7 Keys to Success in Multifamily Asset Management
Three members of CARROLL’s Asset Management Team share what makes them and their team successful.
Three members of CARROLL’s Asset Management Team, Sadler Walker, Easley Hooff, and Mike Martello, discuss the biggest keys to their jobs. Here is what they shared about what makes them and their team successful (along with a few examples):
1) Collaboration & Teamwork
Property managers and asset managers are very much a team – they rely heavily on each other. Since regionals and property managers have an active presence on-site, they are able to offer asset managers contextual data.
2) Competency Across All Areas of Multifamily Real Estate
An effective asset manager is required to embody a highly diverse skillset across multiple disciplines. The role requires knowledge and competency in operations, construction, marketing, finance, real estate valuation, tax, insurance, and transactions, to name a few areas. Each deal within an asset manager’s portfolio is essentially an individual business, and an asset manager must function as CEO of each respective investment. They are required to utilize the appropriate skillset to navigate a variety of situations and challenges throughout the lifecycle of each deal to ultimately take it successfully from cradle to grave.
3) Effective Communication
In addition to having the ability to speak in jargon, asset managers also need the ability to translate it for others. When handling different perspectives and needs, it is the job of asset managers to find common points and make sure they are applied in the right way and in the right tone.
4) A Relationship-Building Mindset
When you boil it down, asset managers are relationship managers. They manage both internal and external relationships. For example, when identifying trends on the property level, it is critical for asset managers to communicate those trends to everyone internally as well as partners.
5) Willingness to Listen
By listening to regional managers and property managers on a regular basis, asset managers can learn from them and their experiences on-site. In turn, this empowers greater performance from both sides.
6) Ability to Act as a Fiduciary
An impactful asset manager also acts as a fiduciary for all their partners and investors. Asset management requires investment oversight to optimize returns for all investors. The ability and willingness to analyze and make decisions in the best interest of investors is an important cornerstone of asset management.
7) Detail Oriented
A competent asset manager absolutely must be detail oriented. A high level of analysis and attention to all facets of each asset are critical in the ultimate success or failure of each investment. Asset management involves exposure to a high volume of issues and situations, so the ability to synthesize details and select the correct course of action is essential.
Learn more about what makes CARROLL’s Asset Management Team different.