Asset Manager Responsibilities
I work for a small to mid-sized multi developer that covers most of the major markets in the US and historically has been a true merchant developer. Buy the land, build the building, stabilize, sell (sometimes before full stabilization). We've done it well and have accumulated an incredible track record over the past ~7 years since inception that has resulted in equity partners climbing over each other to get in on a deal with us.
However, recently we opened up an OZ fund and have gone in on some other deals that require longer term holds - well past the stabilization mark. Our current asset managers are rock stars at managing the lease-up process but have very little experience past that. So, we're looking to hire someone that can manage those responsibilities, at an institutional level of quality, as we hold 3-5-7 years out.
I don't really know where to start so I've called some friends and have come up with a number of key responsibilities below (obv. sligthly changed to keep anonymity) but want to open it up to this group of experienced professionals to see if there's anything I'm missing - especially as we continue to scale into the "institutional" size and type of firm:
What other key characteristics or experiences do you think are needed to really succeed in this type of role? This would be for a relatively senior hire. Our turnover is almost zero so we're really taking our time to make sure this person fits.
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Property Oversight:
- Oversee daily operations through property management teams, focusing on rent growth, cost control, and tenant retention.
- Review and approve budgets, leases, and operational strategies.
- Implement leasing strategies to drive occupancy and rental rate increases.
- Analyze market trends to optimize pricing and concessions
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Capital Projects:
- Manage capital improvements, ensuring timely and budgeted completion.
- Coordinate with contractors and maintenance teams for property upkeep.
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Investor Relations:
- Provide regular updates on asset performance.
- Address investor inquiries and present strategic recommendations.
Based on the most helpful WSO content, here are additional key characteristics and experiences that are crucial for succeeding in an institutional-level asset management role, especially as your firm scales:
Key Characteristics and Experiences:
Deal Flow and Access to Capital:
Mentorship and Team Leadership:
Market Knowledge and Analytical Skills:
Communication and Presentation Skills:
Technical Proficiency:
Operational Efficiency:
Long-term Strategic Planning:
Capital Project Management:
Investor Relations:
Cultural Fit and Teamwork:
Additional Considerations:
Experience with Different Property Types:
Proven Track Record:
Upward Mobility Opportunities:
By focusing on these characteristics and experiences, you can identify a candidate who not only meets the technical requirements but also aligns with your firm's culture and long-term goals.
Sources: What are characteristics of a "good role" in CRE?, Q&A: Managing Director at Large Global Asset Manager, Q&A: Managing Director at Large Global Asset Manager, Life as a Top Asset Manager, Career advice needed: Acquisitions vs Asset Management
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