What is the primary duty of an asset manager?

The primary duty of an asset manager is to understand and achieve owner objectives. This role encompasses a comprehensive understanding of the owner's goals, whether they pertain to financial performance, property appreciation, tenant satisfaction, or operational efficiency. An asset manager aligns the management and operational strategies of a property with these goals, ensuring that all decisions made—ranging from capital improvements to leasing strategies—support the overarching objectives set by the property owner.

While completing audits, developing tenant relationships, and overseeing day-to-day operations are important responsibilities within property management, they serve more as functions that support the broader task of achieving the owner's objectives. The asset manager must prioritize these goals to maximize the value and performance of the asset over time, facilitating informed decision-making that aligns with the strategic plan established by the owner.