Daniel is passively investing in multifamily and wants to be more informed on the processes involved…
he begins to wonder what an asset manager does??
Daniel is informed by Tim that unlike a property manager who oversees the day to day operations, an asset manager is responsible for the big picture. The asset manager is involved in the underwriting to disposition and their primarily role is to assist in ALL aspects of the administrative, financial, operations and capital of a property!
Daniel asks what kind of tasks these will be?
Tim explains that an asset manager will execute property level strategies and make well-timed investment decisions for their clients!
They must ensure that property managers are meeting the goals and objectives set by the owners, approve the properties annual budgets and consistently monitor the properties performance!
Tim says that an asset manager must maintain a very consistent relationship with the property management team to keep track of a properties maintenance, compliance, project budget, rent collections and other various factors! That way the asset manager can investigate any variances and take the necessary action to improve performance of an asset!
Tim explains that an asset manager has a very important role and the position ensures that the property is on track to perform well…
so ultimately investors will obtain a great return!!
Daniels is happy to be more educated on the role of an asset manager and how they help his investment!