Vice President, Asset Management
- Lead and sign off on the creation and review of property-by-property business plans including annual budgets of income, expenses and appropriate capital improvement. In doing so the VP Asset Management will work collaboratively with the internal and 3 rd party property management and accounting teams.
- Effectively communicate with the Executive Committee at least quarterly on portfolio performance, asset plans, leasing activity, budget variances.
- Track and ensure required reporting to partner groups and participate/lead required review meetings.
- Evaluate each assets’ income and expense performance and regularly compare the same to market comps.
- Identify and implement opportunities to increase income and/or reduce expenses such as appealing real estate tax assessments, advances in technology, strategic utilization of third-party consultants, managing utility expenses and/or increasing recoveries from tenants or residents.
- Provide analytic support in determining the feasibility or advisability of potential leasing rate changes or incentives on residential and commercial assets, capital projects and other value-add asset opportunities.
- Review and have a working understanding of legal documents associated with assets, ensuring compliance related to performance and management.
- Coordinate and participate in positioning/repositioning opportunities and leasing strategies.
- Conduct regular site inspections and report on the same.
- Conduct due diligence of legal documents, financial reports, operating projections, sales comps, surveys and marketing information.
- Work with the corporate accounting team to ensure all properties are properly insured, balancing risk with fixed cost.
- Work with the CFO on each asset type to evaluate opportunities for advantageous debt structuring refinancing and disposition opportunities.
- Track debt maturities and lender mandated financial covenants such as loan to value and debt service ratio coverages.
- Analyze cost saving opportunities and income generating ideas with the goal of increasing property NOI.
- Perform regular and ad-hoc financial analysis and ongoing review of revenue data, forecasts, performance metrics, and profit/loss statements.
- Attend (or delegate to the appropriate staff) cross-departmental meetings including tenant construction meetings and leasing tours.
- Promote, establish and maintain positive relationships with tenants via on-going and proactive communication.
- Maintain awareness of local markets and competitive property set. Engage with real estate peers outside of the company.
- Establish and maintain strong, positive working relationships with internal departments and third-party partners (property management, owner partners, lenders, investors, and the brokerage community).
- Provide leadership and mentorship to the asset management team, fostering a culture of collaboration, excellence, and continuous learning.
- Conduct monthly operational reviews, including financial results and management strategies for cost savings and revenue enhancements.
- Oversee the hiring and career development of asset management staff, ensuring all employees are qualified and capable of achieving their goals.
- Review, approve and report on monthly, quarterly and annual budget variances, identifying and recommending corrective action and areas for potential improvement
- Integrity: Do the right thing, always. Corporate sustainability can only be achieved through trust and integrity.
- Growth: Strive to do more. There is no growth in your comfort zone and no comfort in your growth zone.
- Innovation: Think differently. Innovation is the ability to see change as an opportunity, not a threat.
- Vision: A strong team turns a vision into reality. We focus not on where we are, but where we are headed.
- Excellence: Excellence is not a skill, it’s an attitude. We are what we repeatedly do. It is not an act, but a habit.
- Bachelor’s degree required (preferably in Business, Economics, Finance, Real Estate, or Accounting)
- Industry certified with CAM or CPM
- A minimum of 8-10 years of experience in asset management and real estate.
- Proven management and leadership skills to lead a team of top performers.
- Excellent time management skills with a proven ability to meet deadlines and written and verbal communication skills.
- Relationship Management skills including managing and engaging stakeholders, customers, and vendors, building relationship networks, contracting, etc.
- Detail-oriented with exceptional analytical and organizational skills
- Professional manner and a strong ethical code.
- Ability to multitask and remain motivated and positive.
- Experience in implementing systems and scaling processes.
- Advanced user in Microsoft Office Suite, especially Excel for modeling.
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