Asset Management Insights with Bechara Taoum – Senior Asset Manager
Parkside Commercial Real Estate sat down with our Senior Asset Manager Bechara Taoum to discuss asset management of industrial property. Bechara is a tenured real estate agent, with senior experience and extensive market knowledge.
Click below to see the full video.
How do you deal with problematic tenants when conflicts arise ?
Response: Everybody wants to be heard. I think the biggest issue we find with tenant’s is them not feeling as if they have been heard. The same goes for the client. If you really listen and understand what they’re trying to say, and then work on a resolution with both parties most of the time it will de-escalate. Everyone has got to keep a level head.
What can you do to make industrial properties more valuable and efficient ?
Response: A lot of people will tell you different things matter. For example; solar panels or giving it a paint and changing the systems. The reality is the maintenance of what is already there is the biggest key. For example, making sure the carpets are clean as you can get a lot of life out of them.
What kind of risks do you face with industrial properties and how do you prevent them ?
Response: There’s a wide range of risks that come part and parcel with industrial properties, especially when you have a tenant that could start defaulting. Or potentially acting as if they own the property. For example, installing partitions or mezzanines without approvals. That is when things start to get a bit troublesome. It really is onus on the agent to do their inspections making sure they keep the owner up to date with any changes. For example, if the rent starts falling behind you have to update them within the first week or even first days of that tenant falling behind. Overall it is really proactiveness on the agent to keep the owner up to date of their assets.
What are the common maintenance issues you have with industrial properties and how do you prevent them ?
Response: Roof leaks are probably one of the biggest calls we get, gutters not getting cleared out when they should, A/C issues, electrical faults, damages to the property whether its a forklift or a car backing into the building. Things like these are the common maintenance issues that you look for when you are conducting inspections, every 6 months or annually. This will depend on the usage of the property and of course getting your trusted contractors to make sure the work gets done correctly.
For more information regarding the asset management of industrial properties click below and leave an enquiry with our dedicated team.
