Property management and asset management are two different professions. Property management concentrates on the day-to-day operations of a property.  People who work at specific properties are typically fulfilling property management responsibilities.  A property manager maintains the value of a property.  Property management includes, but is not limited to: Maintenance of the property and facilities Renting dwellings, sites, rooms, etc. Collecting rent and other charges Working with staff and contractors Dealing with resident, tenant and guest issues Enforcing rules, regulations, covenants, guidelines Risk management Asset management is centered on financial matters; maximizing the return on investment and value of property.  They are adept at streamlining operations and re positioning a property to reduce costs and increase income. Asset managers understand real estate as an investment.  Asset management includes tasks such as: Prepare long term financial forecasts and perform cash flow analysis and compute internal rate of return in order to determine a property’s financial performance. Perform due diligence for acquisition or disposition of property and provide recommendations. Determine value of a property and what can be done to increase the value. Find and work with lenders. Negotiate on behalf of the owner Market an asset to increase revenue. There are asset managers who are very involved at the property level, but there are also some who are not.  Much depends on the company environment in which they work. Most real estate managers are either a property manager or they are an asset manager. The best real estate managers know how to perform both jobs. Very seldom will you find a property manager who has made the transition to asset management.  But if you want one person who does both, they are out there if you look hard enough – this lecture will teach you how to have the basic concepts of being a property manager and asset manger.