The position of Property Manager is to provide the direct supervision of the physical asset and the staff required to facilitate the operation of the Retail Power Centers we manage. Their supervision includes the monitoring of both the physical and financial aspects of the property.
Those duties include the following:
- Direct supervision and training of office support staff, including Assistant Property Manager and Administrative Assistants;
- The preparation of annual budgets (Please see annual budget instruction section);
- Enforcement of project leases and other governing documents (CC&R’s, REA’s, OEA’s, etc.;
- Ensuring landlord compliance to all governmental and non-governmental laws which effect the property;
- Invoicing and collection for all charges outlined under the leases or other property documents which govern the property;
- Informing ownership of occurrences, which may affect the property and influence, the owner’s decision-making process (i.e.: new projects in the trade area, road closures, tenant bankruptcies, etc.);
- Negotiating and document, with the direct approval of the Vice President, all lease renewals, and if applicable new leases;
- Prepare annual Common Area Maintenance Reconciliation’s;
- Recommend and prepare bids for ownership review on capital projects;
- Supervise property Merchants Association ad Marketing if required;
- Supervise Specialty Leasing program if required;
- Ensure that tenants issues and concerns are being responded to in a timely manner;
- Completion of monthly cash flow forecasts and operating reports;
- Collection of rents and other charges;
- Compliance by tenants to lease requirements;
- Regular property inspections;
- Insuring that vacant suites are in lease ready condition; and
- Coordination of Tenant move-in and move-out.
- Collection of tenant gross sales information;
Tenant Delinquency Report
These reports are available to the managers on a daily basis through the appropriate accounting system (MRI, Yardi, etc). The property manager must provide a delinquency report to the Vice President of PM on the 10th and 20th of each month with commentary on collection efforts and/or action plan for major delinquencies.
YEAR END COMMON AREA MAINTENANCE RECONCILIATIONS
Annual Common Area Maintenance (CAM) Reconciliation’s are to be completed by no later than March 30th every year for the preceding year just ended. The initial reconciliation is to be completed by the property manager, with support from the accounting department and lease administration department. The reconciliation’s are completed on an excel spreadsheet which is provided to the Manager by the Lease Administration team upon the takeover of a new asset. For existing assets the property manager should use the prior’s year’s template. Please see attached for Common Area Maintenance Reconciliation instructions.
It should be noted that this list is not intended to be all encompassing, but rather a general guideline of what is expected of the Property Manager. It is anticipated that the Property Manager will be fully responsible for the running of the asset and will work toward meeting the owner’s goals. It is also intended that the manager will be entrepreneurial in their thinking, and will look for new and creative ways to meet or exceed the owner’s expectations on their properties. This will also hold true in considering company goals and expectations.
A Successful Property Manager Is.
- Successful for their tenants and in the operation of their properties;
- Enthusiastically dedicated to the fact that all of their efforts are in one-way or another productive of benefits;
- Understanding of the fact that in order to be effective they must devote their attention to a continuing flow of major and minor situations;
- Immune to frustration from details, even though these troublesome decisions may be assigned to others within the division;
- Possessed with a clean concept of essential accounting procedures, and although they may not be personally involved in the day-to-day processes, creates the framework and evaluates the results;
- Able to maintain office records and files, which are available for ready reference;
- Adaptable to change or improvements that will enhance the economy, efficiency and productiveness of every aspect of management performance;
- Able to direct the efficient and productive performance of each of their employees and/or the coordination of members of other areas of the division;
- Self-disciplined to the point that they are unruffled by annoyances or disappointments which they accept as integral parts of their professional activities;
- Cheerful toward the owner/partners, employees, tenants and all others who come in contact with them in the conduct of business;
- Pleasantly uncompromising when it comes to matters of established policy;
- Diplomatic and their lines of communication are always open;
- Prompt to respond to all inquiries and makes certain their organization is always available to handle emergencies;
- Unblemished in reputation, honest and capable; and
- An innovator and creator, uses their unique talents and skills to insure maximum income and minimum expenses consistent with the long-term economic and physical welfare of properties entrusted to their care.