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5 Questions with Bonacio Development’s Asset Management Team

As Bonacio Development has grown, its organization has broadened to include an asset management team comprised of Aaron Tomczak, Commercial Real Estate Associate, and Dom Barnett, Asset Management Analyst. Since March is National Asset Management Awareness Month, we asked Aaron and Dom to explain the ins and outs of asset management and its value to a company. Read their comments below.

  1. What’s the one thing everyone should know about Asset Management?
    AT: I think Asset Management is an often misunderstood topic. To make it very simple, it means completely optimizing an asset. Across a real estate portfolio, increases in occupancy and other revenue streams, along with cutting unneeded expenses, can drive significant improvements in NOI (net operating income, which is a calculation of a property’s profitability). In turn, this NOI can drastically increase the portfolio value.
    DB: Asset Management is like taking everything from each arm of a project, putting it all together, and producing a positive result. It isn’t so much the day-to-day management of a property/project as the outlook and assessment of the asset. We look to increase profitability, reduce risk through proactive management, and align the total portfolio with the investment goals.
  2. Can you briefly explain your roles?
    AT: Much of my current role is dedicated to driving up commercial occupancy across all properties. Other responsibilities include working closely with property management to maintain strong property performance, teaming up with development to work through potential opportunities for each property, and providing advice. My role requires constant collaboration with our financing partners and various vendors.
    DB: My role is to analyze the historical data from each property and forecast the future. I am also responsible for optimizing each asset, which can involve renovating older units, producing a new project on an existing asset, or fine-tuning expenses to increase NOI.
  3. What do you enjoy most about your jobs?
    AT: I love the excitement of constantly collaborating with people. I get to work with a wide range of professionals, both internally and externally. Building lasting relationships with these individuals is very important to me. I also enjoy setting challenging goals for leasing, NOI, reporting, etc. Seeing the culmination of various teams’ persistence is always incredibly satisfying.
    DB: It is entirely different every day; there is not one day where I can predict what I will be doing by the end of the day. Bonacio is always looking for the next cool project, which is incredible to be a part of.
  4. What are the benefits of having Asset Management in an organization?
    AT: Having Asset Management in an organization gives a market-driven snapshot of all information collection, property advisement, and opportunity advisement. It helps an organization view scenarios from various angles, producing higher success rates.
    DB: A lot of the time, asset management encompasses the things that no one thinks about. In our role, we look at each project with the bigger picture in mind.
  5. What are your benchmarks for success?
    AT: My primary benchmark for success is NOI across the portfolio. Beyond that, I always view relationship building and internal efficiency/procedural efficiency as significant benchmarks of success.
    DB: Increase NOI and profitability so we can move on to the next big opportunity!

Two dark-haired men in button down shirts and vests standing in front of a window overlooking city buildings

(L-R: Aaron Tomczak, Commercial Real Estate Associate, and Dom Barnett, Asset Management Analyst)