Property Asset Manager Job Description, Duties, and Responsibilities
What Does a Property Asset Manager Do?
A property asset manager oversees assets owned, leased, and subleased by a company or an organization. Part of their job description includes the presentation of supporting documentation to the board or upper management and determining the feasibility of asset acquisition.
Property asset managers can also handle special projects as instructed by the managing director(s).
His/her role also involves counseling investors on potential real estate purchases.
He/she carries out research on potential properties, considering various areas such as neighborhood demographics, zoning, and taxes to select only those that align with the investor’s budget.
Oftentimes, a property asset manager plays the role of the property owner’s representative, who is armed with the responsibility of retaining 3rd-party management companies and overseeing them.
In this area of his/her job, the manager should indulge in all necessary activities that will increase the property’s value.
They are mindful of the ever-changing economic factors and marketing conditions that affect properties which might complicate property valuation.
Leading negotiation when a property is sold or getting acquired and routinely auditing the real estate portfolio are also responsibilities of a property asset manager. This is done to identify properties that are not profitable and keep the profitable ones.
It is quite common for a property asset manager’s office to be located on the property he/she manages. For example, a commercial manager might keep a space in the shopping mall or skyscraper for which he/she is responsible.
Similarly, a residential manager may also work from a desk lying close to lobby of a flat or complex.
Also, if a property asset manager works for an organization that owns properties all over the world, he/she may sit at the business headquarters.
Property Asset Manager Job Description Example/Sample/Template
Property asset managers perform various functions in providing effective oversight to their clients’ property assets.
The typical property asset manager’s job description consists of the following duties, tasks, and responsibilities:
- Meet leasing agents and oversee local third-party property managers
- Suggest objectives and goals for each property
- Participate in property operating budgets’ preparation and approval process
- Produce reports on assigned portfolio monthly, quarterly, and annually
- Carry out a monthly review of operating statements
- Ensure there is due diligence in the underwriting of potential acquisitions
- Perform financial analysis, market studies and industry standard reporting
- Perform implementation, negotiation, and monitoring of asset programs
- Boost asset and revenue values through identified savings and efficiencies
- Create reports and perform analysis to identify potential loan delinquencies and revenue losses
- Ensure current policies are reviewed and updated
- May implement training and development programs.
Property Asset Manager Requirements – Skills, Abilities, and Knowledge for Career Success
Employers of prospective property asset managers expect them to possess certain skills, qualifications, abilities, and knowledge that will enable them to effectively execute the job description that will be assigned to them, including achieving the purpose, obligations, and objectives of the role.
If you are seeking the job of a property asset manager, here are major requirements employers may ask you to fulfill:
- A Bachelor’s degree in business, finance, real estate or other related fields of study
- Ability to perform in the areas of asset enhancement and financial results
- Ability to function in goal-driven, fast-paced environments
- Must be self-regulated and possess the ability to work without supervision
- Must be proficient with industry-related software and computers
- Possess at least five to seven years of provable experience in asset management
- Possess between five to seven years asset management experience
- Must be computer literate and proficient in the use of word processing apps and spreadsheet
- Should possess a working knowledge of Yardi 5.0/6.0 and/or Argus
- Have a clear understanding of financial terms
- Be able to perform financial analysis, including ROI, IRR, and discounted cash flow modeling
- Strong ability to listen to clients’ needs and implement them to their satisfaction
- Ability to create time for a one-on-one session with clients.
If you are a recruiter hiring for the property asset manager role, using the job description sample presented in this post will help you to easily and quickly make a good description of the available property asset manager position in your company.
By effectively stating the duties and responsibilities of a property asset manager in your organization that the selected applicants will perform, you will be increasing your chances of getting only the best qualified candidates to apply for the job, which makes the recruitment process a success.
This article is also helpful to individuals interested in the property asset manager career to learn about the duties and responsibilities that the role entails and the qualities and qualifications to have to be effective on the job,
Did this post help increase your knowledge of what property asset managers do? Please, make a comment in the box below. Do also share your job description if you work as a manager in charge of property asset.