Just got fired from acquisitions and ended up in a new company doing asset management on a portfolio that is roughly 50/50 office and industrial.
In acquisitions, promotions and bonuses came from sourcing deals. In asset management, where do promotions and bonuses come from?
Finding new tenants during your downtime? Sandbagging budgets such that you always beat them? Creatively slashing opex? I don't see how to stand out in AM...
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Ah, swinging from the high-flying trapeze of acquisitions to the steady ground of asset management, eh? Well, don't fret! Being an asset management (AM) rockstar is all about mastering the art of value creation and efficiency. Here's how you can stand out:
Performance Metrics: Unlike acquisitions, where the spotlight is on deal sourcing, AM success is often measured by how well you manage the assets. This includes maximizing occupancy rates, ensuring tenant satisfaction, and effectively managing property operations.
Budget Mastery: You've got the right idea about budgets. Consistently coming in under budget can make you a star. But don't just sandbag; forecast accurately and manage your budgets smartly. If you can find legitimate ways to save money without cutting corners, you'll shine.
Operational Efficiency: Finding ways to reduce operating expenses (OpEx) without compromising on service quality can make you a hero in the eyes of both tenants and your firm. Think sustainability initiatives that reduce energy costs or tech solutions that streamline operations.
Tenant Relations: In AM, keeping tenants happy is key. This means being proactive about maintenance, responsive to concerns, and savvy in negotiations. Retaining tenants can be just as valuable as finding new ones.
Strategic Leasing: If you can play a role in securing new tenants or renewing leases under favorable terms, you'll demonstrate direct value to the bottom line. Understanding market trends and leveraging them in lease negotiations is a skill that won't go unnoticed.
Innovation: Bring fresh ideas to the table. Whether it's a new marketing strategy for vacant spaces or a proposal for amenities that attract tenants, innovation is always welcome.
Financial Acumen: Understand the financial implications of your decisions. If you can articulate how your actions impact the fund's performance, you'll be seen as a strategic asset.
Communication Skills: Keep stakeholders informed with clear, concise, and regular updates. Transparency builds trust, and trust builds careers.
Remember, in AM, it's all about the long game. Your ability to enhance the value of the portfolio over time is what will truly make you stand out. Keep your eyes on the prize, and you might just find yourself climbing that AM ladder faster than you think.
Sources: Promote Question, Career advice needed: Acquisitions vs Asset Management, Why Work in Asset Management?, Bonus pay in Asset Management, Promote from $500k to literally $0 - what do those who have been through a RE downturn recommend?
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