Bisnow/Allen Matkins - LA Property Management - Patrick Lacey, Property Management Associates

According to PMA Commercial COO Pat Lacey, the value of property management becomes even more apparent in a down cycle. When rates are decreasing, one place owners look to for upside is their property managers. Tenant retention is a huge measure of success because keeping a tenant is five times cheaper than finding a new one. In the small to middle market that Pat's firm operates in, his guys have to be a lot more detailed to stay on top of operating expenses and budgets.That also turns out to be a good measure for success, because See more +

According to PMA Commercial COO Pat Lacey, the value of property management becomes even more apparent in a down cycle. When rates are decreasing, one place owners look to for upside is their property managers. Tenant retention is a huge measure of success because keeping a tenant is five times cheaper than finding a new one. In the small to middle market that Pat's firm operates in, his guys have to be a lot more detailed to stay on top of operating expenses and budgets.That also turns out to be a good measure for success, because when they deliver those results, the owners appreciate it regardless of whether the market is going up or down. See less -