Asset management vs. development manager
What is the difference? Does asset mgmt focus more on the financial aspect than DM? Pros/cons of each? If you could choose one, which one and why?
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Very very different day to day lives.
Asset Management is dealing with existing properties, tenants, brokers. Making sure assets hit budget, managing third party leasing brokers and property managers, plenty of reporting, perhaps some capital markets functions. Basically making sure a group of assets are operating "by the plan." You are defacto acting as the owner of those properties on behalf of your company.
Development management, while what I'm going to say sounds similar, is a whole other ball game. You're making sure a construction project is going as planned. You're a part of the entitlements process, making sure you have the right permits, negotiating with contractors over contracts and change orders, construction draw requisitions, collecting lien waivers. you're trying to take a project from A to B and when its at B you're off to the next project you need to take form A to B. While an asset manager is living with the same assets (maybe shuffling some in and out) for years.
Both positions have potential to lead to great careers. AM is more financial focused but not heavily so. DM's do a bit more problem solving (because there are just more problem that arise in the development process) and need to be much more organized.
Choose one? It would depend on the company and the $$$.
Super helpful. Still an analyst new to this industry. My company might have a hybrid role of these two positions opening up on the next few years. I’m trying to figure out what I need to do this year to set myself up to make the transition into it and be the obvious choice for it if/when it comes. (or move to a diff company if needed)
Can a rockstar asset manager (easily) transition to development?
Easily? No.
Is it possible? Definitely
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