Based in Frankfurt, Dominik Schäffer manages the German portfolio of P3. He loves that as an asset manager he can directly influence the quality and thus the satisfaction of the tenants. He isn’t afraid even of the biggest and most challenging tasks. Because it is only outside of your comfort zone that you can grow both as a human and professional.
Why is your function so important for the business?
The Asset Manager is the central link between all internal departments (e.g. Construction, Development, Finance, Corporate) and external service providers (e.g. Property Manager and Facility Manager), all working together daily to ensure the satisfaction of our tenants. The asset manager acts as an interface and intermediary in this respect. He is the real estate expert who must be able to quickly assess a property, including strengths, weaknesses, opportunities and risks, and from this create a business strategy that takes into account the needs of the property and the tenants. Therefore, asset managers work strategically and steer the properties in the desired direction to improve their performance. As part of our business plans, we also think long-term, as our strategy is to remain invested in the assets for decades.
“Close contact with my tenants is very important to me and helps overcome all kinds of challenges.”
What was your biggest career challenge so far and how did you overcome it?
The biggest challenge has always been to improve the performance of poorly performing assets. To do this, it was necessary to take a close look at the assets, because the reasons were very different in each case. That ranged from a high vacancy rate, poor quality of the rental space and unrepresentative appearance, lack of marketing profile, old rental contracts with outdated regulations to a maintenance backlog.
Another particular challenge which I love about the real estate industry is the immobility of the properties. Precisely because I cannot change the location, I need to use other influencing factors to improve their performance. Furthermore, a close contact with my tenants is very important to me and helps overcome all kinds of challenges.
“With the acquisition and integration of the Maximus portfolio in the beginning of 2020, we have doubled the number of assets in Germany from one day to the next and continue to pursue our expansion course.”
What are you most proud of regarding your work at P3?
At P3, I was able to take over extensive responsibility for the P3 portfolio Germany very quickly. With the acquisition and integration of the Maximus portfolio in the beginning of 2020, we have doubled the number of assets in Germany from one day to the next and continue to pursue our expansion course.
But what I cherish the most at P3 is the German teamwork. The atmosphere is very pleasant and friendly, even on the highest management level. Together we make sure that we achieve the ambitious company goals. To this end, we regularly seek personnel reinforcement in all departments to continue our growth strategy.
What do you like to do outside of work?
As a balance to work, I like to do sports in the evening. I used to play football, tennis and badminton a lot. Since my studies I have been going to the gym regularly to do strength and endurance workouts. I also find it important to spend time with family and friends during weekends.