Sell for More Trivia is a weekly blog series that playfully presents a trivia question about commercial real estate.
Many investors utilize the services of a Property Manager to handle the everyday tasks of collecting rent, paying bills and fielding tenant calls…but what about hiring an Asset Manager?
To define what an Asset Manager is…let’s compare the responsibilities of a Property Manager to that of an Asset Manager.
A property manager is more focused on the day-to-day operations, basically maintaining the value of the property through collecting rents, paying bills, interacting with tenants and maintenance personnel, following and helping prepare the budget.
An asset manager is more focused on increasing the value of a property or a portfolio through financial analysis, acquisitions and dispositions, re-tenanting, performing capital improvements such as a facade improvement program or adding space, securing financing and negotiating with vendors and new tenants on behalf of the owner.
In many situations the owner of the property acts as its own asset manager. In some cases the owner will choose to outsource those responsibilities by hiring a 3rd party asset manager.
Most asset managers have been property managers or investors at some point in their careers.
A property manager and an asset manager can both be vital personnel an investor has on their team along with their commercial broker.
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About Beau Beach, CCIM
Beau is a tenacious Commercial Real Estate Broker, author and adoring father of four. His clients appreciate his no-nonsense demeanor and his legendary work ethic.
Beau leads Beachwood which is a commercial real estate broker for sellers in the Nashville, Milwaukee, South Florida and Chicago markets.
He’s the author of the books The 3 Reasons: Why Most Commercial Properties Don’t Sell and True Wealth: What Every Seller Should Know About 1031 Exchanges.
Beau can be reached at 800-721-3287, click to schedule a call or Beau@ProwessIRES.com