Fall 2004, Vol 29, No 3
Abstract: Asset Management can be defined as the process of overseeing property performance with the goal of enhancing value and maximizing return to the owner. Asset management does not consist of a single activity that takes place at a discrete moment in time. It takes place over the life cycle of a property (from acquisition to disposition). It is a process. Asset Management is about maintaining and creating value consistent with ownership objectives. It blends both a “big picture perspective” and a “hands-on” approach to day-to-day operational issues and decision-making. This is done through an efficient balance of landlord and tenant relations, budgeting, operating expense analysis & control, real estate tax & insurance reviews, capital improvements, energy management programs, lease analysis and market awareness. Based on these various factors, Asset Managers determine ways to increase the profitability of the various properties under their stewardship.