What do smaller asset management companies do?
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[{"id": "ftdob1f", "text": "We're a management company but also own our deals. We specialize in limited service hotels. It's actually quite busy since we do it all in house. Managing can be very tough especially handling the whole process from financing, closing, and management. You have to really wear multiple hats.", "replies": [], "depth": 1}, {"id": "fte41xv", "text": "We are GP side sponsors/operators and asset manage those properties. That include high level decision making, oversight of the PMs, oversight of the budget and investor relations. We are syndicators as well and raised the capital on all of our properties.", "replies": [], "depth": 1}, {"id": "fte6u6t", "text": "Single family office here, vertically integrated in development. It\u2019s a lot of riding the asses of our portfolio companies to deliver financials on time. Deal sourcing is all relationship based from the Owner. It gets dry. And that\u2019s why they field one analyst max, the rest are executive level.", "replies": [], "depth": 1}, {"id": "ftege16", "text": "Asset management is the longer-term strategy of the properties.  There's no real typical day-to-day except usually they try to keep touch with their properties daily, weekly, biweekly, or monthly (funny enough, it's usually dependent on where on the risk spectrum it is.  opp/value-add strategies are much more high touch and sometimes have a separate AM for the GP (who does all the legwork ) and the LP (who manages much more properties relying on the GP to do some of the major AM responsibilities).\n\nList off the top of my head:  \n\\-negotiating leases (commercial AM's and multifamily AM's with ground floor retail only)  \n\\-making decisions on the targeted rents beyond the scope of the automatic daily pricing program(for multifamily)  \n\\-budgeting and forecasting for the properties  \n\\-heavily involved (at least if they separate these out, most \"smaller\" firms do joint -acquisitions/AM roles) in acq process in terms of market knowledge, calling out acq guys with cowboy underwriting, etc.  \n\\-managing dispo process (some firms makes acquisition folks do this, usually AM does it)  \n\\-working on loan draws (for development assets and loans with future funding components)  \n\\-jack of all trades for their assets.  They're the ones who make decisions at the property-level at the end of the day.  Property managers just do what they're told", "replies": [{"id": "ftfpwf5", "text": "This is a great list! \n\nI would add just a couple things that we do in particular, maybe they aren't industry wide.  \n\n-Filing of property business tax returns, distribution of investor relevant sections.\n\n-manage real estate taxes.\n\n-maintain and set insurance coverages.\n\n-ongoing budget review (I import the budgets/actuals and analyze them to determine trends, and isolate overages, then review ledgers to identify the reason for overages) Holding property managers accountable is key to asset performance.\n\n-financial analysis / investor reporting\n\n\nLike you said Jack of all trades, there are many things to oversee and always more to take on and improve.   \n\nAsset managers allow investors to have a passive investment instead of dealing with the strategy and stewardship required in investment real estate.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ftf4i3v", "text": "Retail: Spending your entire day bending over backwards to keep your tenants in business without completely dropping your pants.", "replies": [{"id": "ftgekoc", "text": "Second.  That\u2019s exactly what I\u2019m doing these days. I have four PMs dealing with the tenants, and I ride heard on the PMs trying to manage this mess.  We\u2019re all worn out.", "replies": [], "depth": 2}], "depth": 1}]