A career in property is an exciting and rewarding one, and if you’re thinking about starting a career in Lettings, there are so many paths that you can choose to pursue. One of the many options available is asset/ portfolio management, but what exactly does that entail? Read on to find out more about this integral and ever-evolving role.
What is Asset/ Portfolio Management?
Ok, the answer to this question is a little complicated, but simply put, asset/ portfolio management is the unified management of a group of properties that are held in one ownership. Essentially, if you work in asset or portfolio management, your main goal is to reduce costs and increase the income to achieve the maximum benefit for the property owners. Any decisions that are made will impact the entire portfolio rather than an individual property.
The exact role and responsibilities involved in the role will vary between positions and companies, but asset and portfolio managers deal with strategic issues related to the property, and can get involved in a range of aspects, varying from administrative and financial to renovation and marketing.
What is the difference between Property Management and Asset/ Portfolio management?
You may think that the two roles sound similar, but they are in fact two very different professions. Whilst property management involves managing the day-to-day maintenance and working with contractors, landlords and tenants, Asset/Portfolio Managers deal with financial tasks such as long term financial forecasts, working with lenders and determining the value of the property, as well as minimising rental voids. In short, property managers have an operational viewpoint, and asset/ portfolio managers take a more strategic approach.
What skills do you need to work in Asset/ Portfolio Management?
If you’d like to become an asset/ portfolio manager, you’ll need to have gained a fair amount of experience in the field. The obvious step into this position is from property management, where some of the necessary skills can be acquired.
To succeed in asset and portfolio management, it’s also beneficial to have a good understanding of financial modelling. On top of this, it’ll help if you’re confident, articulate and of course have great people skills – a large proportion of the job involves regular liaison with the client, buildings manager, tenants and estate agents.
If you’re organised, proactive, and think you have what it takes to make it in asset or portfolio management, this career promises a job wherein no two days are the same.
Here at Property Personnel we have 30 years’ experience in finding the best candidates for asset/ portfolio management jobs. If you’re looking for a new challenge, take a look at our current vacancies or get in touch with us today!