Magazine article Journal of Property Management

Use Sustainability to Build Partnerships

Magazine article Journal of Property Management

Use Sustainability to Build Partnerships

Article excerpt

The relationship between asset managers and property managers is a critical component to the success of a real estate investment

Know Your Value

In many organizations with multiple layers, a property manager may typically have responsibility for one property and report to a regional director. The regional director may be at a vice president level and responsible for perhaps four, five or six properties, depending upon their size. An asset manager may be responsible for a group of properties--sometimes, depending on the size, complexity, value and the similarity of those properties, anywhere from three or four, to potentially as many as 15 or 20 properties. Unfortunately, in my experience, both asset managers and property managers often feel underpaid for the responsibilities they have. What adds insult to injury is that they are frequently viewed as less valuable than their associates in acquisitions. After more than 40 years in this business, I know many asset and property managers who genuinely care about their properties. Yet, I have also observed firsthand that many people in acquisitions and brokerage are only thinking about getting the deal done and receiving their paycheck. Both groups regularly feel that theirs is a thankless job.

Team Up and Insist on Assisting

As IREM Members and industry professionals, we have a wonderful opportunity to create meaningful, personal relationships with our brothers and sisters in asset management. There is an intrinsic connection that starts at a very basic level, so get to know each other. …

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