Seven Years In: Why I Started AssetPro — and What We’ve Built

I started AssetPro in mid-2018. Seven years later, we manage over $550 million of commercial property for 22 clients across New Zealand. This is the honest version of how that happened.

The Conversation That Started Everything

I remember sitting across from a property owner early in my career — a smart, successful person who had built a good portfolio over many years — and realising they had no idea what was actually happening inside their own buildings.

Not because they weren’t paying attention. Because nobody was telling them.

Their manager was sending monthly reports. Ticking boxes. Renewing contracts with the same contractors they’d always used, at whatever price those contractors quoted. The owner was paying the bills and assuming that was just how it worked.

It wasn’t. And once I started having that conversation with enough people, I couldn’t stop thinking about what a different approach could look like.

The Bit I Didn’t Fully Think Through

Starting your own business is one of those things that sounds straightforward until you’re doing it.

I admit to having tried to do it all myself in those first 18 months. The business development, the client management, the reporting, the compliance tracking, the contractor relationships — all of it. I was reasonably confident I could handle the workload. I was wrong about how long I could sustain it.

What I got right was the fundamentals. From day one, every contract we managed went out to tender on appointment. We didn’t inherit the old contractor and keep paying their rates. We put the work to market and appointed on price and agreed service levels. It’s a small thing that makes a large difference, and it’s something most managers don’t do.

The Argument Nobody Was Making

In those early days, one conversation came up constantly. A prospective client would ask about management fees, hear the number, and start to waver.

So I’d explain how it actually works.

Under the Auckland District Law Society (ADLS) form of lease — which is the standard commercial lease form across New Zealand, across its various iterations — management fees are generally recoverable from tenants as part of the building’s operating expenses. That means in most cases, the cost of professional management isn’t coming out of the owner’s pocket at all. It’s recovered from tenants as OPEX.

The argument for going with the cheapest manager falls away fast once you understand that. The real question is much simpler: who is actually going to do the best job of managing your asset?

“The argument to go with the cheapest manager becomes redundant — not only is the cost of management paid for by your tenants, but employing a cheaper manager can decrease the value of your property through poor decisions and ineffective tenant negotiations.”

I wrote that in the very first version of this blog, seven years ago. I’ve never had to revise it.

Going National — Which I Didn’t Plan

I didn’t set out to build a national business. Auckland was the plan.

What happened was that clients with Auckland properties also had assets in Wellington, Tauranga, Hamilton, Christchurch. They didn’t want four separate managers. They wanted one person who understood their portfolio and could manage across all of it.

So that’s what we became.

Today, our 22 clients hold assets from Northland to the South Island — office buildings, industrial parks, retail centres, mixed-use developments. Managing across regions means understanding local tenancy dynamics, regional contractor markets, and council requirements that vary significantly depending on where you are. It requires a deeper network than a single-city practice ever needs to build.

For investors who hold — or are acquiring — property outside of Auckland, having a single manager with genuine national reach matters. It’s not something many firms in this space can genuinely offer.

How We Actually Work

Seven years in, the things that guided the business from the start are the same things that guide it now.

We’re proactive, not reactive. The routine stuff that most managers treat as optional — window cleaning, gutter clearing to prevent water ingress, roof moss treatment to extend roof life — we manage as standard. Small things, done consistently, protect large assets over time.

We use good systems. We run on Re-Leased property management software, which means rent review dates, lease expiries, and compliance deadlines are tracked and actioned. Monthly financial reporting and annual operating budgets are built from the ground up, so clients always know where they stand.

Maintenance covers the full spectrum. Air conditioning servicing, fire testing, trial evacuations, lift compliance, security systems — we manage the complete range, not just the visible items.

Senior people, always. Every client works directly with me and our senior team. There are no handoffs to graduates, no new account managers every year. The person who pitched for your business is the person managing your property.

What’s Changed — and What Hasn’t

The business has grown well beyond what I imagined in 2018. The $550 million AUM figure, the 22 clients, the national footprint — none of that was in a business plan.

What hasn’t changed is why clients come to us and why they stay. They want a manager who knows their building, answers their calls, and is genuinely invested in the performance of their asset. Someone who will tell them what they don’t want to hear when it matters, not just report good news.

That’s what I set out to build. It’s what we’ve built.

If You’re Thinking About Making a Change

If you’re questioning whether your current management arrangement is working — I’d encourage you to at least have that conversation. The cost of underperformance in commercial property compounds quietly over time.

If you’d like to talk through your situation, I’m easy to reach.

I still answer my phone.

Get in touch at assetpro.co.nz