Overview
High-rise buildings are comparable to mini-cities and they require close management to operate smoothly. When it comes to Class A assets, Property Management is essential to keeping credit-worthy tenants engaged. During my time in Commercial Real Estate (CRE), I have worked along side the most talented professionals in the field, liaised with prestigious tenants, and managed extremely desirable, investment-grade properties.
Role: Senior Assistant Property Manager (SAPM)
Companies: Kilroy Realty Corporation & Jones Lang LaSalle (JLL)
Timeline: 3 Years+
Location: Downtown San Francisco, CA
Responsibilities: Accounting (Budgets, Financial Reports, Account Payables), Property Management, Insurance Compliance, Stakeholder Relationship Management
Team Composition: Property Managers, Mechanical Engineers, Designers, Accountants, Project Managers, Investors, and more
Property Management
Property Management teams interact with all departments of CRE companies and they have a variety of cross-functional responsibilities in such organizations. By having great understanding of financial analytics and business operations, providing white-glove customer service, and being a master at liaising with professionals from multiple technical fields, Property Managers are individuals who can pivot, lead important discussions, and, ultimately, generate positive income for the business.
Financial Reporting
Property Managers own the financial health of their CRE assets whose budgets can be in the several million-dollar range. As an SAPM, I play a key role in running the properties I manage through:
• Account Payables: after drafting service agreements and issuing purchase orders to realize building projects, we ensure that all incurred expenses are accounted for and settled within the correct accounting period with the allotted funds. Tracking invoices and making payments keep vendors engaged and available to attend to our business necessities.
• Budgeting: preparing a full-year budget for Class A assets can include getting bids from multiple vendors, evaluating capital building needs, monitoring expenses, and leveraging field experts to advise you on property up-keeping.
• Common Area Maintenance (CAM): landlords are entitled to use funds throughout the year to provide important services to tenants (utilities, janitorial, etc.) and maintain the building. These costs are, then, recovered from tenants (depending on lease types and their specific language) and calculations area done in successive iterations until results are accurate and fair.
Collaboration In CRE
One of the best aspects of working in Property Management is that you contribute to exciting projects with a myriad of experts and build strong teams. From Engineers who operate heavy building machinery, Leasing Teams who make impactful decisions, Janitors who maintain the quality of occupied spaces to Designers who reimagine functional built spaces for tenants, Property Managers collect transferrable skills by working with a variety of departments.
Collaboration in Commercial Property Management
Prestigious Assets & Tenants
Northern California sets high standards when it comes to quality of Class A commercial buildings and operations in the US, and, during my time in Property Management, it has been my privilege to manage distinguished properties in the San Francisco Bay Area, and liaise with prominent tenants as a result. Some of those Assets and Tenants include:
• 350 Mission Street, San Francisco CA: Salesforce, Sephora & Yelp
• 348-352 Oyster Point Blvd., South San Francisco CA: Stripe & Cytokinetics
• 349 Oyster Point Blvd., South San Francisco CA: 23andMe
• 425 California Street, San Francisco CA: Spotify & Chase Bank
• 101 Montgomery Street, San Francisco CA: The Hartford & Yosemite Conservancy
Industry Challenges
Although the prospects of Property Management are positive, being a Property Manager warranties challenges that cannot be overlooked, which, in my experience, include:
• Emergencies: Property Managers are responsible for the properties they manage and their occupants during and after business hours. Should an emergency (fire, active shooter, natural disasters, etc.) happen, they are the ones who first navigate Business Continuity Plans, and handle real life threatening situations.
• Extensive Paperwork: being a Property Manager requires dealing with long administrative tasks involved in most processes: legal contracts, permit renewals, lease agreements, etc.
• Lack of Flexibility: Property Management is considered a traditional industry and the nature of the job requires professionals to work from the office full time in most companies.
Lessons Learned
Working in fast-paced environments and having the opportunity to contribute to cross-functional projects have shaped me into a more resilient and resourceful professional, which are qualities that I will bring to my future work opportunities. Please see other abilities I have learned and developed during my tenure in Property Management:
• Critical Thinking: Property Managers solve wicked problems daily in order to balance budgets, projects, and teams, while keeping stakeholders and tenants satisfied and engaged.
• Handling Different Personalities: from EVPs to contractors, I work directly with all professionals in-between internally and externally. Collaborating with such a range of people with different interests in critical work projects has taught me to adapt and pivot as needed to secure successful partnerships.
• Leadership: all disciplines that make up commercial high-rise buildings look to Property Managers for directions since they represent the interests of property owners and stakeholders. As a SAPM, I advise the building manager, keep the building agenda updated and see projects through completion. I also lead meeting with multiple departments and hold vendors accountable for the work they perform.
• Project Management: responsibilities at building come in cycles, and by being in Property Management we get to understand trends and plan full years in advance thinking of all projects that must be completed. This allows our team to forecast funds, schedule projects and services, hold meetings, and finally have completed products that increase the value of our assets.
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