Role: SVP of Multifamily Operations
Reports to: SEVP, Chief Operating Officer – Operating Assets
Direct Reports: AVP, Residential Operations
Interdependencies: PropTech/Urban Living; Investment Management Group; Development &Construction; Marketing; Security; Engineering; Property Accounting
Our Client is a New York-based, 500+ person, vertically integrated real estate operating and development company with expertise in a wide array of value creation activities, including ground up real estate development, uncovering value in underperforming properties, repurposing well-located iconic properties, incorporating cutting edge real estate technologies and value added lending. The platform manages 74 commercial real estate properties and investments with an aggregate gross asset value of approximately $20.8 billion, comprising approximately 26.5 million square feet of commercial properties, a multi-family residential portfolio of approximately 4,200 units under operation or development, and control of development rights for an additional approximately 2,900 multi-family and for sale units in the New York Metropolitan area as of March 31, 2021.
The SVP of Multifamily Operations (“SVP”) is responsible for all operational and leasing aspects of our Client’s Multifamily Communities, as well as providing instrumental operational and design recommendations to the active multifamily development portfolio. The SVP oversees all operational aspects of the multi-family portfolio and takes the lead on multifamily management strategic initiatives. Specifically, the SVP oversees leasing, maintenance, asset preservation, capital improvements, training, integration of new product into the portfolio, and will focus on increasing operating income, preserving the assets, and positioning the Company’s operations for growth. The SVP serves as an influential stakeholder on evaluating concepts, content, and proposed product to ensure all operational and asset-impact considerations are vetted.
Primary Duties and Responsibilities:
- Hire, lead, coach, develop, and manage property management operation teams powered by third-party management companies.
- Routine vetting of practices to ensure best teams on the properties.
- Routinely evaluate management agreements and service growth to determine areas of cost savings, economies of scale, or service enhancement
- Cultivate leadership and ethical values through building a coaching, and training curriculum to the management teams.
- Establish and manage best-in-class operating procedures and ensure consistency among regions and communities in both leasing and service.
- Serve as an Ambassador of our Client by being an active participant in multi-Family organizations, associations, and other events.
Operations & Leasing
- Provide effective and inspiring leadership by being actively involved in multifamily portfolio growth, champion new initiatives, and serve as an expert spokesperson on our Client’s multifamily practices.
- Responsible for ensuring properties are well kept, physical assets are preserved, capital improvements are completed, and residents are served effectively, efficiently, and timely.
- Create and optimize reporting, market updates and processes so that portfolio operations are efficient and positioned for growth.
- Serve as market and asset-class expert to Investment Management Group, supporting underwriting and forecast assumption.
- Lead the annual operational budgets and capital improvement budgets in collaboration with the Operations, Marketing, Development/Construction services, and Digital Lab/Urban Living.
- Manage effectively within budget, and report on variances, progress made, and challenges encountered.
- Oversee overall property and portfolio revenue management to ensure rental rates are optimized, factoring in Brand Premiums and ancillary revenues tied to services and inventions from the Digital Lab.
- Identify necessary capital improvements to preserve assets (preventative maintenance) and to enhance an asset/repositioning and work with Capital Improvements team through completion.
- Manage legal and insurance issues and flag concerns to relevant executive stakeholders in a timely manner.
- Establish security protocols and maintain proactive dialogue with onsite teas and our Client’s corporate security.
- Serve as expert on Equal/Fair Housing, Affordable Housing and other legal/compliance mandates driving both community and project-specific economic benefits.
- Manage affordable and workforce housing lease up and compliance.
- Manage and cultivate existing key relationships with suppliers, contractors, investors, lenders, and other strategic partners.
- Review and recommend changes to the portfolio operations and/or structure to increase the efficiency, effectiveness, and profitability of the function.
DevelopmentProvide operational and design expertise/influence on all new residential development projects. Specifically:
- Identify areas of more operational efficiency.
- Provide guidance on; procurement standards to maximize value of in-unit experience; unit mix and pricing parameters; highest-and-best use determinations for parking, waste-management, retail back-of-house needs.
- Proactively participate in interior design decisions
Marketing, Digital Lab, Brand Premium
- Serve as an influential stakeholder to Marketing on new and stabilized properties.
- Participate in pre-branding discovery, rendering review, select advertising/social media/virtual tour opportunities, microsite considerations, etc.
- Solid skills and experience with training, mentoring, and motivating site managers, and staff.
- Solid track record of successful financial property performance.
- 15+ years working within multifamily apartment, hotel, or real estate industry; minimum of 5 years’ experience as VP of Operations or higher-level position in Multifamily.
- Must possess strong Excel and general computer skills. Property Management specific software experience required.
- Understanding of Yardi, Rent Café, and other systems tied to revenue and budgets.
- Proven experience in Fair and Affordable Housing
- Strong commitment to our Client’s fundamentals and values
- Must possess extremely strong communication skills, both written and verbal.
- Must have high sense of urgency in completing all tasks, while maintaining strong attention to detail.
- Strong, positive, motivational leadership style in managing multiple teams to success.
- Outstanding discipline and organizational skills.
- Proactive, responsive, and take-charge attitude.
- Excellent analytical and problem-solving skills; performance and metrics driven.
- Upbeat and charismatic personality supporting resident service standards.
- Positive mindset with a high value on trust, communication, and transparency.
- High degree of responsiveness to employees and customers.
- Willing to “roll up sleeves” and talk with residents; gets into the weeds as needed.
- Strong team player; takes initiative.
- Excellent relationship-building skills with an ability to operate autonomously.
- Facilities Management
More than 15 years
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