PICK YOUR PASSION
The distinction between portfolio and on-site management.
By Dean Jackson, CCAM-HR
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any moons ago, I started my career as a portfolio manager and then made the transition to the on-site world for nearly 15 years. Now, though I don’t manage accounts, I have the pleasure of working side by side with a team of some of the most talented and dedicated portfolio managers I know. There are many similarities, and there are some important distinctions between the two career paths. At heart, the mission of both positions is to maintain and enhance the association’s assets while striving to maintain and enhance the value of the homes within the community. Expertise necessary for either position includes knowledge of the laws governing HOAs, knowledge of insurance, financial statements, reserve studies, risk management, vendor and/or employee management, and familiarity with the components for which the association is responsible. This foundational knowledge is generally imparted early in a manager’s career through industry specific education such as CACM’s
Basics of Community Management (BAM) courses. Then experience and education, opportunities, and objectives make every manager’s career journey different and distinctive.
These managers tend to thrive under pressure and are experts at multitasking. There is very little down-time in this position, something or someone vying for the manager’s attention, frequent meetings, and frequent fires to put out.
I’ve met portfolio managers who aspire to an on-site career, and others who wouldn’t touch it with a ten-foot pole. I’ve met general managers who thrive in that environment, and others who found that it wasn’t for them. So, let’s explore what sets these two career paths apart from each other. Please forgive any sweeping generalizations.
Most of the portfolio managers that I work with, regardless of their stress level, are calm, collected, and have a healthy sense of humor. It can be a thankless job, and they have a knack for letting things roll off their backs and moving on to the next task.
PORTFOLIO MANAGERS, JACK OF ALL TRADES
Since the manager’s presence at a community is not expected daily, portfolio management works much better as a remote position than does an on-site position. The nature of the job requires a macro-focus, and while attention to detail is important, drilling down to the minute details is not always possible.
I wrote an In the Boardroom article a while back which was designed to introduce boards of directors to a day in the life of a portfolio manager. To grasp the extent of what they do on a daily basis, I find it helpful to think of someone juggling chainsaws whilst putting out a dumpster fire and grooming a dog (without injuring it).
There is only so much time a portfolio manager can spend on any one client. Unfortunately, some boards of directors have trouble understanding this fact and demand far more attention than their manager has time for (if the time was billed hourly it can easily exceed the monthly contract rate.) Continues on page 52
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