DIRECTOR OF ASSET MANAGEMENT
The Director of Asset Management is responsible for the overall economic performance of the properties through proper reporting, budgeting and oversight, including revenue growth, expense management and other financial goals, together with overseeing the physical condition of the properties and ongoing capital projects. He/she participates in the acquisition and/or development process to ensure long-term asset performance in accordance with the Company's objectives. Directs and measures asset performance through analysis and has accountability for variances during the holding period.
The Director of Asset Management will report to the Vice President of Asset Management and communicate with senior management monthly and quarterly reviews of his/her properties.
Essential Functions and Responsibilities
Participation in Acquisition Process:
- Coordinate third party consultants (PCAs, ESAs, IT Assessments, Tax Consultant, Termite Inspections, etc.)
- Participate in on-site due diligence, unit walks, lease audits and market tour.
- Have clear understanding of asset vision, review and sign off on acquisition budget.
- Work with Regional Manager to facilitate Transition Team Calls and Task List.
Execute the Property Plan:
- Facilitate ownership transition after closing.
- Clarify and further refine repositioning plan indicating scope, responsibilities and timing for cap ex, operational, legal, offsite, etc. issues for recent acquisitions (i.e., properties acquired within the last two years) that have not stabilized.
- Manage Transition Action Plan and monthly performance reports and facilitate monthly asset team calls on new acquisitions (or once c.o. delivered on development JVs) until stabilized (6-15 months).
- Ensure that repositioning plan is completed and post-closing issues are done. Update the proforma to indicate actual returns compared to underwriting upon stabilization.
Operating Performance/ Budget Review:
- Perform annual property inspections.
- Work with Vice President of Operations to create annual budgets and facilitate owner reviews and approvals.
- Work with Senior Vice President of Facilities in order to create annual capital budget and facilitate owner reviews and approvals.
- Attend monthly financial review calls.
- Review cash flow management / capital call needs as part of the monthly/quarterly distributions.
- Identify unusual issues to maximize NOI e.g., adding garages, new cable contracts, etc.
- Reconcile capital structures to ensure funding and reserves are being handled properly.
- Monitor tax appeal assessments and evaluations performed by third party consultants.
- Manage ownership litigation efforts.
Reporting and External Communication:
- Create quarterly reporting as required by Joint Ventures.
- Report on Performance to Proforma.
- Assist with investor communication related to property updates
- Perform expense benchmarking on annual basis and provide analysis to Senior Leadership.
- Coordinate lender communication and reporting.
- Assists with other tasks and projects as required
Knowledge, Skills & Abilities:
- Demonstrate a high level of motivation and intelligence (a “thinker and a “doer”);
- Embrace and foster the company culture of hard work, accountability and positive financial results
- Demonstrate financial acumen and analytical skills; strong problem solving skills and quantitative abilities; must be able to absorb large amounts of data quickly and be capable of reaching sound business decisions after reviewing available information;
- Demonstrate solid research skills;
- Must be resourceful, possess excellent organizational skills (i.e. handling multiple priorities and coordinating large teams) and strong written/oral communication skills;
- Demonstrate solid interpersonal skills (the ability to motivate and work with difficult individuals as well as get the deal done without offending team members or buyers/sellers); Must work effectively with vendors, peers, investors and co-workers
- Help develop and maintain strong customer service relationships
- Must display a professional demeanor at all times
- Flexibility in working hours and travel as required to accomplish the work
Education and Background
- BA/BS in business or related field and at least 5 years of work experience in a relevant field or MBA with 2 year relevant work experience
- Strong working knowledge of multi-family financial processes/analysis
- Strong working knowledge of MS Office Suite to include Excel
- Prior experience with capital projects is a plus
- Understanding of apartment revenue management concepts and solutions
- Able to read and understand financial statements
- Asset Management
- Portfolio Management
- Alternative Investments
- Hospitality / Entertainment
5+ to 7 years
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