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Industry trends are changing the dynamics between the asset and property manager. As the owner’s representative, the asset manager still has the final say in the property’s strategy, while the property manager is on the front lines 
for tenant relations, accounting, maintenance and other daily tasks. But the asset manager’s workload has expanded since the recession, forcing more reliance than ever on the insight of frontline managers at individual properties and blurring the lines between the two roles.
To ensure effective interplay in this new world, the property manager must be knowledgeable about the property and able to impart whatever information is needed. That way, the asset manager can talk to one person at the property level and obtain the answer to any question that comes up—without being handed off to someone else on the team.
Indeed, communication is critical. For most owners, the monthly conference call between the asset manager and the property management team is the fundamental communication tool. But the workload of many asset managers also enters into the equation. Given the expanded workload of many institutional asset managers, making sure they get adequate information is a constant challenge. When the monthly conference call alone falls short of keeping the asset manager in the loop, the real estate manager should take the initiative to pick up the phone and call them.
Face time is also important, with two asset manager visits a year at minimum to ensure adequate focus on the property. There is no such thing as meeting too often, even with phone calls and emails in between. That applies even when both responsibilities are carried out by in-house team members.
And communication is never more important than when problems come up. Indeed, property managers must be willing to bring bad news to the asset manager: By selecting which information to share with the asset manager, the property manager is effectively co-opting them, thereby providing a disservice to the client. Thus, the property manager should be careful not to second guess the asset manager rather than suggesting a necessary expense. But that doesn’t mean they should be reluctant to propose solutions when problems come up; on the contrary, that may be appreciated.
Friction can arise when the property and asset manager have very different opinions about a topic. The most common source of differences is a clash of creative ideas regarding underwriting parameters. When differences with the asset manager arise, the property manager should put their recommendations in writing. No consultant likes to say “I told you so,” but documentation protects the management team in case of future problems. It may also help to sit down together and talk openly, in a “safe” setting, to air opinions and clarify company strategy.
When a property is sold or the current owner sends in a new asset manager, the transition need not be solely a source of stress. On the contrary, such changes offer opportunities to review client expectations and refresh best practices.
As senior editor for Commercial Property Executive, Paul Rosta writes monthly about property management issues. More on the changing roles of asset and property managers appeared in “Old Partners, New Rules” in the June 2013 issue of CPE.
