Establishes and implements the strategy of the project with the approval of the owner. The asset manager thus establishes the goals of the property manager and supervises its work. It delegates supervision of facilities management to the property manager. The property strategy includes developing a clear position of the project in the market, which is implemented through a variety of tools including property brand guidelines, tenant profiles, pricing policy and project amenities, etc. The strategy may involve capital repairs and improvements, expansion, reconstruction or re-positioning of the project. If the approved strategy includes any of the above, the asset manager will select, hire and supervise any required specialist companies, including architects, construction management, marketing, etc. It works in coordination with the property manager, keeping in mind the latter’s responsibilities regarding ongoing management of the property in general and work with tenants in particular.
See also: Property Management