PM to Asset Management - Realistic Pivot?
Looking for some advice on moving from property management/ops into asset management.
By early next year, I'll have 6 year of CRE experience, primarily institutional medical office, working for a major publicly traded healthcare REIT in a major Sun Belt metro. I'm currently a senior PM managing approx. 700k+ SF with experience budgeting/reforecasting, CapEx, leasing/TIs, variance analysis, portfolio reporting, and working cross-functionally with construction, accounting, and leasing teams.
I'll also have completed my MBA with a Real Estate concentration and plan to complete Training the Street's Real Estate Bundle for financial modeling.
I'm in a good situation and don't need to leave, but I've realized that I want to move away from day-to-day operations and more towards asset strategy, capital allocation, portfolio performance, etc.
For those in AM or who have made similar transitions:
a. How realistic is PM to AM with this background?
b. How much will the lack of direct acquisitions/underwriting experience hurt me?
Appreciate any advice, especially from anyone who's made a similar move or hires for AM.
Transitioning from property management (PM) to asset management (AM) is a realistic pivot, especially with your background and planned credentials. Based on the most helpful WSO content, here’s what you need to know:
a. Realistic Transition from PM to AM
Your experience managing a significant portfolio (700k+ SF) and working cross-functionally with various teams positions you well for AM. Key aspects of your current role, such as budgeting, variance analysis, portfolio reporting, and CapEx management, align closely with the responsibilities in AM. Completing your MBA with a Real Estate concentration and the Training the Street Real Estate Bundle will further strengthen your case by demonstrating your commitment to advancing your financial and strategic skill set.
b. Impact of Lack of Acquisitions/Underwriting Experience
While a lack of direct acquisitions or underwriting experience might be a minor hurdle, it’s not insurmountable. Many AM roles value operational expertise, especially for portfolios requiring hands-on management or strategic oversight. Your ability to articulate how your PM experience translates into asset strategy and performance optimization will be critical. Highlighting your financial modeling skills and any exposure to deal analysis or leasing strategy can help bridge the gap.
Additional Tips:
This pivot is achievable, especially with your institutional experience and planned educational enhancements.
Sources: Real Estate Asset/Portfolio Management Tips and Tools, Switching from Big 4 to Acquisitions: My Story, Would you move from real estate development to asset management?
I think it's very feasible and have seen people do the same. It would help to target smaller developers where you can get your foot in the door. Most of them hire third part managers that need to be managed closely so understanding how PMs think is a big advantage because you can step in and handle these relationships which is an important function that adds a lot of value on day 1. Also since you are already in PM you likely have relationships on the dev side that might be helpful in the search - if you are doing third party deals. I started in PM for a year out of college, and was hired by a small developer that was a client after. I had to cover a lot or AM responsibilities and having PM experience was a huge help. You would probably have to learn some basic modeling and financial concepts but that should be doable in a short period of time if you are motivated - it's CRE not electrical engineering at the end of the day and most of the job skills you would need are easy to pick up. Good luck!
Asset managers with actual operations/PM experience is always in short supply. The fact that you went and got an MBA and did some training course to show you understanding numbers will make it an easy transition.
I totally agree
Any chance of you transferring to it within your company? That would probably be the easiest way if it's an option.
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