Commercial Property Portfolio Management, Private Trust
Las Vegas, USA (2000-2003)
Silver Dollar Ave is in the heart of a neighbourhood not frequented by Las Vegas tourists. It is a part of town that is home to the minimum wage workers who keep the wheels of Las Vegas in motion. On Silver Dollar Ave, textbook management lessons are of little use straight off-the-shelf.
There are fundamental differences between managing a staff of tertiary graduates, and a staff of school leavers who may or may not have spent time behind bars. However, despite the differences, there are core characteristics that define us all as humans. Learning to understand a person’s aspirations, from their perspective, is essential to managerial success, regardless of the setting.
In three years, the property at Silver Dollar Ave was transformed by the hard and loyal work of the management team and the tenant community. The elements that fuelled the change were, in textbook and financial terms, insignificant: community turkeys at Thanksgiving, letting tenants choose their apartment wall color, listening to the long-timers share their stories, thanking the people who worked hard. The seemingly small changes initiated by our team of two transformed a set of buildings into a community. In real terms, this equated to a 145% return on investment over a three year period.