1/n
How we think about commercial property management:
1) Asset management
2) Property management
3) Operations
4) Accounting
5) Leasing

All functions are necessary and may be combined in many situations, but it's important to distinguish for clarity of thought.

2/n
Asset management: evaluating the long term investment of the property. IRR from purchase to sale, capital improvements (as necessary; you can over- and under-spend here leading to suboptimal returns), and strategic vision (i.e. bldg class) tying it all together.

3/n
Property management: understanding the physical asset. Overlaps w/ asset mgmt on, e.g., HVAC or roof CapEx. Fire/life safety regulations, ADA compliance, landscaping to draw tenants (but don't spend unnecessary $), dealing with water leaks or squatters, etc.

4/n
Operations: often thought of as property management too, but we distinguish. The blocking and tackling. Inbound issue (mostly tenants, sometimes from owners, etc.) and outbound solution (provided by us, vendors, etc.). A high volume activity -> different skills than PM.

5/n
Accounting: the most straight forward in the traditional sense. We don't do CPA work because we are 3rd party and the building is usually a small slice of an owner's tax picture. Efficient and accurate accounting w/ high importance for CAM accts and reconciliations.