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PPG Tax / Property Tax Services / Big Three Strategy: Property Tax Season Has Come to a Close
Big Three Strategy: Property Tax Season has come to a close.
With the end of May comes the end to our efforts towards a property tax push. Of course, this year we are utilizing the research from the Pain in the Asset Manager project to further increase our value to our prospects and clients. Our goal all along was to identify other High Impact, yet Infrequent items that significantly affect operational performance and bottom line results on a per-asset level. This resonates with the concept of Return on Time presented in the book. Majoring in the Big Three as we have come to call it will have a much greater potential impact on asset performance than all other line items combined. This should guide asset managers in the best allocation of time and energy to achieve optimal results.
Whether evaluating new acquisitions or working with recently acquired ones, addressing the Big Three can produce HUGE results and improvements for assets that have been in your lineup for less than five years. If you are combing through budgets and looking for ways to improve returns, perhaps applying this strategy will hit the relief valve and free up some needed cash.
The Big Three is a strategy to optimize performance in the areas of Property Tax, Federal Tax and Energy Use management. Based on the responses of hundreds of asset managers, very few hammered each of these nails on a consistent basis. If you are currently performing due diligence on an acquisition target or having a reality check on the performance of a new asset, perhaps it is time to look under the hood and really comb through what optimizing each of these areas could do to your individual asset performance.
The concepts are addressed in great detail in Chapter 6 of Pain in the Asset Manager discussing the Hire function. If you are ready to have a Big Three Optimization Drill performed on one or many of your recent acquisitions or targets, please contact Tim Nichols or Jonathan Gilstrap to get this ball rolling. Either can be reached by phone at 855-570-9990.
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