BOMA 360: An Honor and A Lifestyle
Many BOMA members are at least aware of, if not familiar with, the International TOBY (The Outstanding Building of the Year) Awards Ceremony that closes out the Annual Convention, a celebration akin to the commercial real estate’s own version of the Oscars. This award is highly sought after, celebrating excellence in building management and performance across various property types and industries. The first step to applying for this prestigious designation is to acquire a BOMA 360 designation. Even if property management teams are not aiming for a TOBY award, pursuing the BOMA 360 designation offers several significant benefits.
First and foremost, the BOMA 360 designation reflects the excellence of the property management team with its management policies and practices. BOMA seeks to honor teams that manage buildings above the average standard level of care. Elements of the application such as building security, damage restoration, cleanliness and energy efficiency directly impact the comfort and stability of the tenants who work there. Studies have shown that buildings with a BOMA 360 designation tend to have higher tenant satisfaction and retention rates over buildings without it. Greater tenant satisfaction and retention translates to a greater ability to market the building to both tenants and investors, increasing the asset value which ultimately turns into larger profit margins.
As a result, BOMA 360 applications provide opportunities for property management teams (and their owners) to review their policies and procedures for improvements. Even if they are not currently eligible for the designation at the time that they start the application, the review process can help refine operations and prepare them for future TOBY applications by fine-tuning their strengths and addressing their weaknesses. BOMA announces the BOMA 360 Leaderboard at every BOMA International Convention which showcases property managers performing at peak management and operational standards. The more designations a company has, the greater their reputation for holistic management.
Finally, the collaborative effort between building engineers and property owners not only generates new ideas for management strategies, but also instills a heightened sense of pride in the building that they oversee on a day-to-day basis. Ultimately, that sense of ownership and team cohesiveness energizes those operations, to the benefit of the building’s tenants.
As managers work with the tenants on the BOMA 360 application, their effort communicates to tenants that the property management team is supportive and committed to their well-being, ultimately fostering goodwill and appreciation. This environment creates a more cohesive and committed community which is a hallmark of long-term success. The BOMA 360 designation is simply the first step in evaluating and honoring teams that are well on their way in that pursuit.