Who manages the large office buildings we work in, and how do they do it? The role of property management (PM) begins when the owner purchases a building and continues until it’s sold again. The PM team is responsible for efficient building maintenance, maximizing rental income, and minimizing operational costs. The goal is to protect and increase the value of the real estate while ensuring the owner's objectives are met.
Since the end of 2021, Rsquare has been actively growing its PM division. This team leverages synergy with other areas like Transaction (TR) & Lease Management (LM), as well as interior design and remodeling services. We had the pleasure of speaking with Yoon Ji-young, the Senior Vice President in charge of the PM division, to learn more.
R: What is the main role of the PM division?
Managing Director Yoon Ji-young in charge of the RSQUARE PM Project
Yoon Ji-young (Yoon): The PM division handles everything building owners (clients or asset management firms) expect from a property management company.
From the time a building is constructed or purchased to when it’s sold or demolished, we manage it efficiently. Our service focuses on maximizing rental income and minimizing operational costs. We act as the representative for the building owner, working to increase the value of their property and helping them achieve their goals. We communicate with the owners, sharing their needs and anticipating industry trends. We also lead strategies that adapt to changes in the real estate landscape.
1) Project execution ability
Company history, financial stability, similar projects completed in the past 3 years, insurance coverage (liability insurance and professional indemnity insurance)
2) Property management team organization
Organizational structure, qualifications and expertise of the team, and the company’s support system (including research, accounting, and legal support)
3) Property management operations
Property handover (Pre-PM tasks such as defect management, utility name changes), managing contracts with facility management (FM) companies, expense control, project contracts, safety management, and health compliance
Accounting.
Tax-related tasks (profit and loss management, budget preparation, VAT filing, etc.), long-term maintenance plans for aging facilities, emergency response and crisis management, permits and approvals, lease contract drafting and negotiation, lease deposit security reviews (deposit bonds, mortgage registration, etc.),
Reporting
Value-added services (increasing asset value, improving parking facilities, and other custom strategies)
ESG policy compliance.
Energy usage analysis with savings plans
4) Tenant management
Marketing and vacancy reduction strategies, tenant services (handling complaints, lease contract management, rent collection, and managing arrears, monitoring retail sales, lease termination processes, and market trend research)
5) Safety and health
Ensuring compliance with safety regulations and maintaining a safety and health management system
Monitoring for safety incidents and providing required reports
6) Differentiation from competitors(Proposing activities that enhance asset value and promote the property)
R: What departments do you collaborate with, and how is the workflow managed?
Yoon: Each property has its own life cycle and condition, so we tailor strategies to maximize its value. The PM division’s role is to maintain the property in a way that ensures the return on investment (ROI) meets or exceeds expectations. Achieving this requires collaboration across multiple departments.
We frequently work with the safety and health management team, project management (PJM) team, lease management (LM) team, transaction (TR) division, retail team, research center, big data consulting, and investment advisory teams. Depending on the project, we may also work with the RSQUARE design team.
For instance, during the bidding process for Majesta City Tower 2 and DF Tower at the end of 2022, we benefited from our extensive real-time building (RTB) data and the strong relationships with tenants maintained by the TR division. Their leasing plans and proposals helped us secure the PM contract.
Recently, we are working closely with the Safety and Health Management Office in real-time in accordance with the full enforcement of the Serious Accident Punishment Act. To prevent safety accidents at the management asset site, the safety and health system is established and managed and supervised according to the guidance and advice of the Safety and Health Management Office. According to the manual, PM personnel conduct regular safety and health inspection activities at least once a month, and receive feedback from the Safety and Health Office to cooperate to make the workplace better. Meanwhile, we are collaborating and responding to the safety and health inspection of the building owner.
It was a 3PL company specializing in e-commerce that signed the lease contract, but the time when the other center relocation (the contract expired) reached, so we proposed it in reverse. We found the best tenant by finding marketing points such as the advantages of the fulfillment operation that only the "Korea Ultra Low Temperature" center had, and we were able to achieve it on a win-win basis for all parties. The main efforts were to identify the features of major centers by region, create a list of tenants who fit, and make a proposal by running on their feet. In addition, we are currently working closely on low-temperature deals with large retailers, pioneering a way out in the stagnant low-temperature market.
R: What are the strengths of the PM division compared to competitors?
