A career of an asset manager for commercial properties is full of opportunities.
But any asset manager will tell you that some challenges never go away.
In this post, I’ll show you 19 ways to stand out as an asset manager.
This is what we look for:
- Property management knowledge and experience
- Practical property maintenance skills
- Property owner mindset
- Interpersonal skills
- Customer service ethos
- Problem-solving
- Time management
- Project management
- Budget management
- Sticking power
- Conflict resolution skills
- Risk management
- Environmental awareness
- Legal and regulatory knowledge
- IT skills
- Landscape management
- Confidence
Property management knowledge and experience
It sounds obvious, but the first thing recruiters check for is knowledge and experience of asset management. In other words, the asset manager role isn’t entry level. Although I’ll identify some soft skills in this blog post, there’s no getting away from the need for hard knowledge and experience.
We’re looking for candidates with:
- Good understanding of today’s commercial properties and the markets they operate in.
- Up-to-date knowledge of property regulations and trends
- Asset manager experience on the ground.
2. Practical property maintenance skills
As a candidate asset manager, you’ll definitely need the property maintenance skills that have served you so well. How long will those property fixtures and installations last? What are the early signs of wear and tear? Which vulnerable areas need to be monitored?
Even if you’re subcontracting jobs, you’ll be drawing on your practical skillset again and again. So brush up on the nuts and bolts of maintenance.
3. Property owner mindset
It can be tricky, but the best asset managers combine practical property skills with an owner mindset.
Between 2021 and 2022, property maintenance costs increased by 7%, due to a 15% increase in materials costs. That cost pressures show no sign of slowing down.
But it’s not enough to get the job done cost-effectively, important though that is. Asset managers need to weigh up the best approach with the interests of the owner in mind.
When I’m recruiting an asset manager, I look for that blend of short-term action and longer-range decision-making. I know how much that combination means to employers.
4. Interpersonal skills
Asset managers have to deal with all sorts of people on an hourly basis – from subcontractors to landlords and tenants. They need to be on the ball every minute of the day to smooth over any difficulties with:
- Vendors and subcontractors – Negotiations can be tricky, especially with today’s skills shortage
- Your maintenance team – Do you have the right combination of authority and social skills to run a busy but happy ship?
- Tenants – From lease renewals to disputes over facilities, anything can go wrong with tenants. You need the social skills to manage a base layer of good relationships to fall back on when difficulties arise.
- Landlords – Keep your lines of communication open. Landlords like to be kept informed.
- Internal stakeholders – You’ll need solid written and verbal communication skills. Not least to produce clear and effective reports that reflect well on you and your team.
5. Customer service ethos
Again, I’m hammering the need for interpersonal skills. Asset managers need to recognise that they’re running a customer service desk, even if it doesn’t feel like it.
If you’ve got customer service experience or any kind of customer-facing role in your past, make sure your recruiter knows about it. It will give you a head start.
6.Problem-solving
If you’re already an experienced asset manager, you’ll know how important it is to think on your feet. Both routine and unexpected issues can crop up all the time, and you’ll need to keep a cool head and bring the chaos under control.
So when you’re meeting recruiters or interviewers, be aware that we may put you on the spot to see how you respond. Try not to blurt out the first thing you think of. Take the right amount of time to think clearly.
7. Time management
Personal time management is crucial. An asset manager’s working day is hectic, and everyone will want a bit of your time. If you can’t organise yourself and your surroundings, you’re doomed to work in chaos.
You need to be able to balance quick tasks with longer and slower jobs. And an ability to multitask is definitely an advantage. Make sure recruiters know that you’re organised and know how to schedule your time.
8. Project management
As an asset manager, you can easily end up running several large projects at a time. You need to show the recruiter that you have the organisational, planning and monitoring skills to do this.
In particular, you need to be able to produce and update a maintenance plan and a maintenance repository:
9. Maintenance plan
A maintenance plan will help you manage schedules and timeliness for routine refurbishing tasks. This will give you a solid base for the day to day. It can make emergencies more manageable by giving an instant picture of capacity.
10. Maintenance repository
A skilled asset manager keeps a complete and up-to-date register of all assets that need to be maintained throughout their lifecycle. Without a maintenance repository, even a seasoned asset manager will struggle to keep track of many assets.
11. Budget management
Cost management is crucial to asset management. Make sure your recruiter knows that money is safe in your hands. Emphasise all your past experience in setting budgets, tracking costs and safeguarding income.
Also be prepared to give recruiters evidence of your eye for detail. Small changes in operating costs have a real impact on asset management.
12. Sticking power
You need stamina for asset management. There may be an emergency just as you’re winding down at the end of the day. You will certainly have problems that can’t be fixed in one day. Dig into your past experience and find examples of your sticking power.
13. Conflict resolution
Be prepared for questions on conflict resolution from recruiters.
As an asset manager, you’re bound to find yourself dealing with disagreements, particularly with difficult or demanding tenants. Conflict resolution skills help overcome these problems in acceptable ways.
Keep a clear head, with one eye on any relevant contracts or legislation.
14. Risk management
Risk management is front of mind for all business and property owners. And for that reason, it’s a priority in asset management recruitment.
You’ll need to identify and mitigate risks associated with the market, property, facilities, and tenants or employees.
15. Environmental awareness
Present yourself to recruiters as an asset manager who is aware of the environmental impact of today’s commercial buildings.
Yes, that’s challenging. But the good news is that environmentally-knowledgeable asset managers are increasingly in demand. As a starting point, make sure you know about environmental certifications such as BREEAM and LEED.
16. Legal and regulatory knowledge
The risk of noncompliance – in terms of punitive fines and reputational damage – means that legal and regulatory knowledge is one of the most important checks we make in asset manager recruitment.
17. IT skills
IT skills are as important in asset management as in any other area of business life. Old-school approaches won’t cut it. Make sure you know your asset management systems and tools. Recruiters like me will definitely want to explore this area in the asset management recruitment process.
18. Landscape maintenance
Landscape is easy to overlook in asset management, where the built environment tends to dominate. But the landscape around a commercial property goes a long way to creating a good impression. Make sure you understand how to manage the challenges of outdoor spaces.
19. Confidence
I left this one until last because it’s probably the softest of all the asset manager qualities I’ve discussed. But it’s so important. And especially when you’re talking to recruiters.
To succeed in asset management, you really need confidence.
Make sure you project your self-esteem at all stages of the selection process. In post, you’ll need to make firm decisions and actions, and deliver presentations and reports with confidence. But make sure you don’t sound arrogant – add a bit of humility to the mix.
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If you’ve ticked all the items on this list, you’re ready to progress on your own personal journey through the asset manager recruitment process.
Good luck!