Pung and Read Housing Consultants, LLC

Housing Development, Asset and Portfolio Management, Property Analysis and Capital Needs Assessment Reviews

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Pung and Read Housing Consultants, LLC ® 

A Strong Property is Built on a Strong Foundation

An Owner/Developer (mentioned together here as often a developer retains some ownership in a property) begins with a vision and brings that to fruition by working with a Development Team. This team generally consists of syndicators, lenders, market analysts, title agents, asset and portfolio managers, architects, engineers and others. The development process is lengthy and it may take up to a couple of years before a property is ‘open for business’ and stabilized. Many of the team members flow in and out of the process on an as needed basis.  

Portfolio Managers work with an entire portfolio of assets, which may or may not all be of the same type. Their activities tend to deal with digging back into a projects original underwriting and communicating with third party professionals (syndicators, lenders, regulatory authorities, etc.) in regards to property re-syndication, re-financing or re-structuring, owner tax positions and exit strategies, phantom income, sale of general or limited partner interests, cash flow waterfalls, etc. Asset management and portfolio management responsibilities sometimes overlap.

Asset Managers are often a member of the development team, aiding in determining feasibility and preparing financing and regulatory applications or other documentation. They typically work with owners who have multiple properties, operated by one or more management companies. From a ‘bird’s eye view’ asset managers focus on fine tuning operational efficiencies, relieving the owner of time consuming administrative duties and maximizing project return on investment. They can become the Owners point person for property managers to ensure certain benchmarks are met and goals achieved. Asset managers generally focus on issues outside of the day-to-day operations such as meeting ownership goals, trending, capital needs assessment reviews, revenue generation, cash flow, audit, tax return and other financial reviews.

Property Manager involvement begins during the property building stage, to market and lease units ensuring full occupancy as quickly as possible. They are responsible for the day-to-day operations of the property, resident interaction, unit leasing, rent collection, staffing, regular maintenance, working with third party vendors, accounts payable, budgeting and reporting to regulatory authorities and ownership. Property Managers focus on ‘front line’ activities, to keep the property running efficiently and effectively.

With each of these professionals focused on their area of expertise, the owner is assured that their asset will perform as it was intended at underwriting. It takes a village of professionals to ensure that a property is well-developed financially, well-constructed physically and well-maintained over its life cycle.

Working from an Owner perspective to reduce redundancy, create operational efficiencies, and maximize ROI while maintaining asset value.

The time line from property conception to ownership exit can span several decades. Countless professionals with varying roles and responsibilities are involved in building and maintaining a strong property. It is important to understand their roles.