In the past decade, property man- agement as a profession has made some remarkable advancements. This is due in part to increasing downward pressure from asset
managers to do more, the technological tools at our disposal and greater
educational opportunities specific to
the discipline—as well as the very
nature of this diversified industry.
As a result, there is a greater alignment of the property and asset management disciplines than ever before.
In some cases, this alignment has led
to discussions of a so-called blurring
of lines between the two functions.
However these titles or functions
change, the panelists at this session
(Craig Cardwell, CPM, Island Investment Interests; Andrew Genova,
CBRE, Inc., AMO; and Bill Whitlow,
Terra Search Partners, LLC) all agree
that property management, despite
its growing sophistication and increased responsibilities, is not
asset management, and the consensus
dictates that the function remains an
advisory role to the asset manager.
In short, there is no blurring of
lines of responsibility between the
two disciplines. They are two separate and distinct professions even as
they perform more closely than ever
as members of the same team.
An interesting aspect of the relationship between property and asset
management comes in the consider-
CRAIG CARDWELL, CPM
CBRE, INC., AMO
ation of the first as a career path to the
second. The goals are clear: Greater
financial responsibility, higher corporate visibility and a compensation
differential that can be as high as 40
percent. But, most of the interviewees also agree that it is a rare candidate who can make the transition.
That, in turn, raises the question of
how up-and-coming generations—
given their more natural inclination
toward technology, and the higher
education opportunities available to
them while they are still of college
age—will advance the practice of
property management and further
impact its relationship to asset management.
It is clear from all of the available
evidence that the property management function has not only made
significant advances in the past decade, but that it also continues to
evolve toward a financial orientation.
For more on this topic, download
the IREM white paper: A Shifting
Dynamic: Asset vs. Property Management.
FROM PROPERTY MANAGEMENT
TO ASSET MANAGEMENT:
VISIT WWW.IREM.ORG/SKU=8001E TO
DOWNLOAD THIS IREM WHITE PAPER By John Salustri
>A SHIFTING DYNAMIC: