Lori Korwek Thomas
Friedman Real Estate
Chicago,IL
14
Years of experience
Seasoned Commercial Property Manager bringing proven skills in negotiating vendor agreements with proven operational oversight and financial management and project management . Meticulous, well-organized and decisive field professional skilled at cultivating and deepening productive relationships with owners, companies and agency representatives. Ready to bring knowledge and abilities to challenging role with potential for long-term career advancement and success.
Work History
Senior Regional Property Manager
3 Years 11 Months- Managed 1.8-million-square-foot portfolio of distressed commercial real estate in Chicagoland and Midwest, overseeing daily property operations, tenant relations, financial performance, maintenance, compliance, and client reporting.
- Prepare annual property budgets and forecasts, monthly financial variance and expense reports, and property cash-flow analyses to align with client’s financial objectives.
- Manage tenant relationships and address operational issues while ensuring compliance with lease requirements, company policies, applicable codes, regulations, and governmental directives.
- Lead lease administration activities, including lease abstraction, renewals, assignments, amendments, SNDAs, and estoppels.
- Led lease administration activities, streamlining processes for lease abstraction, renewals, assignments, amendments, SNDAs, and estoppels.
- Coordinate property maintenance, repairs, inspections, and ongoing vendor activities to support safe, efficient, and compliant property operations.
- Lead tenant improvement and capital improvement projects, coordinating activities with tenants, vendors, internal teams, and other stakeholders.
- Conduct property inspections with third-party and in-house vendors to identify operational needs and ensure completion of required work.
- Complete due diligence activities associated with new property acquisitions.
- Prepare property and portfolio reports for clients, company executives, lenders, and appraisers.
- Identify operational challenges and implement practical solutions while balancing tenant needs, financial objectives, contractual obligations, and property requirements.
- Identified operational challenges and implemented solutions, balancing tenant needs with financial objectives, contractual obligations, and property requirements.
Property Manager
10 Years 3 Months- Directed daily property operations, ensuring compliance with lease terms and company standards.
- Coordinated tenant relations, resolving concerns and maintaining positive occupancy experiences.
- Oversaw rent collection, delinquency follow-up, and account reconciliations.
- Managed vendor scheduling, maintenance requests, and work order completion.
- Oversaw lease agreements from inception to termination, ensuring compliance with local regulations and protecting the interests of both landlords and tenants.
- Introduced prospective tenants to types of units available and performed tours of premises.
- Established strong relationships with local authorities, ensuring prompt attention to code violations or other regulatory matters affecting the property''s operations.
- Negotiated favorable contract terms with vendors, resulting in reduced operating expenses without compromising on service quality.
- Reduced vacancy periods by implementing strategic marketing initiatives targeting specific demographics within the community.
- Increased monthly rental income by $7K/month after leasing assigned to job description.
Education
BS - Business
Skills
Property management
Capital project inspections
Capital Improvement Project and Property Inspections & Due Diligence
Budgeting & Forecasting
Financial Reporting & Variance Analysis
Cash Flow Analysis
Lease management
Lease Renewals
Assignments & Amendments
CAM / Triple Net Reconciliations
Vendor negotiation
Regulatory & Lease Compliance
Client & Executive Relations
Tenant retention
Microsoft Office | Word | Excel | PowerPoint | Outlook | Yardi | Angus | Elevate | Jones | LinkedIn |
Accomplishments
- Manage a 1.8-million-square-foot portfolio of distressed commercial real estate assets throughout the Midwest, overseeing day-to-day operations, financial performance, tenant relationships, vendors, and CAPEX projects.
- Achieved local municipal compliance for annual life safety testing and annual elevator compliance by collaborating with vendors by implementing preventative maintenance protocols.
- Attained City of Chicago building compliance for structural issues for 300 space garage by hiring structural engineer and concrete vendor to address violation matters. The original proposal for work from the borrower was over $3.5M; the project was completed within 15 months for less than $2M.
- Restored electricity to commercial warehouse that lost power for over two years due to a fire because the former borrower could not finance or coordinate the project.. While the power was out,the electricity was supplied by external generators. The grid power was restored by working with electrical engineer and electrician to restore 2 million volt with three phase step down.
- Supervised team of 20 staff members to launch adaptive reissue commercial office building including: building engineer, janitorial staff, security and office of the building staff.
- Experienced in preparing annual budgets, forecasts, monthly financial variance reports, expense reports, and property cash-flow analyses.
- Experienced in coordinating vendors, property repair and maintenance inspections, and capital improvement projects while ensuring compliance with codes regulations, and lease requirements during Receivership and through the transition to REO. The typical operating expenses are reduced 6-12% by working with vendors that understand Receivership management and the service contract for janitorial, trash hauling , mat cleaning, etc are priced lower than standard contracts because of relationships that I building with vendors.
Timeline
Senior Regional Property Manager
Friedman Real Estate
11.2022 - CurrentRead More
Property Manager
Baum Asset Management
08.2012 - 11.2022Read More
Purdue University
BS from Business
Read More