Yoon: The skills required for PM work depend on the condition of the property and the strategies needed to enhance its value. Although we’re a newer player in the PM market and may have fewer large-scale projects, RSQUARE’s strong corporate backing and expert team give us an edge. We have a team with deep knowledge and experience in managing diverse types of real estate.
Many team members have managed medium to large-scale buildings and trophy assets. We even have specialists in handling buildings with large corporate tenants (SI) and experienced professionals who understand asset management accounting across various property types. One of our members has overseen the entire property cycle, from acquisition to remodeling, operation, and eventual sale, for the country's top real estate asset management firm.
R: I heard you’ve been entrusted with exclusive lease management for four logistics centers by Koramco Asset Trust.
Yoon: Building trust with property owners is key to success in PM. It’s important to focus on long-term relationships rather than short-term results. This requires time, effort, and long-term investment from the company.
The current rise in interest rates and mismatched supply and demand has slowed commercial real estate investment in Korea. As a result, opportunities for office PM contracts have decreased. New competitors are entering the PM market, and we’re seeing a growing number of high-investment projects, making it challenging to win bids and grow the team.
Despite managing properties that are complex, we’re working hard with our capable team to meet these challenges. Our goal is to exceed the operating targets for our clients' assets and improve overall satisfaction with RSQUARE's services.
R: Can you share your previous work experience and what led you to join RSQUARE?
Yoon: I’ve been in real estate management for over 20 years, working for both foreign and local PM companies. Some of the major properties I’ve managed include Seoul Square and Centerfield.
I joined RSQUARE because I saw it as an opportunity to contribute to a growing company that was expanding its real estate services based on data-driven insights.
R: Do you have any advice or messages for colleagues who are learning about the PM division?
Yoon: PM contracts typically last for 1-2 years and are renewed annually as long as the property isn’t sold. During the contract period, there are daily, weekly, monthly, and annual tasks required to ensure the stability of lease and property operations. It’s a job that requires both experience and a willingness to take on challenges.
Since we handle almost every aspect of property management on behalf of building owners, feel free to reach out if you have any questions!
The RSQUARE PM team that manages the life cycle of the building
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Who manages the large office buildings we work in, and how do they do it? The role of property management (PM) begins when the owner purchases a building and continues until it’s sold again. The PM team is responsible for efficient building maintenance, maximizing rental income, and minimizing operational costs. The goal is to protect and increase the value of the real estate while ensuring the owner's objectives are met.
Since the end of 2021, Rsquare has been actively growing its PM division. This team leverages synergy with other areas like Transaction (TR) & Lease Management (LM), as well as interior design and remodeling services. We had the pleasure of speaking with Yoon Ji-young, the Senior Vice President in charge of the PM division, to learn more.
R: What is the main role of the PM division?
Managing Director Yoon Ji-young in charge of the RSQUARE PM Project
Yoon Ji-young (Yoon): The PM division handles everything building owners (clients or asset management firms) expect from a property management company.
From the time a building is constructed or purchased to when it’s sold or demolished, we manage it efficiently. Our service focuses on maximizing rental income and minimizing operational costs. We act as the representative for the building owner, working to increase the value of their property and helping them achieve their goals. We communicate with the owners, sharing their needs and anticipating industry trends. We also lead strategies that adapt to changes in the real estate landscape.
1) Project execution ability
Company history, financial stability, similar projects completed in the past 3 years, insurance coverage (liability insurance and professional indemnity insurance)
2) Property management team organization
Organizational structure, qualifications and expertise of the team, and the company’s support system (including research, accounting, and legal support)
3) Property management operations
Property handover (Pre-PM tasks such as defect management, utility name changes), managing contracts with facility management (FM) companies, expense control, project contracts, safety management, and health compliance Accounting.
Tax-related tasks (profit and loss management, budget preparation, VAT filing, etc.), long-term maintenance plans for aging facilities, emergency response and crisis management, permits and approvals, lease contract drafting and negotiation, lease deposit security reviews (deposit bonds, mortgage registration, etc.),
Reporting Value-added services (increasing asset value, improving parking facilities, and other custom strategies) ESG policy compliance.
