Fort Capital entered property management to improve operational efficiency and tenant service quality.
It also serves as a vehicle to grow their team and capabilities internally.

insights

INSIGHT

Property Management Journey

Fort Capital initially outsourced property management due to lack of scale and resources.
COVID-19 accelerated bringing property management in-house to better control and improve assets.

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ADVICE

Importance of Face-to-Face Tenant Relations

Property managers must build face-to-face relationships with tenants for trust and easier conflict resolution.
Presence on site is essential; emails and calls alone don't suffice.

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The Importance of Building a Team in Property Management

04:51 • 4min

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Fort Capital's Relationship With Fort Capital

09:06 • 2min

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Building Great Relationships With Tenants

10:58 • 3min

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The Importance of Having a Relationship With Tenants

13:42 • 2min

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How to Get Property Management Ready for Closing

15:51 • 2min

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How to Close a Property Management Company in the First 30 Days

17:55 • 2min

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The Importance of Paying Online

20:21 • 2min

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How to Get Tenants to Pay a Late Fee

22:05 • 3min

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The Importance of Building a Relationship With Tenants

25:33 • 4min

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How to Convert Gross Leases to Triple Net Leases

29:32 • 3min

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How to Appease a Tenant

32:45 • 3min

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The Benefits of Having Maintenance Technicians in-House

35:29 • 2min

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The Importance of in House Property Management

37:20 • 3min

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How Property Management Uses Real-Time Data to Underwrite New Opportunities

40:08 • 5min

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How to Price Your Assets in Real Time

44:47 • 3min

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The Value of a Lease Administration Team

47:46 • 2min

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The Importance of ETL Uploads in Leasing

49:25 • 2min

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The Importance of Asset Value in Leasing

51:33 • 3min

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The Value of Leasing on Small Properties

54:33 • 2min

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How to Communicate With Your Leasing Team

56:53 • 3min

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How to Manage Third Party Leasing

59:26 • 3min

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How to Hire a Great Property Manager

01:02:01 • 5min

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How Four Capital Uses Technology to Automate Property Management

01:06:40 • 4min

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The Importance of Having a Central Place of Truth for Data

01:10:32 • 3min

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The Importance of One Source of Truth in a Company

01:13:14 • 2min

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How Reforcasting Works

01:15:33 • 4min

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The Importance of Data in Property Management

01:19:03 • 2min

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How to Communicate With Third Party Clients

01:21:17 • 4min

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How to Manage Your Property Differently From the Way You Manage Yours

01:25:20 • 3min

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How Long Does It Take to Manage a Property?

01:27:50 • 2min

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How Property Management Helps Third Parties When Buying a Deal

01:29:30 • 3min

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Why Third Party Commercial Management Companies Won't Do It

01:32:07 • 3min

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How to Incentivize People to Think Like Owners

01:35:28 • 3min

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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.

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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/

➡️ 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.

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The FORT is produced by Johnny Podcasts

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