by Brianna Crandall — December 9, 2015—The Institute of Real Estate Management (IREM), an affiliate of the National Association of REALTORS, recently released a new white paper that explores the complex and shifting relationship between the professions of property management and asset management and brings to light some of the reasons for the current state of confusion.
“IREM White Paper on Asset Management — A Shifting Dynamic: Asset vs. Property Management” is the first in a new series on asset management. The paper highlights five topical areas professionals need to know about property management versus asset management:
- The drivers of change and growth in property management
- How respondents to the 2015 IREM Job Analysis Survey see their professional roles
- Why some practitioners are confused about where property management ends and asset management begins
- What truly defines a property manager and what defines an asset manager
- What industry practitioners are saying about the shifting dynamic between the two disciplines
IREM Education and Knowledge Products Committee Chair Dr. Deborah Phillips, PhD, CPM, president at The Quadrillion, noted in terms of education:
There is a skills gap as the industry has embraced a more disciplined, benchmarking-based operating platform. This is evidenced by the 2015 IREM Job Analysis. The critical skills required to achieve the owner’s goals and objectives are diverse, intensive and highly integrative. These needs have accelerated career promotion and recruitment efforts that include establishing strategic partnerships with high schools, career academies, technical schools, community colleges, four-year universities and workforce organizations.
In addition to the 2015 IREM Job Analysis Survey, the white paper calls on interviews with professionals from a variety of fields: asset management, direct property management, third-party fee-based property management, executive recruitment and academia.
IREM Members can download the “IREM White Paper on Asset Management — A Shifting Dynamic: Asset vs. Property Management” at no cost from the IREM Bookstore, but they must log in as a member to download the publication. The price for nonmembers is $5.99.
Additional IREM thought leadership resources in the areas of leadership, property operations, managing the management company, and asset management are available from IREM’s White Papers Web page.
