This post provides detailed information on the real estate asset manager job description, including the duties, tasks, and responsibilities they commonly perform.
It also highlights the major requirements you may be expected to fulfill to be hired for the real estate asset manager role.
What Does a Real Estate Asset Manager Do?
Real estate asset managers are responsible for monitoring property performance and maximizing property revenue for their clients. They work in property development companies, asset management companies, companies with a portfolio of properties, etc.
The real estate asset manager job description entails directing their firm’s leasing, operations, and construction teams to ensure optimal value is achieved for each asset.
It also involves providing strategy, direction, and oversight for leasing and management teams in an effort to maximize top line revenues and to ensure appropriate cost control measures are achieved.
Real estate asset managers ensure that all potential lease transactions are consistent with the prevailing market condition.
Their role requires them to stay abreast of current market conditions in order to understand the competitive position of each asset in their portfolio from a leasing and investment perspective.
They are expected to oversee the reporting process (business plans and other monthly/quarterly reports) in a timely and efficient manner.
Real estate asset managers participate in the development of business plans and are responsible for the implementation of the plans to maximize the value of each asset/property in their portfolios.
They are tasked with implementing the approved strategy or may refine it as necessary to attain the objectives of ownership.
They undertake market research, data analysis, and revenue forecasting with respect of the property under their portfolio.
The real estate asset manager work description also involves establishing annual goals for a property reflecting prevailing market conditions and assessing the impact of actualizing the goals on the marketability of the asset in the event of sale.
It also includes continual monitoring of property competitive position and proposing corrective action when a property is perceived to be in decline, as well as conveying the rationale behind any decision that are made in a clear and concise manner.
In the case of a property decline, estate asset managers work with a team to evaluate the market, assess the physical condition of the property, and outline the strategy to appropriately reposition the property.
They recommend and oversee the implementation of all capital improvement projects.
They prepare regular updates on asset performance and financial reporting for senior management, investors, and owners, as well as manage the reporting process (business plans and monthly/quarterly reports) in an efficient and timely manner.
Real estate asset managers’ duties also entails evaluating project performance compared to the business plan, focusing on revenues, expenses, occupancy, and capital expenditures.
To become a real estate asset manager, a minimum of Bachelor’s Degree in Finance, Accounting, Business, marketing, or Real Estate is required.
In addition to academic qualification, you must also possess strong analytical, organizational, and quantitative skills; as well as communications, presentation, and interpersonal skills.
Real Estate Asset Manager Job Description Example/Sample/Template
The real estate asset manager performs various functions focusing on maximizing property value and investment returns.
This implies that they are responsible for reducing/avoiding expenditures when applicable, researching the most consistent and highest sources of revenue, and reducing liability and risk of real estate transactions, among other things.
The job description of a real estate asset manager shown in the example below consists of major tasks, duties, and responsibilities commonly assigned to the role in most companies:
- Manages and leads the company’s diverse real estate lease portfolio and initiatives
- Responsible for conducting market and demographic research, as well as leading site selection and property tours with teams and third-party service providers
- Prepares market and initial site analysis, including trends, competition reports, and general site information
- Prepares financial analysis to support lease recommendations
- Develops and analyzes budgets and financial information for new locations, including PI and SVA analysis
- Negotiates all terms of a lease contract with prospective landlords and partners with internal Legal team to edit lease agreements and necessary legal documents
- Ensures lease obligations are fulfilled, documentation and company issues are resolved
- Builds and directs a team of external real estate brokers to execute company strategies with respect to real estate activities and management
- Manages real estate location inquiries, suggestions, and requests regarding prospective locations as assigned
- Regularly and efficiently communicates with all parties involved in a project (i.e. sponsor, stakeholders, team members, etc.)
- Communicates resource shortfalls to superiors in a timely manner
- Works to establish and maintain relationships with Real Estate Investment Trusts (REITs), brokers, developers, and landlords
- Prepares and sends out monthly rent statements, and keeps accounting books and records for all apartments and properties in their portfolio using Rent Manager
- Coordinates with attorneys on purchases of new assets
- Sends lease renewal or terminations 60 days before lease expiration
- Monitors all leasing activity to insure maximum occupancy and income, and manages the tenement process, including providing tenants with move-in information packets, and conducting credit checks for all potential tenants
- Responsible for monitoring the property management team
- Renders assistance during acquisition and disposition of properties
- Models a full lifecycle financial analysis for projects/assets in the portfolio.
Real Estate Asset Manager Requirement – Skills, Knowledge, and Abilities for a Successful Career
If you are seeking the job of a real estate asset manager, you will be expected to meet certain requirements, including abilities, skills, knowledge, etc. set by the recruiter to ensure that applicants have what it takes to succeed in performing the objectives, purpose, and obligations of the role before they are hired.
Shown below are major real estate asset manager requirements applicants may be asked to meet to qualify to access the job:
- Education: A minimum of a Bachelor’s degree in Finance, Accounting, Business, Marketing, or Real Estate is required, but possessing an MBA is an added advantage
- Knowledge: Extensive understanding of real estate, with a proven track record of successful real estate transactions across multiple property types is essential
- Current knowledge of industry trends in real estate and development, and a natural desire to understand specific market characteristics; experience of commercial real estate analysis/asset management experience with an emphasis in office and industrial properties may be required. Experience in property management/leasing/operations is desirable; and finance or accounting experience may be required
- Computer skills: Advance knowledge of Microsoft Office software, including Word, Excel, Projects, and Outlook are required
- Entrepreneurial spirit: It is essential for asset managers to be entrepreneurial since many of the activities involved, such as negotiations, approvals and lease analysis, require that risks be assumed and forecasts made
- Strong analytical skills: This skill is essential for evaluating and completing a wide range of real estate transactions
- Communication skills: To successfully perform the duties of a real estate asset manager, they must possess strong verbal and written communication skills
- Interpersonal skills: This is required for establishing and building and maintaining relationship with relevant parties (management, investors, property managers, landlords, etc.)
- Strong organizational skills: This is essential for real estate asset managers to effectively coordinate and manage multiple assignments, as well as prioritize tasks and efforts
- Negotiation skills: Highly developed negotiation skills is required for negotiations with property owners, investors, and significant others.
This post is beneficial to employers who are hiring for the position of real estate asset manager in their company.
They will be able to create a detailed and effective description of the vacant real estate asset manager position that shows applicants the duties and responsibilities they will be expected to perform if hired, which improves recruiters’ chances of attracting the best candidates for the role.
Also, individuals needing information about the duties and responsibilities of the asset manager in the real estate industry to enable them make a decision about getting into the career will find this article helpful.
They will also learn about the requirements to meet to gain employment and succeed in their careers.
Did this post help you understand what real estate asset managers do? Please, leave your comment in the box below. Do also feel free to share your job description if you work in the real estate industry as an asset manager.