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Why each upturn results in Property Managers craving the bright lights of Asset Management, and the problems it causes.
The booming property market is driving investment in, buildings up and Property Managers forward - towards the siren call of Asset Management.
“This is my third experience of a property recovery, and just like mating follows Spring, every Property Manager thinks it’s time to follow the rainbow and look for Asset Management ‘gold’ (Senior Director, Manchester)
Now what’s also amusing, is that along with PMs answering some mystical call for a career move to Asset Management, there’s confusion about what the role actually is.
So, let’s get this straight, Asset Management is a different role to Property Management. Just sticking Asset into your Property Management job title doesn’t make you an asset manager.
Of course, it’s healthy to have ambitions, and we want to help you develop your career. But just because the market is doing well, doesn't mean the likes of British Land can afford to risk throwing these precious roles around like confetti at a wedding. Instead, you need a credible and relevant story running through your CV.
With the upturn now in full swing, there are some great roles available to Property Managers. Many of which are with property consultancies. Some of these firms have made real progress with their career offerings, and now include attractive career development opportunities.
At Oyster, we’ve been impressed with the resurgence of privately owned consultancies. Especially those consultancies that are managing high profile portfolios through sophisticated full service teams.
And for those of you who’d like to move into Asset Management, gaining valuable experience within a consultancy’s full service team is one of the best routes. The role will give you not just the skills but also the crucial client exposure; a chance to shine with clients who could be your next employer.
The sector is struggling to find enough qualified professionals as it is, so we need to accommodate Surveyor’s ambitions, and ensure the UK’s property is well managed.
"Many larger firms also use the term ‘asset management’ to attract candidates when really, they are property management roles" (Senior Partner, London)
Too many PMs have had their expectations raised by the property boom, and as a result, feel they can take a short cut in their career to the top. This desire to join the, supposed, fee-earning elite within GP is distorting the market, and a dose of patience and pragmatism is needed. Surely traits of a good surveyor?
Remember, some of the most successful General Practice surveyors all began with solid years in Property Management.
So, if you are thinking of your future, don’t rule out property consultancies without at least talking to them over a coffee – this will help you gather the information you need to make the right career choices. And as a surveyor, you'll be jolly good at that.
At Oyster, we'll give you honest, straight advice about the roles and companies that will build your career.
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