These are the seven basic responsibilities of a typical commercial property manager, and they revolve around one thing: YOUR MONEY. As an owner you can't control someone’s personal life, however you can control the accounting on your property.ħ Functions of a Commercial Property Manager According to the Association of Certified Fraud Examiners, the average embezzler steals $145,000 and 22% of them steal more than a million dollars. Unfortunately, this kind of situation happens all too often. Over the course of the four years, Debbie was able to steal $210,000 because she had complete control over the accounting, and then this trust did not line up with her character when things began to unravel personally for her. The judge ruled against her a judgment of about $175,000, which the owners will never see because Debbie is flat broke. Debbie was confronted, confessed, and has spent three years behind bars. Almost every category in accounting had double checks. The temp accountant decided to reconcile the bank accounts and she discovered the double checks. In the meantime, the owners brought in a temp CPA to fill in for her. One day, Debbie got into a bad car accident, and she had to take two weeks off to get her car repaired and heal up. Then after it was cashed, she went back into the system and changed those two checks to electrical and office expense so no one could find it. She wrote another check for $700 for the office printer. Then she would write herself a check for $85. She would pay a utility expense bill for $850. So, Debbie started embezzling money by writing checks to herself. She would get bonuses if she could keep the property full and meet certain goals.ĭebbie saw that the owners were getting dividends of $200,000 per year, and she felt entitled to that money, even though she was getting top pay and bonuses. Now, Debbie was already getting top pay, so they implemented a bonus system. The divorce caused her major credit card debt, and she asked the owner for a raise.The owner's kids babysat for her so she could go to work and take care of legal matters. She went through a divorce, so the owners gave her a flexible schedule. Debbie's always seemed to be short of cash, yet she managed to lease a brand-new Mercedes.Well, life started to unravel for Debbie, and she went from All-Star Debbie to Thief Debbie. We all want one of those because they take care of everything so we can do more deals. She's always there to help.ĭebbie is an all-star property manager. She even helps close deals, pulling financials for the lenders. Is responsible for all the accounting payroll, paying the invoices, and bank reconciliation.Keeps the property well maintained, occupied and cash flowing.She has been managing the property for six years.Property Manager Horror Story (True Story!) Meet All-Star Debbie: In this training, you'll learn the commons ways that unscrupulous property managers steal from commercial owners, tell tale signs that management may be stealing, and how to protect your commercial investments from bookkeeping theft: Discover how you can stop property management fraud before it starts.
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