Question

Compare and contrast the property management and asset management functions and list some of the more important duties of a property manager.

Answer 1

The asset management is more focused on the portfolio of properties. It does not focus on individual property. It focuses on the bigger financial picture.

The property management is more focused on daily maintenance, payment of expenses. renovations and rent. It focuses on the day to day operations of the rental property.

The property manager has the responsibility of filling vacancies, find out the prospective tenants from a list of tenants, maintenance of the property, evicting the tenants as well as coordinating the activities as per the wishes of the owners, paying the vendors, executing the leases.