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Nomenclature, Scope of Service, and Interfaces of Real Estate Investment-, Portfolio-, Asset-, Property and Facility Man

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

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Nomenclature, Scope of Service, and Interfaces of Real Estate Investment-, Portfolio-, Asset-, Property and Facility Man

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  1. 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, 24.06.2010

  2. 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 © Annette Kämpf-Dern, Prof. Dr. Andreas Pfnür: ERES 2010

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

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

  5. Overall, Three Perspectives Have to be Considered in Real Estate Management … … which guide level-spanning management concepts Return-oriented Perspective Use-oriented Perspective e.g.Institutional-InvestmentReal Estate Management e.g.Public / Corporate Real Estate Management RealEstateManagement RealEstateManagement Technological Perspective e.g. Project Management,Construction Management © Annette Kämpf-Dern, Prof. Dr. Andreas Pfnür: ERES 2010

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

  7. 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 © Annette Kämpf-Dern, Prof. Dr. Andreas Pfnür: ERES 2010

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

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

  10. 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 © Annette Kämpf-Dern, Prof. Dr. Andreas Pfnür: ERES 2010

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

  12. Result: Coherent Definitions and Tasks for Each Management Level Specified for Each Perspective REAMis supposed • to accomplish or beat targetsset for one or several objects and • to identify potential to increasereturn for investors or users. REAM • develops strategies for real estateobjects and organizes & controls implementation; • deals with existing as well as with prospectiveobjects. Ziel ist das Erreichenoder Übertreffen der vom REPM oder REIM vorgegebenen Ziele/Beiträge für ein oder mehrere Objekte sowie die Identifikation von diesbezüglichen Wert- oderNutzungssteigerungs-potenzialen. Real Estate Asset-management (REAM) is thestrategic management of real estate objects. REAM strives to achieve the goals of a return-orientedinvestor 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. 22-26 © Annette Kämpf-Dern, Prof. Dr. Andreas Pfnür: ERES 2010

  13. Clear Definitions and Scope of Tasks Lay Foundation for Further ImprovementsTake-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! © Annette Kämpf-Dern, Prof. Dr. Andreas Pfnür: ERES 2010

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