Jamison N. Johnson

Listen, listen, listen...stop thinking about your objectives for a moment, and really listen to what they are saying...what are their objectives, what is their over-arching goal, are there other stakeholders (and what are their objectives), etc. Honestly, I feel as if we live in a world in which listening is a lost art form, but there is tremendous value in listening when it comes to negotiations. If you are actively listening (e.g., "what I hear you saying is...", "if I understand you correctly...", etc.). This will show that you are listening and it will assure that you do understand what they are saying. It's really simple (yet few are able to do it these days)...shift your focus solely to them. When responding...pause, think, respond.

First off, we use the term "disrupt" as though this is a good thing...it's not, but I think what these technologies are doing is integrating and enhancing how we approach a variety of things in CRE, including asset management. Using loT is a manner in which a variety of systems can be monitored for health (e.g., HVAC, lighting, security, etc.), as well as used to make decisions that will make an asset run more efficiently. So the impact is widespread, touching operations, CapX, and various other areas. I'll say this, based on my experience, a great deal of caution should be exercised (i.e., much more than currently being employed). I find society and Corporate America jumping on all this new technology, and it can complicate things. Go slow

While I agree with Harlan that you can get a PCA Report, I have found these PCA Reports to be wildly inaccurate in recent years. Also, I'm talking about this in a commercial setting, on big-ticket items such as HVAC, roofing, etc. I think you might be better served using a trusted GC/contractor to take a look at things. Typically, the providers of PCA Reports understand that the report is often needed to get a deal done. I find more often than not, that is their motivation. Should it be...no, but it is, that's the reality of life. It's similar to home inspections...very cheap, but you get what you pay for, and it may be worthwhile (depending on magnitude of deal/dollars involved) to spend a little extra money and time to get it done right.

ROI is your Return on Investment, and it should be a focal point for anyone in FM. Think of it as a measuring stick to see if it is worthwhile to further explore a project. In asset management roles, evaluating the ROI of various capital projects is always important. There is a finite amount of capital to invest, and comparing the ROI of various projects helps determine where that capital can be best allocated. I've done this when looking at installing new roofs (as compared to repairing), looking at new boiler installations (as compared to changing out to a new HVAC system), and many other types of projects. The investment horizon is also important in the context of ROI (as the Payback Period is the inverse of this calculation).

In my experience, this is a critical component to successful communication. For instance, when I work with contractors, the best form of communication is typically via phone. Another important communication nuance with contractors is to use specific deadlines (i.e., the roofing needs to be completed by Friday, November 17th), rather than it needs to be done ASAP (that means something different to everyone, and doesn't give your contractor clearly defined expectations). Another reality is that working with a younger vs. an older generation does require different communication styles. This is just reality, and if you miss this, your message will likely get lost in translation. Make sure your audience receives the message you intend.

I think it's very important to start by determining who the stakeholders are, and identify their objectives (they may vary by stakeholder). This will help you identify the problem you need to solve. As someone with an asset management background, one of the most influential participants in this project should be the on-site property manager. They should have a thorough understanding of the particular line item expense (e.g., maintenance), and the pain points (e.g., roofing, paving, etc.). Then you can take this information, as well as the motivation of the stakeholders, and come up with some solutions. I have found this to be an area where creativity can be the difference between an OK solution, and a game changer. Think outside the box!