Asset Manager's day to day work
My question is in regard to asset management. What is an asset managers day to day work? What do I expect of my asset manager? What kind of things would they handle compared to my property manager? Whats the difference between a good and great asset manager?
This is for a multifamily portfolio.
Thank you!!
Quote from @Nick Anthony:
My question is in regard to asset management. What is an asset managers day to day work? What do I expect of my asset manager? What kind of things would they handle compared to my property manager? Whats the difference between a good and great asset manager?
This is for a multifamily portfolio.
Thank you!!
Without getting into specifics, the Property Manager would be responsible for placing tenants, handling maintenance requests, and basically protecting the property and the income stream. An Asset Manager is more concerned with how the investment(s) performs. Even if your PM does everything right, an investment property may not be producing a good return, so the Asset Manager would suggest selling that property and investing in something that performs better.
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Quote from @Nick Anthony:
My question is in regard to asset management. What is an asset managers day to day work? What do I expect of my asset manager? What kind of things would they handle compared to my property manager? Whats the difference between a good and great asset manager?
This is for a multifamily portfolio.
Thank you!!
Property manager manages the actual property and day to day activities. The asset manager looks at the big picture. For example on older buildings, what is your capex budget, do you have reserves? Do you need roof, windows.... Are you renovating the units or upgrading them? What will that get you for a return.
The asset manager manages the property management company. This is just a small sample / example.
