The step from studying engineering to becoming an asset manager was an exciting journey towards a career that combines technical know-how with financial and management skills. I took the first step towards business administration and finance by starting my part-time Bachelor of Arts at Frankfurt School. Along the way, I experienced the importance of mentoring and learned to appreciate this method.
The path from engineering to finance is rather atypical. However, this thought had already occurred to me while I was studying architecture – because it never really fulfilled me. Once I had my degree, it was clear to me that a master’s degree in architecture was not an option. Thus, I decided that an obvious idea for architecture would logically be “real estate”.
The plan was to do a few internships in the commercial real estate sector and then embark on a dual course of study in real estate management. However, as we all know, things usually turn out differently than planned – and that was also the case for me. During my first internship, I was offered a full-time job after a short time. My security-conscious future planning prevailed a little and I spontaneously had a signed contract for a full-time job as a construction and project manager in front of me. The problem with that? Dual study with a full-time job doesn’t work.
I had already applied for my studies at Frankfurt School before the internship but didn’t have a full-time job lined up. Then the day came when my part-time studies began (if you want to get a little insight into my student life, you’re welcome to check out my other blog articles).
Even though I enjoyed the technical job, my goal was always to work in asset management. I was always attracted by the fact that you can work both technically and commercially – perfect if you have completed a technical degree and a second bachelor’s degree in business administration and are interested in both areas.
And suddenly I got a call from a headhunter: “Hey Leonie, what are you thinking – asset management for a Blackstone fund?”. An absolute once-in-a-lifetime opportunity, only after less than a year and a half of professional experience. Many phone calls followed, two interviews and a job offer for my desired field of work – asset management in the real estate sector.
“It depends” is probably the best way to put it. I’ve often heard statements like “You fill out Excel spreadsheets all day” – but that’s certainly not my daily routine (lucky me!). Even “she looks after houses” is not the typical job description of an asset manager in the real estate industry.
It is probably important to mention here that asset management is defined differently from company to company. Also, there are companies with purely technical or exclusively commercial asset managers.
My tasks include the comprehensive (technical and commercial) management of assets including their budgeting, the implementation of measures in the areas of OPEX (Operating Expenditures), CAPEX (Capital Expenditures), digitization and ESG different risk classes for the maintenance and optimization of assets or the implementation of GRESB assessments.
I also take care of cost controlling and reporting, hold construction and rental contract negotiations, take care of the marketing and letting of assets and the tenant management in the portfolio. Monitoring property and facility management and their processes, as well as supporting acquisition and sales processes, are also part of my job.
It is also important and helpful to always be close to the market and not only to build up your own network, but also to actively maintain it. I like to take advantage of industry events such as conferences, after-work events and mentoring programmes, which are not only very enriching in terms of maintaining contacts…
For me, mentoring is an all-round enriching method, because in our fast-paced professional world, it is crucial to make conscious and targeted decisions regarding one’s own (professional) future.
This process requires not only personal development, but also the development of leadership skills to sustainably advance one’s own career. The development of strategic thinking and conscious action plays a central role for me in successfully achieving long-term goals. Another key aspect is the expansion of professional and personal networks in order to exchange ideas and benefit from a wide range of experiences and perspectives.
Mentoring programmes engage the personal dialogue with interesting characters from the industry, and help to gain exciting insights and views “outside the box”. For example, the mentor’s advantage in terms of experience can lead to valuable knowledge transfer and an honest, open exchange on topics such as career development, (meaningful) further training or best practices. Especially in difficult situations, it is important to know how to act confidently and confidently to successfully overcome challenges.
I have met wonderful people through mentoring, some of whom have accompanied me on my path to this day and I am very grateful for that. Therefore, I would recommend participating in a mentoring program (e.g. FS Mentoring Programme) or working with a mentor if you have the opportunity.
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