#293 - How Fort Capital Executes World-Class Property Management

Chris is joined by Fort Capital CEO Jason Baxter and Executive Vice President Steve Bailey to discuss how the company has executed on its mission to establish a world-class Property Management arm of the organization. On this episode, they discuss: ➡️ how and why FC got into property management ➡️ cost savings & economies of scale ➡️ how the team utilizes data ➡️ incentivizing folks to think like owners We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.  https://www.thefortpod.com/survey Additional Resources 👉 Fort Capital 👉 Jason on LinkedIn 👉 Steve on LinkedIn ➡️ Learn more about Juniper Square: https://bit.ly/45yiYUq ➡️ Check out Better Pitch: https://bit.ly/42d9L0I ➡️ Fort Capital: https://bit.ly/FortCapital ➡️ Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/ ➡️ Follow Chris on Twitter: https://bit.ly/3BYIjcH ➡️ Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ ➡️ Sign Up for our Newsletter: https://newsletter.thefortpod.com/ ➡️ Subscribe to The Fort on YouTube: https://bit.ly/3oynxNX Timestamps (00:04:52) How and why Fort Capital got into Property management (00:10:06) The relationship between FCP and Fort Capital (00:10:57) Fort’s philosophy around tenant retention and tenant relationships (00:13:54) The emphasis on face-to-face interaction (00:15:51) How PM prepares to take over an asset (00:20:20) Operation Paperless (00:25:53) Cost Savings & Economies of Scale (00:30:51) Converting Gross Leases to NNN (00:32:45) Tenant Improvements and appeasing tenants vs. falling back on the lease agreement (00:35:29) Bringing maintenance technicians in-house (00:37:20) Intangible benefit of having in-house PM (00:40:29) The PM team’s role in underwriting new opportunities (00:45:09) Adjusting leasing rates (00:47:46) The Lease Admin team (00:51:34) The reason to bring leasing in-house (00:56:58) How leasing is looking at the data coming in  (00:59:26) Holding 3rd party leasing teams accountable (01:03:19) What to look for when hiring a great PM (01:06:40) Using technology in PM (01:15:32) Re-forecasting (01:19:03) Why a company with an in-house PM team would still take on 3rd-party (01:21:40) Effectively communicating with 3rd parties (01:27:50) The process of onboarding a new 3rd party partner (01:32:10) Why won’t a lot of 3rd parties manage industrial properties? (01:35:57) How to incentivize people to think like owners -- The FORT Podcast with Chris Powers is a place where you can find meaningful conversations about entrepreneurship, real estate, investing, and more. Be sure to follow the podcast, so you never miss an episode! The FORT is produced by Johnny Podcasts