. Running a commercial property is a complex job, and many property and facility managers find themselves pulled in multiple directions as they juggle budgets, tenant needs, maintenance issues and more. But what if there was one simple way to increase rental income, decrease operating expenses, boost tenant satisfaction and keep your building running like a well-oiled machine? Take the quiz below to find out the secret to achieving excellence in property management and operations.
1
What is the best way to increase rental income in your building by $7.88/SF?
A. Charge above-market rents — tenants who do not like it can leave.
B. Pass through capital expenses.
C. Achieve the BOMA 360 Performance Program designation.
YOU'RE CORRECT!
Answer: C. Buildings that achieve the BOMA 360 designation are averaging $7.88 more per square foot in total rental income than buildings without the designation and $1.60 more per square foot than LEED buildings without the 360 designation. (Source: BOMA International’s Experience Exchange Report)
YOU'RE WRONG!
Answer: C. Buildings that achieve the BOMA 360 designation are averaging $7.88 more per square foot in total rental income than buildings without the designation and $1.60 more per square foot than LEED buildings without the 360 designation. (Source: BOMA International’s Experience Exchange Report)
2
How can you achieve a 95% overall tenant satisfaction rating?
A. Charge below-market rents — your building owner will not mind the financial hit.
B. Provide free coffee to tenants.
C. Achieve the BOMA 360 Performance Program designation.
YOU'RE CORRECT!
Answer: C. Buildings that achieve the BOMA 360 designation statistically outperformed the Kingsley [tenant satisfaction] Index in 53 out of 57 rating areas. The gap between BOMA 360 buildings and non-designated buildings has grown in many of the categories, such as overall satisfaction and value for amount paid, since last year’s analysis.
YOU'RE WRONG!
Answer: C. Buildings that achieve the BOMA 360 designation statistically outperformed the Kingsley [tenant satisfaction] Index in 53 out of 57 rating areas. The gap between BOMA 360 buildings and non-designated buildings has grown in many of the categories, such as overall satisfaction and value for amount paid, since last year’s analysis.
3
What is an easy way to gain $7.25 more per square foot in net operating income?
A. Shut down the building at 6 p.m. every night.
B. Stop providing janitorial services and make tenants clean their space.
C. Achieve a BOMA 360 Performance Program designation.
YOU'RE CORRECT!
Answer: C. Buildings that achieve the BOMA 360 designation average $7.25 more per square foot in net operating income than buildings without the designation and $1.48 more per square foot than LEED buildings without the designation. (Source: BOMA International’s Experience Exchange Report)
YOU'RE WRONG!
Answer: C. Buildings that achieve the BOMA 360 designation average $7.25 more per square foot in net operating income than buildings without the designation and $1.48 more per square foot than LEED buildings without the designation. (Source: BOMA International’s Experience Exchange Report)
4
How can you train your property team to effectively operate and manage your building?
A. Have them watch YouTube videos. There are free videos to teach you everything you need to know about property management.
B. Have them read the Standard Operating Procedures Manual.
C. Achieve the BOMA 360 Performance Program designation.
YOU'RE CORRECT!
Answer: C. Buildings that achieve the BOMA 360 designation reap the tangible benefits of a well-managed building. When going through the application process, teams must review every facet of the property’s operations, and in many cases, fine-tune processes for optimal efficiency and cost savings. Earning the BOMA 360 designation also gives high-performing property teams the recognition they deserve for their accomplishments and expertise.
YOU'RE WRONG!
Answer: C. Buildings that achieve the BOMA 360 designation reap the tangible benefits of a well-managed building. When going through the application process, teams must review every facet of the property’s operations, and in many cases, fine-tune processes for optimal efficiency and cost savings. Earning the BOMA 360 designation also gives high-performing property teams the recognition they deserve for their accomplishments and expertise.
5
What is the best way to gain an advantage in a competitive market?
B. Add trendy amenities to your building — everything from bike rooms and a rooftop deck to nap pods and a coffee bar.
C. Achieve the BOMA 360 Performance Program designation.
YOU'RE CORRECT!
Answer: C. Buildings that achieve the BOMA 360 designation outperform the competition across all areas of operations and management. The 360 label tells owners, tenants and prospective tenants that the building is operating to industry best practices, which leads to higher tenant satisfaction scores, higher rental income, higher NOI and lower vacancy rates than buildings without the 360 designation.
Now that you have taken the quiz and discovered commercial real estate’s secret weapon for property management success, it is time to take the next step and find out how BOMA 360 can be your competitive advantage. Learn more at www.boma.org/360.
YOU'RE WRONG!
Answer: C. Buildings that achieve the BOMA 360 designation outperform the competition across all areas of operations and management. The 360 label tells owners, tenants and prospective tenants that the building is operating to industry best practices, which leads to higher tenant satisfaction scores, higher rental income, higher NOI and lower vacancy rates than buildings without the 360 designation.
Now that you have taken the quiz and discovered commercial real estate’s secret weapon for property management success, it is time to take the next step and find out how BOMA 360 can be your competitive advantage. Learn more at www.boma.org/360.
