Manage Your Asset
What is Asset Management?
Asset Management is the strategic management of physical assets during their life in the organization.Physical assets have a life: they are planned and created, used, managed and maintained, and when no longer required, prepared for disposal. Do you own property and need help with asset management? The Women’s Institute can provide you with assistance in any of the areas below:
Do you know the per unit monthly actual cost of operating the building? Does the income cover those costs? How are the units subsidized and when do those subsidies expire? Has there been a change in vacancy rate over the past several years?
Property Management Plan
Is the property self-managed or is a property management company hired? Is there a property management plan? What reports are generated by the property manager? Is there an emergency plan?
Internal Staffing and Decision Making
Does your agency have asset management performance standards?
Does anyone have the role of asset management in their job description? Who oversees the property manager? Who determines how to spend or invest cash flow, if any?
Capital Needs Review
What capital repairs have been made? What specific upgrades are needed? Is there money in the reserve accounts for improvements or do you need to identify sources of funding for any major repairs and improvements?
Compliance and Documents Review
Do you know the covenants in your loan documents and contracts that need to be monitored? Have you had a financial work out or refinanced?
How can the Women’s Institute help you with asset management for your properties?
- Review the operating budget for your properties to determine the opportunities to increase income or decrease expenses.
- Create a schedule for compliance.
- Coordinate the creation of 20-year capital needs plan and replacement reserves draw schedule based on this plan.
- Assist with developing financial reporting systems.
- Create an Asset Overview Book, a comprehensive document that includes details such as a property details, terms and conditions of financing, reporting and regulatory requirements, and partnership and organization requirements.
- Identify a suitable property management strategy.
- Devise property management and asset management plans with assistance from the property management agent.