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
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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/
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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
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The FORT Podcast with Chris Powers is a place where you can find meaningful conversations about entrepreneurship, real estate, investing, and more.
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