www.skylineamc.net Property Asset Management & Consulting
Where property management focuses on the nuts and bolts of effectively running properties day to day, asset management focuses on adding value to real estate as a form of investment.
What is Property Asset Management, and What Does it Mean?
In short, Property Asset Management is defined as the strategy and skill-set to manage real estate property interests to increase investment values and reduce costs long term.
Not that regular property management doesn’t have this end-goal of increased values and reduced costs in mind anyway. Still, asset management goes a step further to make it the absolute goal and thinks more bigger-picture into issues that can extract that extra value within a property interest.
Therefore, this tends to hinge on market values and what the property ownership or tenancy value is, how things can be evolved to increase the value, and how these extra initiatives and plans can unravel to see it increase longer term.
Reducing costs and expenditure is a consequence of this, but not necessarily the main focus. The goal is to unlock the hidden gems of value in the property interest even if there is an increased initial cost for the sake of a greater long-term return.
In terms of the terminology used, you sometimes see this as real estate asset management, property portfolio asset management, and, more generally, investment asset management.
It’s all the same focus, although make sure you’re talking about the property as the ‘asset’ in question as opposed to other forms of non-property assets.
Property asset management tends to focus more on commercial property because of the more significant opportunities and values involved, but certainly still applicable for residential interests, particularly larger multi-let and mixed-use schemes.
In terms of a final, more concise summary of Property Asset Management, it is the process of maximizing the value of a property interest through proactive and cost-effective measures.
www.Skylineamc.net 843-652-1711 info@skylineamc.com
serving: Myrtle Beach, North Myrtle Beach, Little River, Sunset Beach, Surfside Beach, Conway, Pawley Island, Georgetown
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