Blurring Lines of Responsibility
Published on: Wednesday, December 9th, 2015
There’s a subtle but definite shift taking place in the real estate industry, says IREM President Lori Burger, CPM, PCAM, CCAM, in a recent column for NREI.
“New demands and new technologies are coming together to advance the role of the property manager,” she writes. “Traditionally assumed to be a day-to-day role with little to no strategic responsibility, the property management function today takes on much of the aspect of asset management.”
She notes that in this post-recessionary economy there’s a heightened need on the part of investors “to capitalize on the value of their portfolios.” That, in turn ramps up the pressure on property managers to “put in place new or revised policies and practices to comply with vast state and federal regulations that impact the health of the real estate asset.
“Our member research reveals that the skillset required to fulfill the role of the real estate management professional has changed,” she continues. “Included in the expanding suite of property management responsibilities are such forward looking, strategic initiatives as establishing a property’s operating policies and procedures, collaborating with property owners or boards of directors to develop ownership goals and objectives, and preparing long-term financial models, just to name a few.”
In her article, she states her belief that we are standing today at “a base camp of sorts—a starting point of serious and exciting changes in the real estate industry as we take part in a morphing of property management and asset management, and we see property managers increasingly take a seat at the strategic table.”
Read the full article at NREI.
About the Author
John Salustri is one of the nation’s most respected writers in the field of Commercial Real Estate. A multiple award winner for excellence in journalism, John is the founding editor of GlobeSt.com, the nation’s premier news and information site for the commercial real estate industry. Today John is a freelance writer and editor, focusing on helping companies boost their industry presence through enhanced web and print content.