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A property manager will produce large reports which is great for your accountant but not for you, the owner. An asset manager will boil it down to one to two pages with the information you need to know.
The short 1-2 page report mentioned above will include income, expenses, NOI, and capital needs for the next 30 days for repairs and upkeep, vacancy loss and position mark to market for the property. And another short report summarizing all the properties being asset managed.
An asset manager will create a plan to optimize the portfolio as a whole and not property by property. This will maximize your profits on the property portfolio.
A property manager has the skills to manage the property but not the financial skills to maximize your value. The asset manager will guide you on the most cost-effective decisions for maintenance, capital decisions and even advise on the right time to sell or refinance.
An asset manager will create a plan to maximize your profits on the property. This includes the financing of the property which is not in a property manager’s wheelhouse.
For projects over $5 million, an asset manager’s skills can guide owners to be informed on the project’s build out. Reporting can be as often as once a week. We work with the construction manager and we coordinate the construction with the financing and provide meaningful reporting.