In an effort to continually explore more cost effective and efficient ways, Mid-America Asset Management developed a Tenant Service Coordinator (TSC) position well over a decade ago. As this position evolved, and our management assignments grew, we saw the ability to leverage our buying power and directly cut bottom line expenses for each of the centers we managed. Today, our TSC oversees the annual bidding process for all of our major bid packages, which includes Snow Removal, Landscaping, Sweeping and Maintenance and Waste Removal.
The TSC maintains a large database of highly qualified and carefully screened vendors. This annual bid process allows our vendors the ability to bid on a larger portfolio of properties and the opportunity to be more competitive, which results in cost savings directly to our clients. This approach allows for better control of bid services and ensures that we continue to engage highly qualified and competent vendors. Our eight year average resulted in over a 14% savings to the bottom line on the services included in this program.
Additionally, by allowing our vendors the opportunity to bid one-time projects such as parking lot repairs, lighting and painting in the same manner, we have also experienced success in reducing expenses. Next on our agenda, the implementation of a direct on-line access bidding tool. This approach will streamline the bidding process for our Vendors and hopefully result in additional savings for our clients.
As an added benefit, when you become a Management Client of Mid-America Asset Management, as part of our overall tenant sales reporting program we provide quarterly Health Ratio Reports. This information provides a measure of a tenant’s sales performance to the cost of their occupancy. Prior to the economic turndown, this was a much easier task because ULI published sales data gathered from companies like ours and assembled a national report. This was last published in 2010.
At Mid-America, we opted several years ago to compile the information from all of our managed properties in all offices and create our own data table. This has just, once again, been updated. The info is not available outside the Company, however, it is used to prepare our quarterly Health Ratio Reports and when evaluating tenant requests or issues.
C. Michelle Panovich | Principal / Executive Vice President
Mid-America Asset Management, Inc
One Parkview Plaza, 9th Floor | Oakbrook Terrace, IL 60181
Direct: 630.954.7351 | Fax: 630.954.7306
firstname.lastname@example.org | www.midamericagrp.com