Energy usage analysis with savings plans
4) Tenant management
Marketing and vacancy reduction strategies, tenant services (handling complaints, lease contract management, rent collection, and managing arrears, monitoring retail sales, lease termination processes, and market trend research)
5) Safety and health
Ensuring compliance with safety regulations and maintaining a safety and health management system
Monitoring for safety incidents and providing required reports
6) Differentiation from competitors(Proposing activities that enhance asset value and promote the property)
R: What departments do you collaborate with, and how is the workflow managed?
Yoon: Each property has its own life cycle and condition, so we tailor strategies to maximize its value. The PM division’s role is to maintain the property in a way that ensures the return on investment (ROI) meets or exceeds expectations. Achieving this requires collaboration across multiple departments.
We frequently work with the safety and health management team, project management (PJM) team, lease management (LM) team, transaction (TR) division, retail team, research center, big data consulting, and investment advisory teams. Depending on the project, we may also work with the RSQUARE design team.
For instance, during the bidding process for Majesta City Tower 2 and DF Tower at the end of 2022, we benefited from our extensive real-time building (RTB) data and the strong relationships with tenants maintained by the TR division. Their leasing plans and proposals helped us secure the PM contract.
Recently, we are working closely with the Safety and Health Management Office in real-time in accordance with the full enforcement of the Serious Accident Punishment Act. To prevent safety accidents at the management asset site, the safety and health system is established and managed and supervised according to the guidance and advice of the Safety and Health Management Office. According to the manual, PM personnel conduct regular safety and health inspection activities at least once a month, and receive feedback from the Safety and Health Office to cooperate to make the workplace better. Meanwhile, we are collaborating and responding to the safety and health inspection of the building owner.
It was a 3PL company specializing in e-commerce that signed the lease contract, but the time when the other center relocation (the contract expired) reached, so we proposed it in reverse. We found the best tenant by finding marketing points such as the advantages of the fulfillment operation that only the "Korea Ultra Low Temperature" center had, and we were able to achieve it on a win-win basis for all parties. The main efforts were to identify the features of major centers by region, create a list of tenants who fit, and make a proposal by running on their feet. In addition, we are currently working closely on low-temperature deals with large retailers, pioneering a way out in the stagnant low-temperature market.
R: What are the strengths of the PM division compared to competitors?
Yoon: The skills required for PM work depend on the condition of the property and the strategies needed to enhance its value. Although we’re a newer player in the PM market and may have fewer large-scale projects, RSQUARE’s strong corporate backing and expert team give us an edge. We have a team with deep knowledge and experience in managing diverse types of real estate.
Many team members have managed medium to large-scale buildings and trophy assets. We even have specialists in handling buildings with large corporate tenants (SI) and experienced professionals who understand asset management accounting across various property types. One of our members has overseen the entire property cycle, from acquisition to remodeling, operation, and eventual sale, for the country's top real estate asset management firm.
R: I heard you’ve been entrusted with exclusive lease management for four logistics centers by Koramco Asset Trust.
Yoon: Building trust with property owners is key to success in PM. It’s important to focus on long-term relationships rather than short-term results. This requires time, effort, and long-term investment from the company.
The current rise in interest rates and mismatched supply and demand has slowed commercial real estate investment in Korea. As a result, opportunities for office PM contracts have decreased. New competitors are entering the PM market, and we’re seeing a growing number of high-investment projects, making it challenging to win bids and grow the team.
Despite managing properties that are complex, we’re working hard with our capable team to meet these challenges. Our goal is to exceed the operating targets for our clients' assets and improve overall satisfaction with RSQUARE's services.
R: Can you share your previous work experience and what led you to join RSQUARE?
Yoon: I’ve been in real estate management for over 20 years, working for both foreign and local PM companies. Some of the major properties I’ve managed include Seoul Square and Centerfield.
I joined RSQUARE because I saw it as an opportunity to contribute to a growing company that was expanding its real estate services based on data-driven insights.
R: Do you have any advice or messages for colleagues who are learning about the PM division?
Yoon: PM contracts typically last for 1-2 years and are renewed annually as long as the property isn’t sold. During the contract period, there are daily, weekly, monthly, and annual tasks required to ensure the stability of lease and property operations. It’s a job that requires both experience and a willingness to take on challenges.
Since we handle almost every aspect of property management on behalf of building owners, feel free to reach out if you have any questions!
The RSQUARE PM team that manages the life cycle of the building