The Institute for Real Estate Management (IREM) has launched a series of white papers about the changing roles of property and asset managers. John Salustri, in “A Shifting Dynamic: Asset vs. Property Management,” highlighted several trends that caught our attention at Waypoint. According to the white paper:
- - Both asset managers and property managers are being asked to do more with less. Asset managers today have many more properties to manage (10-30 assets), than they did 10 years ago (5-8 assets). As a result, they are demanding more from their property managers.
- - Property managers are being asked to do more financial analysis and make recommendations based on financial impact.
- - Performance metrics for property managers have started to shift from the days from the days when the sole focus was day to day operations. Performance metrics today might include expense improvement programs and reductions in General and Administrative expenses (G&A).
- - Benchmarks are increasingly used to judge performance of both property and asset managers.
- - Property and asset managers have more technology available to them today. According to Joseph Greenblatt, President & CEO of Sunrise Management, “Gathering and analyzing intelligence used to be the purview of the asset manager. Not only is that capability now available to property managers, but it is also an expectation that they be familiar with the analytics that drive decision-making.”
At Waypoint, we are excited about these shifting dynamics. Our unique commercial real estate analytics allow asset and property managers to quickly identify expense improvement opportunities and benchmark properties across portfolios. Our platform tracks projections to actual expenses and energy usage and identifies how energy conservation measures and other cost savings measures are impacting financial performance. We believe in empowering both property and asset managers with the ability to do more by providing the data and analytics to drive financial impact.
To learn more about Waypoint’s analytics platform, reach out to Waypoint at email@example.com.