Property management and asset management are synonymous.
The main objective of asset management is to enhance value, generate profits, and reduce expenses. In contrast, property management entails the oversight, operation, and supervision of real estate. This research aims to evaluate an article (IREM insider) that examines the changing dynamics between property and asset management.
Andrew, the executive manager of CBRE in Washington, DC, highlighted that various perspectives arose concerning the relationship between asset managers and property managers following the release of the white paper. He stressed the significance of fostering collaboration and integration between property and asset managers to maximize business value.
Furthermore, while property managers have shorter roles compared to asset managers, it does not mean they should neglect fulfilling each other's responsibilities. This perspective is also endorsed by Craig Cardwell, owner of Island Investments.
Bill Whit
...low's opinion, as mentioned in the whitepaper, states that there are three essential factors to consider:
The relationship between asset management and property management is strategic.
There is a clear distinction between property management and asset management.
(c) Changing from one field to another always presents the chance for career growth and development.
Furthermore, Genova expressed the belief that property managers should have more confidence in themselves in order to enhance their performance and contribute to the success of their organizations. He advocated for a collaborative approach and sharing of responsibilities between property managers and asset managers, as both roles are crucial. Genova emphasized the importance of asset managers appreciating the role and partnership with property managers as their own success largely relies on it.
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Reference
An article; Added Value: Property ; Asset management by John Salustri
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