What is a Real Estate Asset Manager, and what are the required skills and studies to become one?
A real estate asset manager is responsible for overseeing and managing a portfolio of properties on behalf of an owner or investor. This can involve identifying properties to purchase or sell, negotiating rents, purchases or sales and managing the budget and expenses for the properties in the portfolio.
Her/his role is to make decisions to maximise the value of a property for investment purposes. She/He manages the overall health of the investment portfolio for investors and/or owners.
What are the different job titles?
- Asset Manager
- Real Estate Asset Manager
- Property Asset Manager
- Commercial Real Estate Manager
What is the role of an Asset Manager?
An Asset Manager can work with different types of real estate properties like residential, commercial, retail, and vacation properties. She/He can specialise in specific regions or operations. She/he can also work for an investment company or independently for clients.
An Asset Manager works closely with other important Real Estate roles like Property Managers, leasing agents, investment teams and investors.
Her/His role is to make important investment decisions to make a profit while reducing risks for the client.
In addition to these operational tasks, the asset manager may also be responsible for developing and implementing strategies to increase the value of the properties in the portfolio, such as through renovations or by finding new tenants or uses for the properties.
What are the main tasks of an Asset Manager?
The main tasks of an Asset Manager that you could find in a job description are the following:
- Preparation of asset management strategies and business plans for potential investments
- Completing strategic asset management initiatives to improve property values: refurbishments, redevelopment, lease negotiations, CAPEX projects…
- Budget planning
- Ensuring on-time and on-budget delivery of all strategic decisions
- Providing portfolio reporting and financial analysis to justify asset strategy
- Compliance with all regulatory matters in conjunction with internal compliance and external advisers
- Managing third parties including Property Managers, Legal Professionals, Valuers, Lease Advisors
- Prepare and submit assigned reporting to management and investors
- Review property inspection reports
- Analysis of the ESG impact on the property sector and taking relevant decisions to factor this into an asset management approach
What are the skills required for an Asset Manager?
- Real Estate related software like iX-Haus
- Real Estate laws and regulations
- Analytical skills
- Negotiation skills
- Detail oriented
What salary does an Asset Manager earn?
The salary might differ depending on which city or country you are living in and the size of your portfolio.
The gross salaries per year are around:
- < 3 years: EUR 50,000 – 60,000
- 3 – 4 years: EUR 60,000 – 75,000
- > 7 years: EUR > 85,000
What are the qualifications to become an Asset Manager?
To become a real estate asset manager, you typically need a combination of education, experience, and specific skills. Here are some qualifications that are often required or preferred for this role:
- Education: A bachelor’s degree or diploma in a related field such as finance & accounting, business, or real estate is usually required. Some employers may prefer candidates with a master’s degree in a relevant field.
- Experience: Many asset management firms require candidates to have a few years of experience in real estate, finance, or a related field. This can include experience working as a real estate agent, property manager, financial analyst, or in a related role.
- Specific skills: Asset managers need strong analytical and problem-solving skills to evaluate investment opportunities and make informed decisions. They should also have excellent communication and interpersonal skills to work with clients, partners, and team members.
- Professional certifications: Obtaining a professional certification, such as the Certified Commercial Investment Member (CCIM), the Certified Property Manager (CPM), or the Professional Member of the Royal Institution of Chartered Surveyors (MRICS) can be helpful in demonstrating your knowledge and expertise in the field.