When someone asks me what I do for a living, I often hear: what are the actual responsibilities of an asset manager? For me the question is simple to answer.
We asset managers in the Vienna location act as owners for the BUWOG Group real estate portfolio in Austria. Asset management is responsible, in particular, for the management of flats in purely rental properties as well as for the remainder of the flats in freehold properties under BUWOG Group ownership ( these are properties in which we continually sell flats and which are consequently used by a mix of tenants and owners). Our division is the interface between BUWOG Group and all external and internal service providers such as building management, brokers, lawyers, notaries and public authorities.
Responsible for a real estate portfolio
At BUWOG Group every asset manager administers his or her real estate portfolio. Since January 2014 I’ve been responsible for managing the portfolio in Salzburg. My target here is to boost the value and revenue of this BUWOG Group portfolio. To achieve a successful result, close cooperation with building management, brokers and the notary operating locally in Salzburg is indispensable for me. I myself travel regularly to Salzburg to coordinate on current issues with colleagues and partners.
To provide you with a brief overview, here are a couple of details: the Salzburg portfolio encompasses 58 properties, 35 of them freehold flats and 23 rental properties. These have 105,000 m² of usable space – all total this is approx. 1,530 residential units. Most of these residential facilities are located in the city of Salzburg, followed by Wals, Hallein, Bergheim, St. Johann, Zell am See as well as in Bad Gastein and Bischofshofen. Establishment of ownership for 7 freehold flats is planned for the 2014/15 financial year. From May 2014 until today 27 flats have been successfully sold from the portfolio.
Activities of an asset manager
An asset manager’s range of activities is quite extensive and varied. I would like to identify the most important activities an asset manager is responsible for:
– Acts as owner
– Determines property strategy
– Budgets for maintenance
– Assesses densification potential (rooftop extension, addition)
– Develops, renovates and improves the property
– Sells flats from the portfolio
– Establishes ownership for freehold flats
– Optimises management costs
– Minimises vacancies and arrears
– Controls rents, vacancy rate and existing leases
– Increases rental income
– Specifies rental requirements
– Handles reporting
– Communicates with internal and external service providers
Interested in more information?
Are you interested in learning more about the specific areas of responsibility of an asset manager? Then stay tuned! I’m starting a blog series about the specific activities of an asset manager – you’ll gain precise insight and learn more about it.
