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QUIZ: Is Your Property Management Up To BOMA 360 Standard?

QUIZ: Is Your Property Management Up To BOMA 360 Standard?

Think you are an expert when it comes to property management? This quiz will test your knowledge of office building operations and management. If you answer all six questions correctly, you are on your way to earning commercial real estate’s prestigious BOMA 360 designation for your building — and all the tangible benefits that come with it!

1

What is your tenant communications strategy?

A) Distribute a monthly newsletter
B) Conduct an annual tenant satisfaction survey
C) Provide a tenant manual to all tenants
D) Hold in-person meetings with tenants at least twice per year
E) None. I’m too busy to talk with tenants — if they have a problem, they can find me.
F) Options A, B, C and D

YOU'RE CORRECT!

The correct answer is Option F. Successful tenant relations require more than a one-size-fits-all approach. Proactive outreach can keep tenants happy and help managers and owners solve any issues that arise before they become larger problems.

YOU'RE WRONG!

The correct answer is Option F. Successful tenant relations require more than a one-size-fits-all approach. Proactive outreach can keep tenants happy and help managers and owners solve any issues that arise before they become larger problems.

2

Why should you have a preventive maintenance program for your building systems?

A) It increases NOI.
B) It reduces the risk of system failures.
C) It increases tenant satisfaction.
D) It improves IAQ.
E) All of the above.

YOU'RE CORRECT!

A good preventive maintenance program ultimately saves more than it costs. That’s because a well-maintained property operates more efficiently, has better safety and security, commands a higher value and has a lower insurance loss history than a property without one. Unexpected, costly repairs can wreak havoc on your budget and lead to tenant dissatisfaction.

YOU'RE WRONG!

The correct answer is OPTION E. A good preventive maintenance program ultimately saves more than it costs. That’s because a well-maintained property operates more efficiently, has better safety and security, commands a higher value and has a lower insurance loss history than a property without one. Unexpected, costly repairs can wreak havoc on your budget and lead to tenant dissatisfaction.

3

What is the professional development plan for your building’s management team?

A) We require our property manager to complete at least 10 hours of professional development/continuing education programs or courses annually.
B) We encourage our property manager to earn a professional designation, such as RPA, FMA, CPM, CFRM, CCIM, CS, PCAM, ARM, RAM, SIOR or FMP.
C) We expect our management team to know everything. They don’t need more training.
D) Options A and B.

YOU'RE CORRECT!

The business of managing commercial buildings is rapidly evolving thanks to new technology, shifting tenant demands and the pressure to create asset value for your owner. Whether you’ve been in the business for two years or 20, new challenges can pop up every day, which is why ongoing professional development (through courses, conferences and webinars) is essential to staying ahead of the property management curve.

YOU'RE WRONG!

The correct answer is OPTION D. The business of managing commercial buildings is rapidly evolving thanks to new technology, shifting tenant demands and the pressure to create asset value for your owner. Whether you’ve been in the business for two years or 20, new challenges can pop up every day, which is why ongoing professional development (through courses, conferences and webinars) is essential to staying ahead of the property management curve.

4

Do you conduct emergency evacuation drills at least annually at your building?

A) Yes
B) No
C) Don’t need to. We’ve never had a fire at our building.

YOU'RE CORRECT!

Fire drills are no longer just a fun excuse to cut class in elementary school. Emergency planning is crucial to the safety of an office building and its occupants. However, just having a plan isn’t enough — the key is regular practice so building staff and tenants are confident in how they respond should an emergency arise.

YOU'RE WRONG!

The correct answer is OPTION A. Fire drills are no longer just a fun excuse to cut class in elementary school. Emergency planning is crucial to the safety of an office building and its occupants. However, just having a plan isn’t enough — the key is regular practice so building staff and tenants are confident in how they respond should an emergency arise.

5

Have you conducted an energy audit in the last five years?

A) Yes
B) No
C) Don’t need to. We already save energy by turning off the lights and HVAC on weekends.

YOU'RE CORRECT!

An energy audit provides a baseline for measuring improvement and provides a savings and cost analysis of no and low cost measures as well as capital-intensive improvements. With energy efficiency technology improving every day, a regular energy audit can identify new ways to save energy that might not have been available just a few years ago.

YOU'RE WRONG!

The correct answer is OPTION A. An energy audit provides a baseline for measuring improvement and provides a savings and cost analysis of no and low cost measures as well as capital-intensive improvements. With energy efficiency technology improving every day, a regular energy audit can identify new ways to save energy that might not have been available just a few years ago.

6

Where would you find the policies and procedures documenting the management of your office building?

A) Wikipedia
B) Google Search
C) We don’t have documented policies and procedures. We make it up as we go.
D) Standard Operating Procedure Manual

YOU'RE CORRECT!

A Standard Operating Procedure manual is a critical collection of operating practices — policies, procedures, instructions and directives — to ensure your building is managed consistently and efficiently. This information cannot simply be found online.

Now that you have taken the test, take the next step by heading over to www.boma.org/360 to learn more about the tangible benefits the BOMA 360 designation can bring to your property.

YOU'RE WRONG!

The correct answer is OPTION D. A Standard Operating Procedure manual is a critical collection of operating practices — policies, procedures, instructions and directives — to ensure your building is managed consistently and efficiently. This information cannot simply be found online.

Now that you have taken the test, take the next step by heading over to www.boma.org/360 to learn more about the tangible benefits a BOMA 360 designation can bring to your property.

BISNOW'S CRE QUIZ

CONGRATULATIONS

CityScape Quiz
Related Topics: BOMA International
WASHINGTON DC 04.18.2017

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