Journal logo

How to Become a Professional Real Estate Asset Manager

If you’re interested in working in the residential or commercial property management field, you should know what real estate asset management is all about along with its description and educational and skills requirement. To start, keep reading the following guide.

By Gracie EvansPublished 5 years ago 3 min read
Like

Categories of Real Estate Asset Management Jobs, Definition and Requirements

Regarding the job description, there is nothing fixed in real estate management because it will depend on the organization where one is working, the position and the real estate assets nature.

And no matter the requirements for the job of the real estate asset manager, the main goal is to check the performance of the property as well as to maximize its revenue.

A few tasks involved are complying with government rules and regulations, developing and creating property performance reports and revising terms of lease, among others. Other things that real estate asset managers should do include adapting to changing and shifting demographics and emerging technologies. For its categories, check out the following:

Site manager: This manager is responsible for the daily operations of the property to which he or she is assigned.

Usually, he/she is designated to residential properties, condominiums and apartments. If you’re a site manager, you’re also the medium between the tenants and the property owners.

Regional manager: Also called the portfolio manager or supervisor, the person handles a number of properties over a geographical area. These properties may be commercial, residential or both.

A few other responsibilities include auditing financial activities, conducting market analysis and monitoring properties. The person also manages a team and offers rental rate recommendations.

Property manager: This person manages at least one property, supervises residential buildings or handles commercial buildings without site managers.

The property manager also serves as the liaison between the site personnel and the property owner. He/she is also responsible for designing property management plans and handling intangible and tangible assets.

The person also develops valuable properties using net operating income improvement that occurs through optimizing rentals and minimizing operational expenses.

Asset manager: This person recognizes that any decision made can affect the financial performance of a property that he/she recognizes as an asset. More so, the asset manager acts as the property owner’s representative. One is also responsible for maintaining and supervising third-party management firms.

Management executive: The person handles the real estate management company more than supervising the property management itself. However, his/her role may vary based on the management team, talent pool and executive ownership of the real estate management company.

General Skills Required

A real estate manager should possess great analytical and interpersonal skills, such as ability to communicate with tenants, owners and staff in an efficient and effective manner.

One must also have strong record keeping, computer and leadership skills and abilities. The person should also possess knowledge in maintenance equipment and tools especially for hands-on positions.

Real Estate Asset Management Education

Employers prefer real estate management applicants with a real estate bachelor’s degree or a related degree, including on business administration or finance.

These applicants also have on-the-job training on equipment and machine repair on the site or premise.

However, it is not easy to find schools or educational institutions that offer property management degrees.

So if they’re not available, those seeking for a real estate management position looks for an alternative and related degree as mentioned for a good real estate foundation.

For other qualifications, other real estate managers obtain the Building Owners and Managers Institute International’s Real Property Administrator certification.

Other certifications proving relevance include budgeting, finance and accounting knowledge that can also be valuable. While not a guarantee for employment, having a certification can increase one’s competitiveness.

Getting Hired

Who hires real estate asset managers? If you belong into one of those categories above, you can apply in different management jobs that may include but not limited to the following sectors.

  1. Real estate development companies
  2. Charitable and religious organizations
  3. Property management firms
  4. Commercial banks
  5. Real estate companies
  6. Real estate investment trusts
  7. Corporations
  8. Government agencies, including handling state housing, commercial and local housing
  9. Insurance companies
  10. Mortgage brokerage firms

Final Thoughts

Becoming a real estate asset manager, you need to meet certain education requirements to fulfill job description and responsibilities. You should at least have a finance/real estate/business administration/another related field degree.

You also have to possess certain skills that may include, but are not limited to managing a team, budgeting and making important decisions that will affect the performance of the property.

More so, you might want to have certifications in relevant fields to become more competitive when applying for a certain real estate asset management position. Remember all the discussed today, and get started building a career in a lucrative industry.

Finally, refer to the above for tips on how to succeed working in a residential or commercial property management position.

advice
Like

About the Creator

Gracie Evans

Enthusiastic Writer and Marketing Assistant at Cabanons Mirabel

Reader insights

Be the first to share your insights about this piece.

How does it work?

Add your insights

Comments

There are no comments for this story

Be the first to respond and start the conversation.

Sign in to comment

    Find us on social media

    Miscellaneous links

    • Explore
    • Contact
    • Privacy Policy
    • Terms of Use
    • Support

    © 2024 Creatd, Inc. All Rights Reserved.