Corporate Real Estate Insights | By Augusto Alizo | Published April 2026
As I continue to stay closely involved in operational matters, I was recently asked to support the onboarding of several properties under a new property management assignment. The portfolio consisted of approximately 250,000 square feet of mostly standalone NNN retail locations leased to well-known national retail operators, owned for several years by a private family investment group.
Beyond the assignment itself, we wanted to use this opportunity to improve our onboarding process by building a more structured, repeatable system—something scalable that could serve as a true step-by-step process and operating framework for future property management transitions.
Before finalizing the property management agreement, we requested all leases to better understand the level of involvement required. We also requested closing documents and spent considerable time reviewing tenant estoppels, PCA reports, environmental reports, and prior operational records. We wanted a clear picture not only of the day-to-day management responsibilities, but also potential leasing activity, deferred maintenance exposure, and future capital needs.
This early review served two purposes. First, it allowed us to properly assess operational risk and resource needs. Second, it identified opportunities for additional value creation beyond the standard property management scope, including leasing support, capital project oversight, and asset preservation planning.
Property folders were created in SharePoint, with a standardized naming convention designed not only for this portfolio but for future scalability across the broader platform. Consistency matters. Standardized systems make property manager transitions smoother, improve accountability, and significantly reduce time lost searching for critical information.
The ownership group agreed to use Yardi as the primary accounting and lease administration platform, so all properties and leases were uploaded with special attention given to critical dates—an area that is often overlooked. Lease expirations, renewal options, notice periods, rent escalations, and landlord obligations were carefully abstracted. Even the management agreement itself was abstracted for clarity and accountability.
Tenant notifications were prepared in advance and sent immediately after execution of the management agreement, following the formal notice requirements outlined in each lease. Small details like this set the tone early and avoid unnecessary confusion later.
As I write this, we are approximately 30 days into management and preparing for a three-day site visit across the portfolio.
These site visits are far more than simple walkthroughs. They are full operational reviews.
We will conduct detailed inspections of each property, documenting existing conditions through photographs and evaluating tenant responsibilities that may have been neglected—roof maintenance, parking lot, landscaping, exterior repairs, and deferred maintenance items that may ultimately shift back to ownership.
Special attention will also be given to MEP systems, particularly generators, HVAC equipment, sprinkler systems, fire pumps and life safety infrastructure in general. Maintenance records will be requested and reviewed carefully. In many NNN leases, routine maintenance is the tenant’s responsibility, but major capital replacement often falls back on the landlord. When preventive maintenance is ignored, ownership often inherits the problem later through avoidable capital expenses.
This is one of the most common issues in NNN portfolios: deferred maintenance that quietly builds over time until it becomes a major expense.
Tenant interviews are equally important.
The objective is to understand what is working, what is not, and what their short-, medium-, and long-term operational plans look like. These conversations often provide early insight into renewal probability, expansion plans, relocation risk, and upcoming business challenges long before formal lease discussions begin.
For this portfolio, the plan is for the onboarding and transition team—essentially me—to establish the operational framework during the first 90 days before transitioning the day-to-day responsibilities to the property manager.
Too often, property managers are expected to handle both onboarding and daily operations at the same time. The reality is that proper onboarding requires focused attention and dedicated time that most active PMs simply do not have.
The first 90 days matter more than most people realize.
How information is organized, how responsibilities are documented, how tenant relationships are established, and how operational expectations are set will determine how the asset performs long after the transition is complete.
If the foundation is weak, the problems show up later. If it is done right, everything after becomes easier.
About the Author
Augusto Alizo is a corporate real estate executive with over 20 years of experience managing transactions, development, and facilities across the U.S. and Latin America. He writes about real estate, strategy, and leadership at augustoalizo.com.