What are the Benefits of Asset Management?
Imagine you’ve planned for the construction of a new residence hall or academic building to serve your campus and it’s on track to open in time for the coming Fall semester. You and your team have poured hours into this project. You have meticulously interviewed your students and campus stakeholders to understand their needs. You’ve studied the campus master plan and determined the best location for the new building and you’ve spent hours investigating and ultimately selecting the best development or design-build team for the project. Now, the project is under construction and it will be open in just a short time. Have you thought about the care, maintenance and preservation of this new asset once it’s open? Who will manage and monitor that asset so it performs as expected for you and your campus stakeholders?
Capstone’s Asset Management Team works daily to align project operations and facility maintenance with stakeholder interests to ensure university goals of providing high-quality housing and residential life services are met, and that financial returns are consistently realized. The Asset Management Team maximizes project performance through strategic oversight of operations, leasing and maintenance, and capital renewal planning and implementation. This helps ensure that campus building assets are actively managed and that 3rd party managers, vendors and service providers perform as expected to positively contribute to an asset’s operational and financial success. The Asset Manager serves as a contact and clearinghouse for all management-related issues of importance. The responsibilities can include:
- Support for and collaboration with the developer/design builder during the planning and design phases
- Identification, selection and oversight of property managers as appropriate
- Review and approval of marketing strategy
- Oversight of facility maintenance
- Operational reporting and communication
- Monitoring and identification of opportunities for enhancement of project financial performance
- Asset preservation/capital renewal planning and implementation
Frequent communication keeps all parties informed and aligned through the lifecycle of the building asset. Therefore, it’s key that these responsibilities be facilitated through daily stakeholder communication, bi-weekly operational calls, monthly financial reviews and annual budget development/approval and capital renewal planning.
Operational success of a new development can be ensured by involving the Asset Management Team as soon as a project is awarded. We’ve brought added value to our projects in the following ways:
A Solid Reporting Structure
Providing a point of contact for university stakeholders, the private or non-profit ownership entity, and the property management team that establishes a reporting structure and communication link amongst all parties. This reporting structure facilitates the efficient flow of information for decision-making purposes and allows the stakeholders to focus on their core business functions.
Increased Focus on Asset Preservation
Routine oversight of facility maintenance operations, ensuring preventative maintenance tasks are completed as scheduled. Additionally, effective, long term oversight of capital renewal activities minimizes reserve requirements and maximizes the useful life of building system components.
Leasing and Marketing Experience
Market knowledge challenges, supports and shapes management’s leasing plan for the property. Routine oversight of leasing velocity provides immediate direction to management to adjust the property’s current marketing strategy.
Asset Management provides ownership and financial stakeholders confidence that the residential assets under management will be maintained to a high standard of quality, supporting the ongoing goals of marketability and student occupancy, as well as maximizing the useful life of the community. Capstone’s Asset Management Team provides a unique service and represents another opportunity to deliver unparalleled support and service to our partners.