How do the roles differ between an asset manager and a property manager?
As an asset manager, NAS is responsible for:
- Developing strategy and providing necessary resources to achieve long term growth.
- Supervision of the property’s operations and marketing plan implementation.
- Staying on top of national and local economic conditions and identifying problems and opportunities that lead to proactive strategy shifts.
- Developing procedures, processes and reports that create accountability.
- Lender communications, including financial workouts and loan modifications when needed.
- Ensuring accurate and timely communication with property ownership.
- Asset Managers act on behalf of property owners so that owners can take a more passive role in property ownership.
A property manager is responsible for daily onsite maintenance and operations, tenant relations, community relations and marketing.
How does National Asset Services differ from other asset management firms?
NAS is focused solely on real estate with solutions directed by some of the most experienced and innovative professionals in the industry. While most asset managers focus on asset preservation while letting market forces dictate property value, NAS identifies local market opportunities and develops a strategic plan to create value. By offering customized solutions and personalized attention to address the unique needs of each property, backed up by our extensive corporate resources, we create the optimal environment for success.
NAS is a nationwide company that has developed relationships with many service providers across the country including, tax appeal consultants and management, brokerage and insurance companies. Because of these relationships and the economies of scale that are realized, we are able to create savings in operating expenses for most properties.
Can distressed properties that are highly leveraged and burdened by poor economic performance be saved?
NAS specializes in turning around underperforming properties that are facing significant losses. The key is often building back a strong “trailing twelve month” historical financial performance. Even when an improved trailing 12 is not feasible, NAS has strategies and contacts to recapitalize most real estate deals.
Proactive and aggressive measures by our experienced team to increase revenue and minimize expense while maintaining positive branding of your asset, when combined with expert execution of an IRS approved reorganization strategy can result in new refinancing with no taxable consequences to the co-owners. This strategy has been successfully implemented within the NAS portfolio.
What makes NAS better at identifying potential problems and opportunities than other asset managers?
Many properties across the United States are underperforming and not meeting the needs of their surrounding communities. Our experience has taught us that this failure is often the result of changing demographics, evolving consumer preferences or poor project planning and execution, not to mention national economic metrics and trending.
Our approach is to mitigate challenges by leveraging our vast depth of national resources, allowing us to select the best property managers, brokers, tax consultants, loan specialists and legal teams to service and support the needs of each property.
How are NAS asset managers assigned responsibility for asset management of a property?
NAS delivers a team of seasoned professionals with a wealth of experience in managing, leasing and marketing a wide range of assets. Our asset managers are assigned responsibility for a project based on their experience and expertise with specific property types and market locations. While primary responsibility for an asset lies with an assigned manager, no one at NAS works in a vacuum. We leverage our in-house expertise by applying our collective breadth of knowledge and depth of talent to each and every property.
Will the assigned NAS asset manager really have time to focus on our property?
We have found that our proactive approach to increasing a property’s value not only produces results, but it is a smart way to efficiently manage an asset. Our methodical and systematic process allows our professionals to identify opportunistic situations and areas of concern long before they become real problems.
How well does NAS communicate with a property owner?
NAS recognizes that proactive management begins with transparent, real-time communication. Transparency promotes and better enables a property owner to be more actively involved during the hold period on their asset. Meetings are conducted on a regular basis with the onsite manager, the leasing team and district/regional manager for greater accountability.
Reporting to owners is done, at minimum, on a quarterly basis with operational information, financial updates, and loan data. On a monthly basis property financial reports are uploaded to our OnDemand owner portal for clients to access 24/7.
How does NAS ensure that disseminated information addresses the needs and concerns of ownership and is being utilized to make informed decisions?
Professional experience, plus real-time and proactive communication are key to investor relations. We are constantly reviewing the quality of our communication to adjust and improve upon the quality of our reporting practices.
How does NAS keep on top of the ever changing real estate climate?
Staying on top of the real estate market on both a national and local market level is critical to developing and implementing effective long term strategy. We are actively involved with some of the nation’s top focus groups, industry trade associations and think tanks. On a local market and sub-market level, we are in constant communication and engage in frequent strategy sessions with property management and local expert resources.
What would be good examples of how NAS has added value?
Specific examples of how NAS has added value to a property are outlined in case studies that are featured on nasassets.com, including:
Does NAS have experience in turning around distressed properties that are highly leveraged and/or burdened by poor economic performance effective with positive results?
NAS specializes in turning around underperforming properties that are facing significant losses. The key is often building back a strong “trailing twelve months” historical financial performance. Even when an improved trailing 12 is not feasible, NAS has strategies and contacts to recapitalize most real estate deals.
Proactive and aggressive measures by our experienced team to increase revenue and minimize expense while maintaining positive branding of your asset, when combined with expert execution of an IRS approved reorganization strategy can result in new refinancing with no taxable consequences to the owners. This strategy has been successfully implemented within the NAS portfolio, and our experience is not limited to any asset type or class.