Understanding the Role of Real Estate Asset Management Firms

Aug 21, 2013 by

Property owners who are greatly invested in the real estate market often benefit from hiring a real estate asset management group to handle both the financial and management duties of renting their properties.  Employing a real estate asset manager often takes a great burden off of a property owner, as the responsibilities of renting, managing, and maintaining the property are passed on to an experienced professional.  When seeking a real estate asset management Puyallup firm, it is important to have an understanding of what real estate asset managers do and how they can benefit you as a rental property owner.

What is a real estate asset manager?
A real estate asset manager differs from a property manager in that they specialize in bringing revenue to a property, in addition to handling the day-to-day tasks of facility management.  Typically, an asset manager who specializes in real estate is either an expert in their regional property market or is well-versed in working with a specific property type — commercial, residential, waterfront, etc.  The main focus of a property manager who specializes in real estate asset management is optimizing the value of the properties they manage.

What are the responsibilities of an asset manager?
Real estate asset managers manage leasing, handle contract negotiations, and act as the property manager for the home, apartment, or facility they are assigned to.  Additionally, asset managers focus on accomplishing an appropriate tenant mix as well as work to manage capital and operating expenses for a property.

How can I be sure my real estate asset manager is the best fit for my property?
First and foremost, it is important to review a property management firm’s past success rates.  Ask for references of past properties they have managed, and conduct an online search to read customer reviews.  Make specific qualifications a priority, such as longevity in the industry, the education and experience of the property manager you will be dealing with directly, and whether or not your business philosophy and goals align with the company you are considering.

Real Property Management Today proudly offers experienced, qualified property management services to Puyallup, Summit and the surrounding areas.  Our real estate asset managers specialize in cost-effective pricing, shorter vacancies, rigorous screening, and more.

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