Seven Key Skills for an Asset Manager
The move from property management to asset management is often seen as a natural one and something many professionals are looking to action. It can, however, be harder than often expected as there is a big difference between the responsibilities and character traits needed for the two positions. Here we take you through the core competencies that are needed to be an Asset Manager.
The 7 key skills that all asset managers need to have
A mix of soft skills, technical skills and qualifications will ensure your development as an Asset Manager, including:
MRICS qualification (Member of the Royal Institution of Chartered Surveyors)
As the MRICS qualification is increasingly globally recognised, it has become the common standard for the majority of employers looking for asset managers.
Previous experience in property asset management
Employers are looking for relevant property asset management experience, gained within either a consultancy or a client side role. It is very rare that individuals with no previous experience can step straight into an asset management role. A common route is to start in property management, where it's possible to gain experience in some elements of asset management. Such experience will put the candidate on a good footing should they decide to apply for junior asset manager roles in the future.
Financial modelling skills
Demand is increasing for asset managers who have a good understanding of financial modelling. The better you are at modelling, the more roles will be available to you.
Reasoned decision making
Today’s asset managers must have experience of carrying out feasibility studies and producing reports recommending acquisition, disposal or refurbishment of individual assets. You must also be able to focus on individual assets, while recognising the impact these have on the operational and financial performance of the whole portfolio.
Increasing income streams
Employers are looking for someone who is capable of undertaking rent reviews and negotiating better deals that will add value to the assets. The ability to formulate and implement strategies that will add value to assets under management and make best use of the capital expenditure budget is also important.
Reporting skills
This role requires regular reporting to the fund manager or the client on the operational and financial performance of the portfolio. Asset managers must be prepared to justify any plans and decisions they have made regarding individual assets and the wider portfolio.
The right blend of personal qualities
The very nature of the job requires that asset managers are confident and articulate individuals with good presentation skills. A large proportion of the role is likely to involve report presentations and regular liaison with the client, the fund manager, property managers and tenants.
The move essentially requires a switch from an operational viewpoint to a more strategic and value-adding perspective. Property managers often make the move; indeed, many asset managers started their careers as property managers. Whether or not the move is realistic depends on the individual in question and if they are more at home running an asset in a day to day capacity or sweating it to add value. Get in touch with us for a confidential discussion about your skillset and career aspirations.
