Baceline Investment's Asset Management team is experiencing a new "twist" with the meaning of the word "distressed". Today's economic conditions have now trickled down to the property management front. Baceline is seeing a majority of our 3rd party management companies "tighten their belts" with respect to personnel; more specifically accounting staff and property managers. Some of this downsizing is caused by Management Companies losing portfolios to Owners who have decided to "tighten their own belts" and manage their portfolios themselves. Another cause - simply put, "maximizing their current staff".
As Baceline has seen this trend start to take effect, we have had to rely on our evaluation methods for our management companies. Those that are meeting our requirements and who are performing are remaining in place. Those which are starting to fall behind in performance and accuracy are being replaced.
While we sympathize with today's economic struggles, we at Baceline are determined not to let this "domino effect" affect our performance on the Asset Management front. Currently our processes and procedures are effective with regard to the accuracy and performance required for our 3rd party management companies. In today's tough economic times, we will continue to modify and upgrade our procedures to keep ahead of the curve on Asset Management.
| blog by |
Terri Tantum
Director of Asset Management
Baceline Investment
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