Real Estate Asset Management: On-site insights

A summary of panel insights shared by speakers at IMN's Real Estate Asset Management conference, hosted on October 6 in Dallas, TX.

Achieving Excellence Through the Asset Management Lifecycle

Successful asset management requires highly collaborative approaches between acquisitions and operations teams, with industry leaders emphasizing realistic underwriting assumptions and continuous feedback loops throughout the investment lifecycle. The industry has evolved from siloed operations to integrated structures where deal originators remain involved through disposition to ensure accountability. Staffing ratios vary significantly based on asset complexity and organizational size, with smaller firms requiring nimble, cross-functional approaches while larger institutions afford specialized roles. Technology adoption has emerged as a crucial efficiency driver, with firms leveraging AI-powered tools for meeting transcription, data analysis, and operational streamlining. Performance metrics focus has shifted toward vital KPIs like occupancy rates, weighted average rents, and distributable cash flow, with organizations emphasizing submarket competitive analysis and leasing velocity tracking.

Tenant Retention Strategy

Retention hinges on proactive communication and treating real estate as a customer service business, with industry data showing it costs five times more to replace a tenant than retain one. Asset-specific approaches vary significantly: office properties require best-in-class amenities and energy efficiency, multifamily assets benefit from community-building events and seasonal improvement timing, while retail properties demand strategic tenant mix curation. The discussion emphasized data-driven capital expenditure decisions, distinguishing between critical repairs and elective improvements that enhance NOI and property valuations. Technology and energy efficiency emerged as key differentiators, with HVAC optimization creating shared savings between landlords and tenants. Successful retention requires understanding tenant pain points, maintaining transparent communication, conducting regular property visits, and fostering long-term partnerships rather than transactional relationships.

Leveraging Resources

AI is currently most effective in data ingestion, processing, and automating repetitive tasks like invoice coding, lease generation, and quarterly reporting, with companies achieving 125% efficiency increases and 25% cost savings. Key challenges include accessing data locked in legacy systems like Yardi, ensuring data quality and standardization, and addressing people and process changes alongside technology implementation. While AI excels at discrete problem-solving, the industry is still in early innings, with future developments expected to enable AI as an orchestrator capable of planning, identifying problems, and executing solutions across entire portfolios. Successful implementation requires starting with clear goals, establishing data standards, and focusing on measurable ROI rather than adopting technology for its own sake.

Aligning Asset and Property Management

Communication emerged as the foundation of successful relationships, with panelists emphasizing regular biweekly calls, in-person property visits, and open dialogue about objectives and challenges. Budget ownership was extensively discussed, with consensus that while asset management ultimately owns the budget due to investor obligations, property management teams must have meaningful input and buy-in for successful execution. The panel highlighted the need for shared KPIs and common language, noting that asset and property managers often speak different languages, requiring technology solutions and clear communication to bridge gaps. Transparency and data access emerged as essential elements, with panelists advocating for real-time data sharing and comprehensive reporting systems. Successful partnerships require empathy, empowerment, and relationship-building, where asset managers understand operational challenges while property managers grasp broader business objectives and investor requirements.

Looking Ahead...

The real estate industry stands at an inflection point where integrated operations, AI-enhanced efficiency, and collaborative partnerships will define competitive advantage in an increasingly complex market environment. Success will depend on organizations' ability to seamlessly blend technology adoption with human-centered relationship management, creating unified teams that adapt quickly to market changes while maintaining focus on tenant satisfaction and investor returns. Firms that master the balance between operational excellence, strategic alignment, and technological innovation will emerge as leaders in delivering superior risk-adjusted returns.

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