Best Practices: Physical Assets Management
- Track what you own. The Army, Energy Department, and IRS all made headlines in recent months when it was revealed that they could not account for critical property. One possible remedy is to make accurate inventories part of a manager's bottom line. At the Immigration and Naturalization Service, managers are held accountable for complete property counts in their performance evaluations.
- Make property decisions reflect your strategic goals. When a lease for the IRS' Sacramento office expired, GSA suggested a new location. The IRS demurred because the new site was too far from its core customers. Eventually, the IRS and the General Services Administration found a new location that would be convenient for customers, supporting the IRS' customer orientation.
- Read the tea leaves. The Office of Management and Budget is committed to making agencies pay for the full cost of their operations. If you have vacant or underutilized property, start thinking now about how it could be better used, before OMB makes you pay rent for space you don't use.
- Get over the 1949 Property Act. Even without new legislation, agencies still can seek individual exemptions from the law to create public-private partnerships. The task is easier if stakeholders-including appropriators and OMB-are on your side. Come up with a creative, money-saving deal and make the pitch.
- Know the market. Partnerships generally won't work if the market isn't right. Team up with local real estate developers to get the most return on your property.
NEXT STORY: Making The Grade