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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
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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
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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
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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
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Thank you – feel free to contact us!
Bill Beedle - [email protected] , 865-574-2527
Cheri Cross – [email protected] , 865-574-6046
