ASSET MANAGEMENT in PROPERTY INVESTMENT
THE NEW WAY IN PERTH PRIVATE PROPERTY
There’s a subtle but definite shift taking place in the real estate industry. New demands and new technologies are coming together to advance the role of the property manager. Traditionally assumed to be a day-to-day role with little to no strategic responsibility, the property management function today takes on much of the aspect of asset management.
And while this shift in responsibilities has been gradual, there is a noticeable intensified pressures on property managers get more professional during these tougher economical times. This is in response to a heightened need on the part of investors and owners to capitalize on the value of their portfolios. Today, there is significant pressure on the property management professional to put in place new or revised policies and practices to comply with vast state and federal regulations that impact the health of the real estate asset.
Our research reveals that the skillset required to fulfill the role of the real estate management professional has changed. Included in the expanding suite of property management responsibilities are such forward-looking, strategic initiatives as establishing a property’s operating policies and procedures, collaborating with property owners to develop ownership goals and objectives and preparing long-term financial models, just to name a few. Of course, there are still the day-to-day responsibilities traditionally associated with the profession, such as the collection of rents and ensuring the timely execution of such important but mundane functions as trash pick-up, bill payments, landscaping. maintenance & quarterly property inspections.
Advances in technology & service expectations have meant the improvement of property management provided. What can be done now is remarkable for real estate professionals to analyze data, project conditions, financial depreciation & appreciation with relative certainty. This broadening of skillset and technology has enabled the traditional property manager to make financial decisions—or at the very least advise on asset management more fully—and do so with ease and sophistication.
It is firmly believed within the real estate pro-agent business services internationally that we are located today at a base camp of sorts—a starting point of serious and exciting changes in the real estate industry as we take part in a morphing of property management and asset management, and we see property managers increasingly take a seat at the strategic table.
Dean Mitchell has made that cross over with recently completing a Diploma in Property Management & Certificate in Asset Management with Strategic Planning. So to have a Pro-Agent approach with a higher level of advice, consultation & management is the only way to go. From $300k to 30 Million its all big money & big risk, responsibility & reward.
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