Asset Manager vs. Property Manager

I was interviewed by a potential client last week and one of the first questions that he asked me was: “How do you perceive the management style of your company?  In other words, if I were to hire you, what do I tell people your company does for me?”  My answer came quick: “We proactively manage and advise on your investment property.  Think of us as asset managers, not just property managers.”  The client was pleased and we went on to schedule a face-to-face meeting.

The interesting point to note here is not my answer – but the fact that the prospect actually asked such a question – and straight out of the gate!  The question was to the point and he cared very little about the various other benefits we would provide.  He simply wanted to know what we – as a company – thought of ourselves. The prospect was not looking for a company to collect checks and handle complaints - he needed someone to shed insight on and provide guidance for his $10 million asset.

This is a clear example of the shift in the way owners are approaching property management companies.  Not only do owners need quality service, quick turnovers and fair management rates – they need a management company to take the reigns and drive the multifamily investment towards a profitable goal.  This need, when fulfilled, establishes the property management industry as bottom line advocates, working for the betterment of the investment as a whole.