So what does a property manager do? Well let’s start with what we don’t do… sit still for very long.
Thirty years ago when I took my first job in Property Management, at a time when there were no real estate or property management college courses, we learned as we went along. I thought, “Wow, all I need to do is collect rent, make sure the snow is removed and keep the property clean. Sounds easy, right? Not too bad for an 8 hour day.” Well, I can tell you that might be in the first 5 minutes of your day.
What most people don’t understand is the vast knowledge needed to be a property manager, to address all tasks, BIG and small, and effectively communicate with tenants and clients alike. We are the eyes and ears of the shopping center. I have walked my share of roofs and I can tell the difference between an EPDM rubber roof and coal tar pitch. Not a single day is the same and every day is filled with challenges and rewards, which makes this a fast-paced, exciting career.
So what is my day really like? After I’ve completed inspecting the roof, property, and meeting on-site with a few tenants, I return to the office to prepare a variance analysis to ensure that I am on target to meet my projected income and expenses for the property. After that has been completed, I may finish a lease abstract, contact a contractor to discuss the scope of work for the asphalt overlay project, review a rent reduction request, put the finishing touch on a monthly report, confer with a client about the five-year capital plan, call delinquent tenants regarding their rent, review a Common Area Maintenance reconciliation, contact the tax protest attorney to discuss a recent property assessment, schedule a plumber to jet out the main sewer line, review and approve the cleaning contract proposals (want to make sure I am getting the best value for my client), complete a budget package, return calls to several tenants, review the tenant direct mail piece, prepare tenant estoppels, review a landscaping contract, respond to emails, code invoices for payment, prepare the quarterly Mid-America Tenant Health Ratio Report, turn over possession to a tenant, review tenant sign plan, discuss an LOI with leasing, confirm the exclusive use language of several leases to ensure no conflict exists, speak to the vendor about necessary light repair, call a tenant for their missing COI… and the list goes on!
I am a therapist, contractor, accountant, consultant, marketing guru, attorney, tax expert and a psychic… I AM A PROPERTY MANAGER!
All in a day’s work.
Kay A. Nelson l Principal
Mid-America Asset Management, Inc.
One Parkview Plaza, 9th Floor l Oakbrook Terrace, IL 60181
Direct: 630.954.7311 l Fax: 630.954.7306
KNelson@midamericagrp.com l www.midamgericgrp.com