In addition to the standard practices of managing tenant service requests and monthly reporting, today's managers must be able to provide above-and-beyond services such as high-level financial reporting, forecasting, competitive analysis and personalized tenant services to remain competitive.

For example, managers typically provide budget variance reporting. This standard monthly and year-end actual-to-budget comparison is a staple of good real estate management. However, today's owners need managers who can go above and beyond by delivering higher levels of reporting that require the management team to analyze acquisition pro-formas vs. budget and actual performance. Subsequently, the management team will make adjustments and advise the ownership on what needs to take place to maximize the investment's performance and best compete within the submarkets in which the asset is located.

Along with more complex analysis and reporting, owners benefit from managers who are able to provide in-house IT services, systems integration, insurance programs, banking relationships, access to new capital and construction, as opposed to project management alone. By providing these services, real estate managers are essentially creating a one-stop-shop for investors, where owners can easily satisfy each of their real estate needs through one provider.

At Voit, for instance, we are able to engage our in-house construction company to offer construction services beyond the basic management of contractors. Because our team members have development, asset management and construction experience, we act as a surrogate owner in our approach to third-party management and combine the full spectrum of services to offer new value to our clients.

For example, in Sacramento, Voit recently took over the management of a portfolio comprised of 17 assets spanning industrial, office and retail uses, valued at approximately $100 million.

One of the office assets consisted of 40,000 square feet of uncompleted space. The occupying tenant was refusing to pay rent until the construction was complete. Our in-house construction team was able to quickly implement more than $250,000 in construction in order to finish the space, and our management team then negotiated with the tenant to ensure that lease payments were resumed in a timely manner.

By integrating in-house services, today's real estate managers are able to better serve owners in the current market. Today's owners will continue to want more value for the fees they pay, and management companies must be willing and able to provide it.

Rob Cord is managing director of Real Estate Management Services in Voit Real Estate Services' Newport Beach office. Contact him at [email protected]. The views expressed in this column are the author's own.