What I Wish I Knew in My First Year as a Property Manager
The First Year Is a Crash Course, But It Doesn’t Have to Be
Most property managers learn the hard way their first couple of months on site. You get handed keys, introduced to lots of people, and told to keep the building running.
What no one tells you?
The fire panel will go off in the middle of night at some point
Tenants will expect you to be part engineer, part therapist
Budgets don’t manage themselves
And yes, you’ll need to use AI to learn what a lot of acronyms mean
Understanding the Business You Just Walked Into
Commercial property management isn’t just facilities - it’s operations, finance, tenant relations, compliance, and strategy. You’re managing a multi-million-dollar physical asset that affects people’s work lives daily.
And yet… very few people truly understand how it works from the inside.
So let’s break it down.
Types of Properties:
Office: Class A, B, and C – based on quality, location, and amenities.
Industrial: Warehouses, distribution centers, flex space.
Retail: Malls, strip centers, grocery-anchored, lifestyle centers.
Multifamily: Apartment complexes, high-rises, student housing.
Specialty: Data centers, medical, self-storage, and more.
At a high level, your job revolves around:
Protecting the Asset: HVAC, fire systems, elevators, roofs, pumps, generators - your building is an ecosystem. Learn its systems like a pilot learns an aircraft.
Serving the Tenants: They’re your customers. Retention is your KPI. Great service = happy tenants = steady occupancy.
Controlling the Budget: Your building runs on income (rents) and expenses (utilities, vendors, maintenance, etc.).
Reducing Risk: Compliance (ADA, OSHA), safety, insurance, and legal exposure all run through you.
Communicating Constantly: With tenants. Engineers. Vendors. Ownership. Your calendar and your inbox are your command center.
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💡 What I Wish I Knew About “How Buildings Work”
The HVAC system is a headache and your best retention tool. Learn air handlers, VAVs, BAS controls, and seasonal changeovers.
The fire panel is not your enemy, but you do need to know who to call when it beeps. Schedule regular training with your fire/life safety vendor.
Elevators need modernization plans years in advance. And they're one of your biggest CapEx line items.
Waterproofing is invisible, until it fails. Roofs, caulking, flashing, and drains deserve more attention than they get.
BAS (Building Automation Systems) aren’t just for engineers. Your team needs to know how to pull a report and verify a setpoint.
Terminology To Start With
R&M (Repair & Maintenance): Your monthly operations category - covers HVAC service, plumbing, electrical, janitorial, and general upkeep.
CapEx (Capital Expenditures): Big-ticket, long-term investments like roof replacements, chiller upgrades, or elevator modernizations.
TI (Tenant Improvements): Custom build-outs made for tenants during leasing- walls, lighting, finishes, etc.
CAM (Common Area Maintenance): Shared building expenses (cleaning, snow removal, landscaping, etc.) billed back to tenants.
Punch List: Final to-do list after construction - items that need fixing, finishing, or correcting before closeout.
BMS / BAS (Building Management/Automation System): The digital system controlling HVAC, lighting, and energy performance. Learn to navigate basic functions and pull reports.
RTU: Rooftop HVAC unit
AHU: Air handling unit (circulates air)
VAV: Variable Air Volume box (controls airflow by zone)
LOI (Letter of Intent): A non-binding lease proposal outlining basic deal terms between landlord and tenant.
As-Builts: Drawings showing what was actually built (not just what was designed) - critical for renovations and shutdowns.
MEP (Mechanical, Electrical, Plumbing): The core systems that keep your building functional. Most building issues tie back to these.
SOP (Standard Operating Procedure): Documented step-by-step instructions for key recurring processes (inspections, incident response, vendor setup).
Submittals: Documents from contractors showing what products or materials they plan to use. Reviewed and approved before install.
Core & Shell: The basic building structure and infrastructure - delivered before tenant finishes or build-out.
Gross: Landlord pays most expenses
Net (NNN): Tenant pays rent + CAM + taxes + insurance
Change Order: A modification to the original contract or construction plan - adds time, scope, or cost. Always track and document.
Landlord Work vs. Tenant Work: Defines which improvements or installations are landlord-provided vs. tenant-responsible in a lease.
Warm Shell: Space includes HVAC, lighting, and bathrooms
Cold Shell: Unfinished space - requires full build-out
Certificate of Insurance (COI): Proof that vendors or tenants carry proper insurance. Always collect before work starts.
Fire Life Safety (FLS): All fire alarms, sprinklers, emergency lighting, extinguishers, and evacuation protocols.
Shutdown Notice: Formal alert to tenants when utilities (power, water, HVAC) will be temporarily interrupted.
Work Order (WO): A service request submitted for building maintenance or repairs.
CMMS (Computerized Maintenance Management System): Your digital tool to manage work orders, inspections, asset tracking, and vendor logs.
Tactical Advice I’d Give My Past Self
✅ Walk the Building Weekly
Don’t manage from your inbox. Learn where things are - switchgear, dampers, disconnects, shutoff valves.
✅ Shadow Your Engineer
Ask questions. Watch how they troubleshoot. Learn what they notice that you miss.
✅ Don’t Assume Anything Was Done Right
New vendor? Check their COI. New construction? Verify permits. New roof? Ask for the warranty.
✅ Document Everything
Take photos, notes, and log key events. Good documentation saves you when things go sideways and they will.
✅ Your Vendors Reflect Your Leadership
Hold them to your standard. The way they speak to tenants, submit invoices, and walk the building reflects back on you.
Concepts I Wish Someone Had Explained on Day 1
Preventive Maintenance = Long-Term Savings
Deferred maintenance today = expensive CapEx tomorrow. Track PMs, verify they're done, and spot gaps.
Budgets Are a Story
You don’t just “submit numbers.” You tell a story to ownership about performance, priorities, and what’s changing next year.
Safety = Professionalism
Inspections, drills, life safety testing - these aren’t checkboxes. They show you run a tight ship.
Relationships Drive Results
Engineers, cleaning crew, reception, mailroom - they’re part of your ops ecosystem. Build trust with them early.
The Big Picture
If you’re in your first year as a PM, you’re drinking from the firehose and that’s okay.
But here’s what separates the good from the great:
Asking better questions
Learning the systems
Owning your calendar
Thinking like an owner
You’re not “just” a property manager. You’re the one person who sees every part of the building - systems, people, performance, risk.
The role you have now is the foundation for leadership at any level in commercial real estate.
🎯 First-Year Challenge
Walk every mechanical room. Learn what’s in it.
Review your building’s emergency plan. Check if it's current.
Sit down with your engineer and ask, “What do you wish PMs understood better?”
Read your lease language - especially operating expenses and CAM clauses.
Identify one system you don’t understand and schedule time with a vendor to explain it.
