There are three different types of real estate management. Whether all three types are used on a property, a combination of the three, or singularly depends on the property type. Resident, or site managers, generally oversee the day to day operations of a residential rental property while a property manager is the liaison between the property owner, owner¡¯s agent, and the property¡¯s staff. The property asset manager is in charge of the property¡¯s financial development. While the property asset manager may be involved in all aspects of real estate management, they essentially focus on the numbers.
A resident manager usually lives on the property and is on-hand to oversee the day-to-day operations of a property. The resident manager is the one who handles leasing units to new tenants, as well as, dealing with problems that may arise with current tenants. The resident manager also handles all technical and maintenance issues with a property and is charged with keeping accurate records of the rent rolls and occupancy of a property.
A property manager is responsible for the tangible asset which the property represents and being informed of the operational expenses. A property manager has to approve most major expenses of the property which they oversee, and ensure that any expenses the property incurs is within the budget. Additionally, the property manager is charged with the responsibility of creating value in the property and maintaining that value. One of the key aspects of a property manager is the management plan they create. This plan covers tenant relations, marketing endeavors, building the property image, and the financial operations. It also includes planned improvements for the physical property and building.
Many of the job responsibilities for the property asset manager and the property manager overlap. The key point to keep in mind is the property asset manager¡¯s job is to view the property as an investment and and to focus on aspects that will increase that investment. The asset manager has to be familiar with the property¡¯s operating statements and needs to have a plan for long-term appreciation. The asset property manager is a job which is done behind the scenes, and likely will not have any contact with other tenants. The caretaker role is left to the resident manager, or sometimes, the property manager. The property asset manager may be involved with a property from the start, or may only be brought in at the end of the property¡¯s life-cycle. A property asset manager may only be needed when a property is going to be sold in the market, or when an investor is interested in a property.
While these are just some of the roles a real estate manager will play, the job duties will differ depending on the type of property and the goals of the owner. Public housing and Federally-assisted housing is more likely to require the services of a resident manager only, while office buildings and retail stores would likely desire a property manager and/or property asset manager. Depending what aspects of real estate management one enjoys weighs heavily on what specialized area they choose.