The definition of asset management continues to evolve, and the responsibilities an asset manager holds may vary greatly from one professional setting to the next. Still, as a rule, the asset manager always has an eye toward long-term appreciation of the property as well as short-term cash flow.
Overall, when performing asset management functions, the manager progresses through the property’s life cycle and becomes involved in acquisition through operational oversight throughout the holding period and eventually sale of the property. To perform competently, the asset manager must be mindful of changing market opportunities and economic factors affecting tenancy, aware of financial developments that can lead to alterations in the physical or financial structure of the project itself, and knowledgeable of capital markets and financing opportunities.