These days, a capable property manager must carry an extra-large toolbox. An ambassador for the building with an increasing number of responsibilities, they must have an ability to negotiate a lease with a tenant, analyze a profit-and-loss statement, bid and execute a service contract with a vendor, solve problems of every description and lead a multifaceted team. In addition, the team leader must have an outstanding ability to work effectively with a wide variety of people. They must be equally at ease interacting with the CEO of a Fortune 500 company and with the crew that keeps the property clean. If an individual “is not flexible enough to interface with that broad spectrum of people, he or she isn’t going to be a very effective manager,” notes Thomas Kruggel, senior vice president of operations for Hines’ western region. That has become all the more necessary as a result of the recession, during which the increased emphasis on cost-effective operations further blurred the line between traditional property management and asset management. “The property manager’s job description has evolved,” notes Marla Maloney, executive vice president & head of property management for Cassidy Turley. The property manager must be able to think creatively about the asset’s role in the client’s strategy, as well as to drill down into the activities that keep the property running smoothly. In addition, warp-speed advances in technology are influencing the makeup of the real estate management team. While the trend does not necessarily stack the deck in favor of Generation Y, executives say that owners and service providers now expect a high degree of adaptability to a world where property managers routinely walk the property and convey a message via tablet or smartphone. Service providers and owners also paint a picture of...