If you’ve been around here for a while, you may have heard us use the term “Asset Management” or say the phrase “We like to consider ourselves Asset Managers rather than Property Managers.” But what does this all mean? Let’s talk about it!

What is Property Management?

Property Management is the management, maintenance, operation, and oversight of a property whether it be commercial, land, residential, retail, or industrial real estate. The process works to preserve the value of the property, saving the investor hassles and time and is typically transactional and reactionary.

*Note: Real Property Management Professionals specializes in single-family residential property management

What is Asset Management?

Asset Management uses actionable results-driven data, rental analysis, and expertise to maximize your asset and portfolio; goal and visionary driven.

Okay, what does that mean? Think of an Asset Manager like a Financial Advisor. A financial advisor works with clients to provide guidance, management, and advice that helps to maximize their financial portfolio. The client’s goals are achieved through a combination of financial strategies, personalized planning, and up-to-date market knowledge. The advisor-client relationship is successful once trust and a healthy, open line of communication have been established. Asset Management is similar but utilizes a combination of property management and advising to maximize an investor’s real estate portfolio. For example, we’ll place premium quality tenants in your property and handle maintenance issues, but we will also study local and national rental analysis and trends to inform you when your property equity may have increased leading to an opportunity to refinance and obtain cash at closing. As a result, investors have the option to repeat the process through the BRRRR method and maximize their portfolio to achieve their real estate and financial goals.

Chris Turcotte, President of Real Property Management Canada, talks about Asset Management

Patrick Francey and JG Francouer from the Real Estate Investment Network of Canada interviewed Chris Turcotte, President of Real Property Management Canada, about the topic of Asset Management. Learn more about it here:

Conclusion

Asset Management is a new way of viewing Property Management. It can be a difficult concept to fully grasp, understand, and take advantage of, but we are here to guide you through the process. Plus, who doesn’t love free advice and a long-lasting partnership that will inevitably maximize your investment and overall portfolio.