Property management

<Everyone who is not Elzar, ignore this>

There are certainly both a lot of similarities and a lot of differences. Dealing with corporate tenants can be tough because they can be very demanding and are often paying huges sums of money to be in your facility. A lot of my job revolves around that very fact. Where you may hear from a residential tenant maybe a couple times a year, I often hear from our tenants anywhere from a couple times a month to several times a day, depending on their square footage and their maintenance requirements. I think on a square footage to square footage basis, you are certainly going to hear from the corporate tenant more often by at least an order of magnitude more than residential. Thus, you need a lot more staff to support the same footage. Of course this is all from the perspective of large building support (~800,000 s.f.). The other part is a great deal of energy is spent on tenant build outs before they move and on insurance and access requirements. I probably spend about an hour of each day processing, procurring, or in some way dealing with insurance and access requirements for vendors and tenant guests entering the building. What does this all add up to. Well I am only seeing a small slice of what goes on. Another guy does all the billing/legal correspondence. He is not even the legal council or accoutnant. He just processes and corresponds in these areas. Then we have a property manager and assistant property manager that deal with decision making, upper level tenant correspondences, lease issues, build-outs, etc.

A lot of what is similar is soothing tempers, dealing with issues in a timely manner and what generally amounts to good customer service. On the business end, I file and scan leases, I deal with the brokers on a access level basis and I deal with the contractors on a day to day operations basis, but none of it really amounts to hands on interaction with the actual meat of things, but more of operations of day to day activity. Not that the business end is really rocket science. A lot of it is having a standardized lease form for tenants and following the rules and regulations set forth by that lease. The really hard part of management would be finding and signing tenants, and property speculation.

What I think I would suck about residential management is confronting tenants about violations of rules and regs. You dont get loud neighbors or drunken paries or teenage punks F'n things up in the corporate environment. I donno. I should talk with you more about it later. Sorry to bore everyone to no end.

</Everyone who is not Elzar, ignore this>

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