A hierarchy for property management roles: Reviewing the development of specialist property management functions

Abstract

Recently there has been a proliferation of titles attached to property management positions such as "Facilities Manager", "Asset Manager", "Venture Manager", "Equity Manager", "Corporate Real Estate Asset Manager" and "Executive Property Manager". This has led to confusion amongst the property profession and the general public regarding the typical functions and responsibilities of each position. This paper proposes a hierarchy of roles and consistent application of titles to these roles to clarify the situation. The hierarchy is based upon a review of the current literature and the authors interviews with property managers in New Zealand and the USA. Differentiation between the five identified sub-sectors of the broader property management role is based upon the types of decisions made and titles are attached reflecting the focus of each role. The roles are then placed in a hierarchy reflecting the significance and frequency of the decisions made as well as the availability of data to support the decision-making process.