Nomenclature, Scope of Service, and Interfaces of Real Estate Investment-, Portfolio-, Asset-, Property and Facility Management based on the “Basic Concept.

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Presentation transcript:

Nomenclature, Scope of Service, and Interfaces of Real Estate Investment-, Portfolio-, Asset-, Property and Facility Management based on the “Basic Concept of Real Estate Management” Dr. Annette Kämpf-Dern, University of Applied Sciences Aschaffenburg Prof. Dr. Andreas Pfnür, Technical University Darmstadt ERES 2010 Thursday,

Seite 1© Annette Kämpf-Dern, Prof. Dr. Andreas Pfnür: ERES 2010 Agenda Real Estate Management – The Basic Concept Structures REM Management Levels and Perspectives – Nomenclature and Concepts Investment-, Portfolio-, Asset-, Property- and Real Estate Facilitymanagement – Scope of Services and Interfaces

Seite 2© Annette Kämpf-Dern, Prof. Dr. Andreas Pfnür: ERES 2010 Agents, Consultants, Appraisers, Banks, Building Companies, … Technical/infra- structural service companies, Accountants, Agents/Broker, Marketing Agencies, … Agents, Consultants, Appraisers, Demolition Companies, … Owners/ Users … but this is changing rapidly – Problem Definition Needs determination, Due Diligence, Financing, Acquisition, Project Development, (Re)Construction Operation, Maintenance, Letting, Refurbishment, Modernization Sales, Recycling, Redevelopment Execution of Real Estate Lifecycle Tasks has Long Been Done by Owners/Users Themselves …

Seite 3© Annette Kämpf-Dern, Prof. Dr. Andreas Pfnür: ERES 2010 Property- & Real Estate Facility Management (Operative Object Management) Project Development & Real Estate Asset Management (Strategic Object Management) Real Estate Portfolio Management Investment Management With Deconstruction of Activities, How are They Going to Be Managed Optimally? Change of Management Levels in the Real Estate Business Real Estate Management (REM)  Planning/Developing,  Organising,  Steering/Coordinating, and  Controlling Real Estate Activities Strategic REM Real Estate Activities (Core Processes) RecoveryUsage/Operation Conception/ Supply Object Management Investment- & Portfolio Management Operative REM Specialization and Deconstruction of Activities Results in Higher Needs and Specialization of Management

Seite 4© Annette Kämpf-Dern, Prof. Dr. Andreas Pfnür: ERES 2010 Overall, Three Perspectives Have to be Considered in Real Estate Management … e.g. Project Management, Construction Management e.g. Institutional- Investment Real Estate Management Real Estate Management e.g. Public / Corporate Real Estate Management … which guide level-spanning management concepts Real Estate Management

Seite 5© Annette Kämpf-Dern, Prof. Dr. Andreas Pfnür: ERES 2010 Basic Concept of REM with 3 core and 2 situational dimensions Real Estate Life Cycle Conception/ Supply Usage/ Operations Recovery Corporate/ Investment Level Portfolio Level Object Level Management Levels Technological Return-oriented Use-oriented Perspectives Source: Kämpf-Dern/Pfnür (2009), S. 14 Planning Orga- nisation Steering Control- ling Real Estate Location Real Estate Segment/Type Integrative View is Demonstrated Best by a Cube That is Apportionable as Necessary

Seite 6© Annette Kämpf-Dern, Prof. Dr. Andreas Pfnür: ERES 2010 Agenda Real Estate Management – The Basic Concept Structures REM Management Levels and Perspectives – Nomenclature and Concepts Investment-, Portfolio-, Asset-, Property- and Real Estate Facilitymanagement – Scope of Services and Interfaces

Seite 7© Annette Kämpf-Dern, Prof. Dr. Andreas Pfnür: ERES 2010 Life Cycle Perspectives Management Levels Individual, Situational Configurations Impede Universally Valid Definitions, but … … within blurred borders consistent statements can be made Real Estate Perspective Real Estate Management (REM) Return-oriented REM Use-oriented REM Investment/ Corporate Level Portfolio Level Object Level Real Estate Services (RES) Real Estate Asset Management (REAM) = Strategic Object Management Operative Object Management (OOM) Real Estate Investment Management (REIM) Investment decisions focusing on aspects of risk-return-liquidity relevance for production/service providing Property Management (PrM) Investment-Orientation (Operative) Real Estate Facility Management (REFM) Usage-Orientation Real Estate Portfolio Management (REPM) Structuring the portfolio to optimize risk-return-liquidity production/service providing Target-oriented coordination and value-management Source: Kämpf-Dern (2009), S. 17

