The Asset Manager acts as the “owner’s representative” for a portfolio of properties and is essentially responsible for creating value and maximizing operations, overall financial performance and returns at both the individual asset level and the portfolio level over the investment life cycle.
The Asset Manager is consistently involved and participating in key aspects of the strategy and performance of all assets from “cradle to grave” including asset acquisition, financing, business plan strategy development, pricing and operational strategy, capital project management and dispositions.
ESSENTIAL DUTIES & RESPONSIBILITIES
- Acquisitions: Collaborate across functional groups within the organization to perform due diligence and develop the underwriting for new acquisitions; ensure successful transition and set up of new assets under new ownership;
- Operational Strategies: Work closely with the in-house operations teams (property management, leasing, marketing and revenue management) to ensure the successful implementation and ongoing monitoring of asset-specific operational strategies that maximize asset value;
- Performance Monitoring: Detailed review of asset and portfolio performance on a weekly, monthly, quarterly and annual basis with the overall goal of identifying operational issues or opportunities and implementing strategies to maximize ongoing performance;
- Business Plan Strategies: Collaborate across functional groups within the organization to develop and implement the initial business plan strategy for the asset; monitor and adjust as necessary to ensure optimal value creation at asset and portfolio level;
- Capital Projects: Analyze and monitor scope, budget and schedule for all significant capital improvement strategies to ensure they fulfill strategic business plan goals and objectives; participate in monthly status update meetings with capital project managers;
- Reporting: Manage lender and investor-level reporting and communications; report up to senior management regularly regarding asset and portfolio-level performance;
- Annual Budgets: Provide leadership in the annual budgeting process; perform detailed review of all budgets with comparison to pro forma and historical performance; approve budgets;
- Property Taxes/Insurance: Manage property tax assessments and valuations to minimize tax expense; recommend, manage and ensure successful tax appeal efforts. Manage insurance claims and work collaboratively within the organization to minimize claim risk;
- Benchmarking: Compare individual asset and portfolio performance to internal and external benchmarks; identify opportunities to exceed benchmarks or otherwise enhance asset performance;
- Financing Activities and Cash Management: Monitor cash balances and review and revise cash flow projections monthly to anticipate funding needs; coordinate capital calls with accounting as needed from equity partners. Work with investments and capital markets teams to evaluate and facilitate financing and refinancing strategies;
- Lender Requirements: Ensure compliance with lender documents including regular reporting, property inspections and performance/tracking of PCAs;
- Dispositions: Collaborate across functional groups to implement successful strategies that optimize operating performance during the dispositions process and ensure maximum sales proceeds;
SKILLS AND ABILITIES
- Excellent written and verbal communication skills;
- Team player with strong interpersonal skills; can build effective relationships across departments and outside of the organization;
- Self-motivated, responsible, accountable and mature, with an exceptional work ethic;
- Strong organizational, analytical and attention-to-detail skills; ability to handle multiple tasks, prioritize work and manage time effectively;
- Effective and timely decision-making skills;
- Strong understanding of real estate investment concepts including asset underwriting and valuation process, discounted cash flow analyses, ROI and IRR;
- Well-developed analytical abilities and financial modeling skills;
- BA/BS degree in Real Estate, Finance, Business or related field with strong record of academic achievement; MBA or graduate degree preferred;
- 7 – 10 years of professional experience in multi-family asset management or operations;
- Working knowledge of multi-family property management and experience with apartment renovation and repositioning strategies;
- Significant knowledge of Excel and Word; Yardi experience a plus;
- Repetitive use of computer, keyboard, mouse;
- Repetitive phone use;
- Frequent sitting and walking;
- Constant reading, comprehending, writing, communicating orally, reasoning and analyzing;
- Frequent travel to properties
This job description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities and qualifications required of employees assigned to the job.
The Veritas family of companies is proud to be an Equal Opportunity Employer. For consideration for the above position, please send your resume, and a cover letter responding to these three questions below to email@example.com
- Describe your experience with multifamily asset management
- What is it about asset management that you most enjoy?
- Why do you think you’d be a good fit for Veritas Investments?
People and Culture Department
600 California Street, 20th Floor
San Francisco, CA 94108