Portland, Oregon
Philadelphia, Pennsylvania
Chicago, Illinois
Posted: 13-Jan-23
Location: Metro NYC, New York
Type: Full Time
Categories:
Required Education:
Our Client is currently seeking a Director of Asset Management. The position requires the day-to-day responsibility for a portfolio of assets supervised by the Company, with the express objective of maximizing property and portfolio value and returns. This position will report to the Co-CEO of the Investors division.
Position-specific requirements include hands-on real estate operations, with detailed attention to proactive asset management and value creation. An integral part of the value creation strategies will encompass (re)development; experience with construction, project management and entitlements is desirable.
Accompanying responsibilities include increasing technical competency, business plan development and execution for assets, consultation with senior staff regarding portfolio and policy recommendations, preparation of client reports, selection and monitoring of third-party service providers and input into investment and client strategies. The position requires extensive internal and external communication, in particular with the Co-CEO, Investment Committee, and third-party service providers in applicable markets.
Requirements:
- 5+ years of Real Estate Asset Management Experience
- Bachelor’s Degree
- Comprehensive grasp of financial concepts and methodologies
- Strong working knowledge of Argus
- Strong working knowledge of Excel modeling
- Yardi knowledge is not required, but desirable
Key Attributes:
- Detail-oriented reporting capabilities
- Ability to analyze/think critically about value creation strategies and their implementation
- Detailed project management and process tracking capabilities
- Collaborative work ethic with an active curiosity
- Desire to grow personally and professionally
Primary Responsibilities (include but not limited to):
Manage a specific portfolio of assigned assets in order to achieve optimal performance in accordance with value creation goals and business plan expectations
- Manage specific assigned properties to achieve or exceed annual Business Plan and client objectives.
- Achieve leasing, net operating income, cash flow and capital expenditure targets for assigned assets.
- Achieve or exceed forecast asset value and return targets.
- Manage properties with the objective of meeting or exceeding underwriting forecasts as well as meeting or exceeding annual industry index results.
- Maintain a comprehensive and current knowledge of all assigned markets and furnish useful market information to the Co-CEO and Investment Committee.
- Recommend, select, and monitor third party service providers such as managers, leasing agents, attorneys, contractors, and others as necessary, to achieve required investment performance.
- Develop and implement effective management/leasing strategies to achieve investment objectives.
- Evaluate, comprise, and execute capital improvement strategies for individual assets.
- Monitor the effectiveness of tenant satisfaction and retention programs.
- Negotiate property leases for assigned assets consistent with Annual Business Plan and/or underwriting parameters.
- Administer or supervise compliance with all lender information, reporting, disclosure, or approval requirements.
- Establish and develop strong strategic relationships with real estate and investment industry professionals and organizations including service providers.
- Make periodic recommendations for asset disposition or financings for approval by the Investment Committee. Supervise and complete the execution of property sales or finances in accordance with approved parameters and in accordance with Company’s policy and procedures.
- Continually seek creative and innovative opportunities to enhance value and returns for portfolio assets.
- Suggest options to improve the environmental impact of the building.
- Inspect assigned portfolio assets 2-3 times per year and provide written inspection reports as required.
- Review/implement ESG related improvements as appropriate.
Prepare required reporting for clients
- Complete asset reporting as required by each specific client's plan of operations as well as reporting required by Company’s internal procedures.
- Complete reports in accordance with the prescribed reporting timeline produced each quarter.
Update property valuations
- Quarterly, prepare asset valuations in accordance with client requirements and Company’s internal valuation procedures.
- Present and support values to Investment Committee prior to deadline outlined in the reporting calendar.
- File supporting documents as required by Company policies.
Manage the business plan process
- Supervise, complete, and obtain approval for each Annual Business Plan for assigned assets consistent with Company’s requirements.
- Recommend modifications of established plan strategies as dictated by client, market, or property conditions.
- Coordinate the business planning process to ensure delivery within a set time frame.
Review and approve capital/legal invoices
- Supervise the completion of and provide for payment of capital projects for assigned assets.
- Ensure that all activity is governed by documentation or agreements prepared and reviewed by appropriate professionals.
- Provide invoice approval within two days of getting the package.
Participate in the advancement of Company’s objectives
- Participate in special projects related to the entire firm.
- Assist in portfolio level quarterly reporting as needed.
- Assist with other ad hoc requests.
- Actively participate in the development and implementation of Company’s initiatives designed to strengthen operations or improve efficiencies.
- Attend/participate in appropriate industry conferences.
- Participate in organizations committee activities, where possible, to gain knowledge for the firm as well as promote the Company as an organization.
- Maintain a current knowledge of industry trends and conditions.
- Participate in weekly team meetings and Investment Committee meetings.
- Prepare special requests as required by other Company areas or clients in a timely manner.
- Demonstrate through actions, the importance of maintaining an environment of compliance with high ethical standards.
- Follow and adhere to the Company’s ethics and compliance policies.
- Provide news-worthy details of asset accomplishments for posting on website/social media release when event occurs.
- Be respectful in all interactions with internal and external constituencies.
