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Transcript of National Property Management Association 10 Worst Mistakes to Make in Property Management Bill...
National Property Management Association1
10 Worst Mistakes to Make in Property Management
Bill Beedle, CPPM CF
Cheri Cross, CPPM CF
National Property Management Association2
Disclaimer:
The 10 mistakes in this presentation are randomly selected. The numbering from 1 to 10 does not rank the mistakes according to severity or importance, but merely gives the workshop attendees an overview of mistakes that can be made within the asset management industry. .
National Property Management Association3
1. Failure to read the requirements in your organization’s contract
Contract requirements:Request a copy of the contractUnderstand details and legal requirementsWork closely with quality assurance personnel
and customers
Example – Executive Orders & Regulations
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2. Failure to ensure organizational Lifecycle Asset Management Plansare developed
Property Management Professionals (lead)
Plans should include:Maintenance costs Operation costsReplacement costsAsset lifeDisposition
Periodically reviewed and updated
Example – Lifecycle Asset Mgt PLAN
National Property Management Association5
3. Failure to back-up and maintain a Recovery Plan for asset management records
System features
Alternative locations
Data recovery companies
IT recovery plan
Custodian records: ElectronicHard-copy
Example – Natural &
Man made disasters
National Property Management Association6
4. Failure to properly train new hires and custodians of asset management responsibilities
Level of training new hires versus custodians
Development of a training curriculumLevel of training (new hires v. custodians) Method of training (classroom, online, reading) Formal/Informal grading
Refresher training
Periodic training bites
Corrective action training
Example – Training requirements
National Property Management Association7
5. Failure to establish a process for terminations
Employees terminating for a variety of reasons (planned and unplanned)
Items remained in the custodianship of terminated employees
Established an electronic process for clearing terminations
Established a procedure for transferring property when employees do not complete the termination process
Example – Ballistic vest
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6. Failure to appropriately conduct major asset transfers between custodians
Exiting custodian:Provide inventoryOffer to conduct joint walk-down Reconcile records
Exiting/Incoming joint inventory
Acceptance/Documentation
Offer follow-up inventory
Example – Major receipt holder transfers
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7. Failure to keep warehouse and storage clean and free of hazards
Safety indicator
Responsibility
Procedures/Accountability
Participation/Set example
Example – Warehouse accidents
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8. Failure to conduct periodic walk-through reviews of the organization
Scheduling walkthroughs
Inventory inspection
Damaged/Excess/Idle
Customer service
Markets Property Department
Reports
Corrective measures
Example – Walkthrough experience
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9. Failure to check repositories for assets/documents prior to disposition
Check drawers
Test combinations
Record combinations
Movement requirements
Example – Transfer repositories
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10. Failure to understand how to advance your Asset Management career
Provide value
ExpertCertifications Licensing College degree
NetworkNPMAOrganizationCommunity
Market yourself
Experience – Recent career change
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Failure to
Identify assets
Appropriately tag assets
Account for subcontractor held property
Understand ownership & streams of finance
Hold employees & subcontractors accountable
Develop maintenance plans
Take advantage of audits
Effectively initiate, and analyze inventories
Track assets
Sanitize computers
Remove tags
Conduct export control reviews
Appropriately demil/dispostion assets
National Property Management Association14
Thank you – feel free to contact us!
Bill Beedle - [email protected] , 865-574-2527
Cheri Cross – [email protected] , 865-574-6046