Product Description
Running a successful real estate investment takes a team. Asset managers cannot function effectively without the involvement of others. Interpersonal skills are often as important as financial acumen in enhancing the value of a property. Once properties are acquired and business plans are in place, asset management oversees or leads inter-disciplinary teams charged with accomplishing strategic goals on the ground – often involving collaboration with property management to make and implement decisions expected to yield operational efficiencies. Success requires attention to:
- Coordinating the work of asset and property management professionals
- Leadership of the team
- Property assignment decisions and asset manager/property manager relations
- Insourcing vs. outsourcing property management
- Value creation vs. value preservation
- Effective communications
- Using data, economies of scale, and sustainability to create operational efficiencies
This report is part of IREM’s Real Estate Asset Management Initiative, which explores the points of connectivity between the property management and the asset management professions, as well as ways to help individuals working in both fields collaborate more effectively. It digs deeper into several of the asset management functions identified in IREM’s research report "Real Estate Asset Management: A Process and a Profession", drawing upon ongoing contributions from practitioners representing real estate investment and service firms in the United States. It was written by Dustin C. Read, PhD/JD.
Copyright: 2018
Format: Soft cover; 38 pages
ISBN: 978-1-57203-262-0