Property and asset management
Asset management mainly deals with maximizing of value, adding returns from the property and reducing the costs. On the other hand, property management basically involves control, operation, and supervision of the real estate. In this regard, the aim of this paper is to evaluate an article (IREM insider) that discusses the changes in the relationship on the matters involving property and asset management.
Now, after the publication of the white paper, there were different views on the opinions regarding the correlation between the assets managers and property managers. In the words of the Andrew, executive manager of the CBRE in Washington, DC, he believed that in order to maximize the benefits of the value of a business, there should be togetherness and joined hand in the role integration between the individuals on the both sides, that is, property and asset managers.
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In addition, despite shorter roles on the aspects of the property managers, it does mean that they should not perform the role that their counterparts, asset managers role, and even the vice versa. This was also according to owner of Island Investments owner, Craig Cardwell.
In the opinion of the Bill Whitlow (as highlighted in the whitepaper), he thought of three basic things, that is:
(a) There is a strategic relationship between asset and property management.
(b) There is no blurring of lines between property and asset management.
(c) There is always a likelihood of career development and advancement from one field to another.
Moreover, Genova believed that property managers should believe more on themselves so that they can perform better for the benefits of their organizations. He believed that there should be coordinated working and role sharing between the two aspects of the individuals because the roles that property managers play is also important. The asset managers should value the role and relationship of their counterparts because their success largely depends on them.
An article; Added Value: Property & Asset management by John Salustri