Seite 8© Annette Kämpf-Dern, Prof. Dr. Andreas Pfnür: ERES 2010 Real Estate Perspective Real Estate Management (REM) Return-oriented REM Use-oriented REM Corporate Real Estate Management (CREM) Public Real Estate Management (PREM) Private Real Estate Management REAM/ SOM OOM PrM REFM REPM RES REIM Investment/ Corporate Level Portfolio Level Object Level.... Non-Profit-/Non-Governmental Organizations Real Estate Management Real Estate Investment Management (REIM) Target-oriented coordination and value-management „IIREM“ and „CREM“ Currently are the Predominant Management Concepts More and more others are developing – orientation needed Institutional Investment REM (IIREM)

Seite 9© Annette Kämpf-Dern, Prof. Dr. Andreas Pfnür: ERES 2010 Agenda Real Estate Management – The Basic Concept Structures REM Management Levels and Perspectives – Nomenclature and Concepts Investment-, Portfolio-, Asset-, Property- and Real Estate Facilitymanagement – Scope of Services and Interfaces

Seite 10© Annette Kämpf-Dern, Prof. Dr. Andreas Pfnür: ERES 2010 On Each Management Level: Managing Lower Level, Advising Upper Level, Decisions & Controlling Scope of tasks on each management level Real Estate Perspective Return-oriented REM/Use-oriented REM REAM/ SOM OOM REPM RES REIM Target-oriented coordination and value-management Rechnungswesen und Reporting Investment Planning & Portfolio Target Setting Investment Decisions & Controlling Service Providers Investment Results Controlling Portfolio Planning & Object Target Setting Portfolio Decisions & Controlling Service Providers Portfolio Results Controlling Advising REIM & Organizing Implementation Measures/Action Decision & Controlling Service Providers Action Planning Action Results Controlling Advising REAM & Organizing Implementation Object Planning & Measures Targets Object Decisions & Controlling Service Providers Object Results Controlling Advising REPM & Organizing Implementation Accounting & Reporting Concept/ Supply & Recovery Operations Investment/ Corporate Level Portfolio Level Object Level Clarity on scope of tasks and responsibility essential for coordination and success

Seite 11© Annette Kämpf-Dern, Prof. Dr. Andreas Pfnür: ERES 2010 Ziel ist das Erreichen oder Übertreffen der vom REPM oder REIM vorgegebenen Ziele/ Beiträge für ein oder mehrere Objekte sowie die Identifikation von diesbezüglichen Wert- oder Nutzungssteigerungs- potenzialen. Result: Coherent Definitions and Tasks for Each Management Level Specified for Each Perspective Real Estate Asset- management (REAM) is the strategic management of real estate objects. REAM strives to achieve the goals of a return-oriented investor or a user during the life cycle phase of usage/operation and at the interfaces to conception/ supply, respectively recovery. Source: Kämpf-Dern (2009), S REAM is supposed  to accomplish or beat targets set for one or several objects and  to identify potential to increase return for investors or users. REAM  develops strategies for real estate objects and organizes & controls implementation;  deals with existing as well as with prospective objects.

Seite 12© Annette Kämpf-Dern, Prof. Dr. Andreas Pfnür: ERES 2010 Clear Definitions and Scope of Tasks Lay Foundation for Further Improvements Take-Aways Higher expectations from investors and users and a complex, globalizing world  deconstruction and specialization of real estate core activities as well as real estate management tasks. Nevertheless, need for an integrative view  symbolized as a cube consisting of smaller management cubes, each with dimensions of life cycle phases, management levels and perspectives. But Deconstruction leads to  more and more interfaces arise between these cubes, not only between jobs or departments, but even between companies. Clarity about the nomenclature and the tasks of REM is  major preliminary for organization and coordination of interfaces. Organization and coordination of interfaces  Questions of controlling, job design, personnel development, corporate culture,  Solutions are crucial for reaching the targets connected to real estate activities. A lot of interesting research questions wait to be answered!