Asset Manager, Real Estate

Working Schedule

• Real Estate Asset Managers work full-time with the potential for long hours or after-hours work. They may need to make frequent site visits to view properties, meet with contractors, owners, agents, or residents. It is not uncommon for meetings to occur outside of typical workday hours. 

Typical Duties

• Reviewing properties for sale and deciding on purchases
• Considering current and potential values, growth opportunities, zoning issues, traffic patterns, and other issues with long-term impact
• Buying residential or commercial properties or working with agents to conduct the transactions
• Reviewing contracts, HUD statements, and closing documents 
• Coordinating with contractors and other third-party companies for repairs or renovations work that boosts the property’s value
• Hiring property managers to oversee day-to-day management of rentals and office leases
• Keeping track of expenses and looking for ways to keep them down
• Meeting owners, investors, lenders, employers, or other stakeholders to discuss strategies, goals, and risk management
• Ensuring properties are being well-maintained and used for their intended purposes
• Reviewing or revising lease and rental agreements to mitigate liabilities
• Mitigating the risk of losses due to damage by ensuring proper insurance coverage
• Understanding applicable legal and tax regulations related to investments
• Maintaining a diverse asset portfolio with a good mix of residential and commercial properties, including rental homes, condos, apartments, leased offices, or vacation rentals 
• Reviewing portfolios and identifying holdings to sell 

Additional Responsibilities

• Keeping track of markets to maximize profits when selling and to save when buying
• Watching the news to stay on top of trends that impact buying and selling prices
• Generating reports forecasting revenue or losses, citing applicable market research

Soft Skills

• Ability to work independently
• Keen organizational skills
• Objectivity 
• Patience
• Persuasive 
• Negotiating
• Resilience and composure 
• Resourcefulness 
• Skills for coordinating and instructing activities
• Sound judgment and decision-making
• Strong communication skills, including writing and public speaking

Technical Skills

• Financial acumen
• Good math skills 
• Familiarity with housing markets
• Strong research skills 
• Knowledge of MLS listings
• Understanding of applicable local, state, and federal laws and tax matters
• Familiarity with real estate management software, such as SARRA or Yardi Breeze

• Banks
• Governmental agencies
• Insurance companies
• Investment trusts
• Mortgage brokerages
• Non-profits
• Private corporations
• Real estate and property management organizations
• Self-employed businesses

Real Estate Asset Managers are obligated to maintain properties for their employers, who own the properties but delegate authority to their trusted managers. As assets, these properties are expected to turn a profit, so it’s up to the managers to make that happen by being careful about what properties to buy, how much to pay, and when to sell for maximize returns. Suffice it to say, there’s potential for stress! Asset Managers must be on the ball and up-to-date on economic factors that could impact profits. 
 
Once a property is added to a client’s portfolio, the manager has to ensure it is well taken care of, and gets all the work needed to keep it safe, attractive, and primed to hit the market when the time comes. While these assets are being held, they are generally rented out or leased to tenants, which comes with the added stress of ensuring those persons are treated well by property managers but also held accountable for any damages done. Rental and lease incomes need to flow on time, problems must be reported and resolved in a timely manner, and contracted workers have to be closely vetted. All these duties might require overtime or after-hours meetings. Naturally, there’s also a lot of travel involved, as managers drive from site to site. 

Real estate is an ever-changing market, with numerous factors impacting housing prices in individual communities, states, and nationally. Economic fluctuations can drive property prices up or down significantly. When prices are down, it is a good time for investors to buy new property relatively cheaply; when prices are up, it’s a good time to sell and cash in! 
 
Real Estate Asset Managers are aware that many younger workers are putting off buying homes and therefore need to rent homes. That’s the perfect time to invest in properties that can be rented out, essentially having someone else paying the mortgage via monthly rent. When the house finally sells, there is a huge profit for the investors. 
 
Following mortgage rates and buying when rates are low is a good practice, and current rates are at record lows. Meanwhile, the COVID-19 pandemic has shifted work practices, causing some investors to look for commercial real estate options other than offices. Medical and life science properties have now become a hot new sector for Asset Managers to dig into. 

Real Estate Asset Managers must have a diverse set of skills to excel. For starters, it pays to be comfortable buying and selling physical properties, which are unlike other types of sales. The stakes are high, meaning there’s much more risk that some people don’t feel at ease with. Nerves of steel and a very practical work ethic are required, and those are traits that may have been developed early on in one’s childhood. 
 
Asset Managers may have done well in school, been team leaders, organized activities, and seemed outgoing and very proactive. They’re movers and shakers who don’t mind putting in the hours to make things happen. At the same time, they must be objective, calculating, and unemotional in their decision-making processes. Some may have had early exposure to entrepreneurial opportunities, or made such opportunities for themselves instead of waiting for something to happen!