Commercial property management career opportunity

[Eddie V.]

I've been approached with the opportunity to take over the management of 8 acres of retail and office space.  This would be a full time commercial property management role, with the potential for me to get involved with some the investors' other properties.  I'm familiar with residential property management, but not commercial.  

Could you guys help me better understand what a role such as this might entail?  The person I talked to mentioned there may be a bit of accounting, renewing leases, managing the maintenance requests, etc.  Have any of you guys held a role like this?

I'm an accountant eagerly looking to move away from accounting and into a role that aligns more with my real estate investment interests (flipping and buy-&-hold).  I was initially planning on going into construction project management, and then this opportunity presented itself.  So I'm looking into it.  

I see how the role could be beneficial to my REI pursuits. Until I learn more about the role I won't really know if this is something I want to get into full time.

[Tim Hackett]

Hi Eddie-

Vast topic.  I started my career in RE as a leasing agent for a national apartment management firm.  18 years later, I run a portfolio of 7.5 million sq ft of retail, office and industrial properties involving a staff of 42.  Some of the largest differences are the learning the legal aspect of commercial real estate, Insurance requirements and complexities as well as learning how completely different the leases are (even from each other at the same property)

As the PM, you are the go to.  you are now dealing with business people.  some savvy, some not, but at the end of the day, your job is to help them in the background be successful by keeping both parties sticking to the lease agreement as well as the rules and regs of the property, ALL while reporting back to the money folks.  (you always work for the owner, no matter the situation, and every owner has their "quirks" on how things are run)

With an accounting background, you are leaps and bounds ahead of lots of PM's out there.  Things like cam and percentage rents as well as true ups, budgets, financial reporting and reconciliations construction and Tenant Improvements are all a function of your job.  also, whose responsibility is what?  in other words, if the window is broken, in retail, it's probably the tenant's responsibility to fix it, same as the A/c unit.  You get to play Bad Cop and make sure it's fixed right away!  also, they pay for their "percentage" of the parking lot lights, minor repairs, landscape maintenance and sidewalk cleaning (CAM).  Office, it's pretty much all on you!  from janitorial to a/c to plumbing.  you're the one!  (doesn't mean you are fixing it, but have to make the calls, deal with upset tenant's and ensure the repairs are completed)

Again, it's a whole beast unto itself, but for 19 years it's been very good to me.  It has taught me well and allowed me to be confident in assembling my own portfolio that I run nights and weekends....and maybe some day, full time. 

That's a pretty fast 2 cent answer to your question.  But the differences are vast.  I had someone who mentored me, saw some potential and got me into the very basics of real estate and I still talk to her weekly - she changed my life!  happy to talk off line about it if you would like.  I can tell you its a very rewarding career that has taught me that real estate, no matter the form, will be involved in the rest of my life.  I cant think of anything I would rather do. 

One last word on my boring diatribe.  Personally I feel that retail is the most intricate of all commercial real estate, however, I also find it the most fascinating, fun and rewarding of the venues. 

Tim