Holland said development offers property managers a way to enhance their business are really make a difference to property owners' ROI.

SAN DIEGO—Partnering with experts to enhance development services is one way property managers can augment their offerings and add to their bottom line, Sunrise Management & Consulting's Jesse Holland told attendees at IREM's Fall Conference here Friday. Holland led an iTalk session entitled “A Lesson in Development,” which showed how his Albany, NY-based firm moved from being simply property managers to also being developers.

“Property managers can morph into developers when the situation arises and redevelopment is needed,” said Holland. He added that getting ahead of the development process by bringing property-management knowledge into the development process can save real estate owners money. Property managers can also charge a consulting fee if they come into that process early—often up to $10,000, depending on how their expertise is used.

Holland spoke of creating partnerships that enhance the development process, such as creating a pet-friendly community that partners with the Humane Society—which can then help market the property to potential tenants. He also gave two examples where his firm helped redevelop obsolete schools into apartments and mixed-use projects, appealing to the local community's buy-in by arranging final tours for a fee before redevelopment. “Don't knock down schools—the community has an emotional connection to them” as teachers, custodians and alumni. Sunrise has maintained majority ownership of these redevelopment projects after completion.