Over the past several years, I have reviewed dozens of expert witness cases involving commercial real estate  - slip and falls, life safety failures, water damage, equipment failures, security incidents, and other operational breakdowns.

A troubling pattern appears in far too many of these cases.

Unfortunately, in most of the cases I review, the property management company had no defined operational infrastructure to support their teams.

In many cases, there are:

• No formal Standard Practices or operating procedures
• No structured training program for property managers or engineers
• No expectation that managers obtain professional education such as the Building Owners and Managers Association RPA (Real Property Administrator) or the Institute of Real Estate Management CPM (Certified Property Manager) designatio
• No performance measurement program confirming that employees are actually following established practices
• No documentation demonstrating training on specific policies
• No audit or accountability systems to ensure compliance

Instead, many operations rely on a simple assumption:

"Hire experienced people and trust them to do the right thing."

Unfortunately, that assumption does not hold up under legal scrutiny.

What Happens When There Are No Systems

In litigation, opposing counsel almost always asks the same foundational questions:

• What policies governed this activity?
• What training did the employee receive?
• How did the company verify the policy was followed?
• Where is the documentation showing compliance?

When those answers do not exist, the discussion shifts quickly from “Was the incident unavoidable?” to “Was the management company negligent in its operations?”

Without defined systems, it becomes extremely difficult to demonstrate that the company met the industry standard of care.

 Four Safeguards Every Property Management Company Needs

From an expert witness perspective, well-run organizations consistently have four structural safeguards in place.
 
1. Systems (Defined Standard Practices

Professional property management companies operate with clear, written operational standards, including:

• Routine property inspections
• Life safety system testing
• Contractor oversight
• Incident response procedures
• Snow and ice management
• Water intrusion response
• Security protocols
• Vendor management and insurance verification

These systems reduce operational variability and ensure that critical tasks are not dependent on individual memory or experience.

2. Training (Competence and Professional Development)

Policies alone do nothing if employees are not trained. Best-in-class organizations:

• Train managers on company standard practices
• Encourage professional education such as RPA or CPM designations
• Provide engineering and life safety training
• Conduct incident-response drills
• Provide risk management education

Training transforms policies from documents into operational behavior.

3. Leadership (Setting Expectations)

Leadership defines whether standards matter. Strong organizations make it clear that:

• Following standard practices is non-negotiable
• Safety and risk management are leadership priorities
• Documentation is expected and reviewed
• Managers are supported with resources and training

Without leadership reinforcement, even well-written policies quickly become shelf documents.

4. Accountability (Verification and Measurement)

The final safeguard is accountability. Organizations must verify that systems are actually being followed. Examples include:

• Property inspection audits
• Maintenance documentation reviews
• Vendor compliance checks
• Safety program verification
• Incident reporting systems
• Portfolio-level performance metrics

In litigation, these accountability systems often become the strongest evidence that a company exercised reasonable care.

The Moment the Lights Turn On

What I often see in expert witness work is that a major incident becomes the first real audit of a company’s operational systems.

A serious insurance claim or lawsuit exposes questions like:

• Who was responsible for this task?
• What policy governed the activity?
• How was compliance verified?
• Where is the training record?

When the answers are unclear, the legal and financial consequences can escalate quickly.

 Risk Management in Property Management Is Operational Discipline

Property management is not simply about leasing space or responding to work orders.It is a risk management profession.Buildings contain:

• Complex mechanical systems
• Life safety infrastructure
• Thousands of occupants and visitors
• Significant financial exposure

Managing that risk requires structured operational discipline.

• Systems
• Training
• Leadership
• Accountability

Those four pillars separate defensible operations from avoidable liability.

A Question for Property Management Leaders

If an attorney asked your organization tomorrow:

• Show me your operating standards.
• Show me how you train your employees.
• Show me how you verify compliance.

Would you be comfortable with the answer?

The commercial real estate industry is at a turning point. In a market defined by technological disruption, stringent sustainability mandates, and a "flight to quality" among tenants, the old ways of operating a building simply don't work anymore.

For too long, our industry has relied on a "run-to-failure" mindset - fixing things only after they break. It’s a gamble that masquerades as cost savings, but the data proves otherwise: reactive maintenance is almost universally the most expensive way to operate a building .

To address this, I am proud to announce the release of two major resources developed in partnership with BOMA International:

• A strategic white paper, The High-Performance Blueprint for Modern Building Operations
• The definitive industry guidebook, Building Maintenance: Industry Standards, Best Practices, and Innovations.

The Strategy: The High-Performance Blueprint

First, we released a Deep Dive white paper to set the stage. The High-Performance Blueprint for Modern Building Operations explores the "New Operational Mandate" facing property teams today.

In this paper, we break down the financial and operational realities of modern management:

• The Cost of Reaction: We highlight data showing that reactive maintenance programs can cost three to five times more than proactive ones.
• The Shift to Predictive: We discuss the leap from calendar-based "preventive" maintenance to data-driven "predictive" strategies that can reduce costs by 25-30%.
• The Tenant Connection: We analyze how building performance - including HVAC reliability and air quality - has become a top driver of leasing decisions, second only to location.

This white paper is the argument for why we must change. But knowing why isn't enough; you need to know how.

The Execution: The New Building Maintenance Manual

To execute this strategy, you need a single, authoritative source of truth. That is why we have released the all-new BOMA International Building Maintenance Manual: Industry Standards, Best Practices, and Innovations.

