1. What is the objective of Asset Management re real estate? How does a Real Estate Asset Manager responsibility differ from other asset managers? Define the Asset Manager and Property Manager relationship. Explain the Asset Manager and Owner/Investor collaboration.
2. What is the value cycle? Where do the cycles interact? Explain the real estate demand drivers and the demand driver linkage. What should an Asset Manager do during changing markets?
3. Explain risk management and the process used in creating a portfolio? How can an Asset Manager apply risk in an existing real estate portfolio? Why didn’t institutional investors allocate a significant portion of their portfolio (to real estate) prior to the mid-1980s?
4. How do major investors impact a real estate market? Match the following investor types with their investment strategy and risk profile. What should an Asset Manager know about The Employment Retirement Income Security Act of 1974 (ERISA)? • Hedge Fund • Pension Fund • High Net Individual• Foreign Investor • Insurance Company • Open Fund • Closed Fund
5. What are the characteristics of core and non-core properties? Why do non-core properties have amplified cycles? Why is future appreciation (and not current cash flow) an element of non-core real estate?
6. Define the objectives of a Management Plan and Operating Budget. How should an Asset Manager utilize the Plan and Operating Budget to manage and monitor deferred maintenance? How should an Asset Manager analyze and budget capital needs? 7. What are Key Performance Indicators/KPIs? What is the essential component of KPIs? What metrics should apply to an Asset Manager? What metrics/Key Performance Indicator’s (KPIs) should apply to a Property Manager? 8. When should an Asset Manager consider asset re-positioning? What are the key elements and steps to develop a reposition strategy for an existing underperforming property? What is the primary goal of asset re-positioning? Why is it critical that re-positioning plans contain and maintain a concise timeframe?