Jozef Recska: Property management is about quality relationships

Robert McLean

#cee, #proptech, #development a #architecture

In October, Jozef Recska joined Cushman & Wakefield as Head of Asset Services in Slovakia where he’ll be leading the company’s team in Bratislava and in the Novum shopping center. Recska comes to the job with a rich professional history. He began at Tesco Stores, where he oversaw the company’s department stores but eventually assumed responsibility for its shopping center in Nitra. From there he moved to HB Reavis, where he was primarily responsible for the Aupark Piestany shopping center. Most recently, he worked at VUB bank where he led a team of 80 professionals overseeing the management and operations of its entire real estate holdings

Recska understands only too well that he’s joined the company at a challenging moment for the entire industry. “My goal is to strengthen our business and bring new solutions for our clients.”

Many of the barriers to expanding asset management services in a smaller market like Slovakia’s stem from the higher percentage non-institutional owners. “It’s not always clearly defined what asset management is and what’s property management. A lot of time, clients expect to receive asset management, but they call it property management — and they would like to pay for facility management.”

When it comes to retail, Recska says some owners tend to focus on occupancy levels, and not much else. “I think owners don’t always differentiate between property management and leasing,” he says. “It’s about the quality of the relationship.” He explains that good management means not just collecting rent, but actively building strong relationships with tenants by knowing how their business is going and whether they want to stay. “Retail is detail. It’s very time-consuming and in my experience, property management companies aren’t focused on every detail because they usually don’t have the capacity.”

The other risk inherent with ‘insourcing’ asset and property management for single-asset landlords is not being able to benchmark key indicators like rents, or employee wages. “What is the payment history of my tenant? Is it ok compared to others?” he asks. “You don’t have data from elsewhere so you’re kind of flying blind.” Without access to comparable data and in-depth market research, “You’re in a much weaker position, no matter how you look at it.”


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