What is the difference between Asset Management and Property Management
Asset management is more of a process of overseeing property performance & planning the timing of capital upgrades, with the goal of enhancing value and maximizing return to the owner. Asset management does not consist of a single activity that takes place at a discrete moment in time. It takes place over the life cycle of a property (i.e. from acquisition to disposition). It is a process. Often asset management is focused on a portfolio of properties rather than a single property.
Property management is focused more on the day to day operational aspects of an individual property such as physical maintenance, repairs and renovations, rent collection, payment of expenses, etc.
For a better understanding of both subjects, please call us & we’ll be happy to explain them in greater detail.