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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 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


Agenda
Agenda Estate Investment-, Portfolio-, Asset-, Property and Facility Management

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


But this is changing rapidly problem definition
… but this is changing rapidly – Problem Definition Estate Investment-, Portfolio-, Asset-, Property and Facility Management

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


With Deconstruction of Activities, Estate Investment-, Portfolio-, Asset-, Property and Facility ManagementHow 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


Overall three perspectives have to be considered in real estate management
Overall, Three Perspectives Have to be Considered Estate Investment-, Portfolio-, Asset-, Property and Facility Managementin 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


Real Estate Location Estate Investment-, Portfolio-, Asset-, Property and Facility Management

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


Agenda1
Agenda Estate Investment-, Portfolio-, Asset-, Property and Facility Management

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


Life Cycle Estate Investment-, Portfolio-, Asset-, Property and Facility Management

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


Use-oriented REM Estate Investment-, Portfolio-, Asset-, Property and Facility Management

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


Agenda2
Agenda Estate Investment-, Portfolio-, Asset-, Property and Facility Management

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


Investment Decisions Estate Investment-, Portfolio-, Asset-, Property and Facility Management& 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


Result coherent definitions and tasks for each management level specified for each perspective
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


Clear definitions and scope of tasks lay foundation for further improvements take aways
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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