The book, authored by me and extensively peer-reviewed by leading operations professionals, is a 250+ page guidebook that is designed to be the "playbook" for the modern building engineer and property manager.

In the Guidebook, we move beyond basic theory to provide a practical, tactical toolkit:

• Foundational Principles: We establish the core roles of the maintenance team and the financial imperative of moving from OpEx to CapEx planning.
• System-by-System Deep Dives: The manual features dedicated chapters for every major building system, including HVAC, electrical, fire/life safety, elevators, roofing, and façades.
• Smart Tech & Sustainability: We detail how to integrate IoT sensors, drones, and green building practices into daily workflows.
• The Complete Toolkit: Perhaps most importantly, the manual includes comprehensive maintenance checklists for every system, detailed tool lists, and updated useful life tables for capital planning.

​A New Era for Operations

Optimizing building systems is no longer optional - it is the foundation of asset value and tenant retention.

Whether you are a property manager looking to protect your NOI or a building engineer aiming to sharpen your skills, these resources define the new standard of care.

In the world of commercial real estate, there are often two distinct worlds of management.

There's the "boots-on-the-ground" world of property management - a fast-paced environment of tenant calls, vendor contracts, budget variances, and operational fires.

Then, there's the "30,000-foot-view" world of asset management - a strategic realm of investment goals, market positioning, capital planning, and portfolio-level returns.

For decades, a gap has existed between these two functions. But in today's increasingly competitive and data-driven market, owners and investors no longer see them as separate. They need property managers who don't just maintain an asset, but who actively drive its value.

This is the central challenge (and opportunity) explored in Marc Fischer's new book, Thinking Like an Asset Manager: A Strategic Guide for Property Managers in Commercial Real Estate. It serves as an essential bridge, providing property managers with the mindset, skills, and language to become indispensable strategic partners.

Here's an overview of what this comprehensive guide offers.

Part 1: The "Why" — Building the Asset Management Mindset

The book begins by tackling the most crucial element: the mindset shift. It re-frames the property manager's role from an "asset babysitter" to a "value creator." This section clearly defines the difference between property management (focused on efficient day-to-day operations) and asset management (focused on maximizing long-term value and investor returns).

It establishes that every operational decision—from handling a maintenance request to renewing a lease—has a direct financial impact on the asset's "big picture" goals. This part lays the foundation by introducing the key performance indicators (KPIs) that asset managers live by, such as Net Operating Income (NOI), Capitalization (Cap) Rates, and Value Creation.

Part 2: The "How" — Mastering the Core Skills

Once the "why" is established, the book dives into the "how," dedicating entire chapters to the core hard skills every strategic manager needs. This section is the technical manual for speaking the language of asset management.

Key skills covered include:

• Financial Acumen (Chapter 4): A deep dive into financial statements, NOI, cap rates, and Return on Investment (ROI). It demystifies the metrics that drive every ownership decision.
• Capital Planning (Chapter 5): This chapter is transformative, teaching managers to shift their view of capital expenditures (CapEx) from reactive costs to proactive investments that align with the asset's lifecycle.
• Lease Analysis (Chapter 6): This moves beyond just filling space. It explores lease types, rent structures, and how to analyze a lease with an eye toward long-term performance and strategic tenant mix.
• Market Analysis (Chapter 7): This teaches managers how to look "outside" their building, understand market trends, and use that data to inform property positioning and decision-making.

Part 3: The "Application" — Strategic Daily Management

This is where the rubber meets the road. Part III connects the high-level mindset and skills from the first two sections to the daily functions of a property manager. It provides a blueprint for applying an asset manager's lens to everyday tasks.

Topics include:

• Operational Efficiency (Chapter 8): How to identify cost reductions without compromising service quality, and how sustainable practices can lower costs and enhance value.
• Risk Management (Chapter 9): Moving beyond slip-and-fall risks to understand and mitigate operational and financial risks from an ownership perspective.
• Tenant Experience (Chapter 10): A brilliant breakdown of why the tenant experience is a financial asset, not a "soft" metric. It directly connects tenant satisfaction to higher retention, lower turnover costs, and stable NOI.
• Technology (Chapter 11): How to leverage PropTech and data analytics not just for convenience, but as tools to track performance and make smarter, data-driven decisions.

Part 4: The "Payoff" — Communication and Career Path

The final section focuses on the payoff for this new mindset: effective collaboration and career growth. It’s all about communication.

• Working with Owners (Chapter 12-13): These chapters provide a masterclass in "managing up." They cover how to communicate with asset managers, present data effectively, and use strategic storytelling to turn a dry monthly report into a compelling narrative that builds trust and influences decisions.
• The Career Path (Chapter 14-15): The book concludes with a practical roadmap for property managers who want to officially make the leap into an asset management role, outlining the essential skills and experience needed to get there.

Who Is This Book For?

Thinking Like an Asset Manager is an indispensable guide for a wide range of CRE professionals:

• For Property Managers: It’s a career-accelerator, providing the tools to become a more effective, valuable, and strategic partner to ownership.

• For Emerging Professionals: It’s a foundational primer that provides the "why" behind the daily tasks, setting them up for a successful long-term career.

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• For Asset Managers: It’s the perfect training manual to give to your property management teams, providing a common language and aligning your goals.

Here are a few chapters from the book for you to enjoy!