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  • Job Title: Asset Manager (Multi-Family)

  • Location: San Francisco, CA 94104

  • Job Type: Full-time

  • Date Posted: 5/30/2019

Job Description

Summary:

The Asset Manager has primary responsibility for developing annual asset strategies for all assigned multi-family properties and executing the annual asset strategies with the goal of achieving the stated investment results for these properties.  This position will be expected to manage all facets of the assigned portfolio in an effort to maximize the return on investment and the overall value of the portfolio. Responsibilities also include oversight and coordination of third party service providers involved in revenue management, developing annual property budgets, performing external and internal valuations, overseeing capital projects/renovations, inspecting properties and internal portfolio and property reporting.  

Essential Duties & Responsibilities include the following. Other duties may be assigned.

  • Provide general management and direction for a national portfolio of multi-family properties.   

  • Manage the lease-up phase for multifamily properties to ensure performance goals are achieved.  

  • Continuously evaluate service levels received from third party property manager.

  • Prepare an annual asset strategy for each property that sets forth financial goals as well as planned initiatives to meet these goals. 

  • Annually assess the physical condition of each property and its positioning within its competitive set, and develop a five year capital plan for each property to address any required replacement and/or improvement work.    

  • Monitor portfolio to ensure achievement of targeted financial results per approved annual asset strategy.  Participate in quarterly Operations Review with property management personnel.  Report on and develop strategies for properties operating below budget.

  • Direct revenue-enhancing and expense containment initiatives with third party managers, while monitoring resident turnover and satisfaction indicators, and identify opportunities to drive operational excellence within the communities to maximize performance.

  • Participate in weekly pricing calls with third party managers and provide clear guidance as to leasing strategy and pricing.

  • Provide oversight to third party property management to ensure a high level of resident satisfaction and operational excellence.

  • Conduct quarterly site inspections to evaluate physical condition, operations and competitive market conditions.  

  • Coordinate with construction vendors to oversee ongoing improvements or renovations.   

  • Prepare periodic internal reports and respond to information requests from senior management.

  • Maintain knowledge of current multifamily trends and individual property markets and submarkets. 

  • Conduct market research, analyze findings and make well thought out recommendations.

  • Understand each property’s competitive positioning relative to rents, occupancy, common and unit amenities, unit finishes, and any other property attributes and recommend initiatives to maintain a competitive edge.  

  • Provide excellent customer service to both external and internal customers by:

    • Building positive relationships with customers.

    • Taking initiative to identify customer needs and provide service that meets or exceeds customer expectations.  

    • Communicating effectively in person as well as via telephone and email.

    • Resolving difficult situations through the use of effective problem-solving skills.

 

Supervisory Responsibilities:

  • May direct and coordinate the work of staff. 

 

Job Requirements

 

Essential Skills & Qualifications:

  • Thorough knowledge of:

    • Asset management for multifamily assets as evidenced by a minimum of 3 years of relevant experience, including significant experience in lease up of newly-developed projects.

    • Real estate concepts such as revenue management, concessions, incentives, retail leases, net leases, gross leases, contracts, rents, percentage rents, operating expenses, capital expenditures, recovery of expenses and property types as evidenced by a minimum of 3 years in a related function.

    • Financial concepts such as NOI returns, cash flow returns, internal rate of return, present value/discounted cash flow and capital markets as evidenced by a minimum of 3 years in a related function. 

  • Demonstrated ability to:

    • View every action and decision in terms of impact to the asset and understand implications to the investment.

    • Define problems, to collect data, establish facts, and draw valid conclusions.  

    • Find, access, evaluate and effectively communicate information.

    • Interpret an extensive variety of information and deal with multiple abstract and concrete variables, particularly in the area of financial analysis.  

    • Analyze complex business issues from multiple perspectives.

    • Manage multiple projects, prioritize, execute within designated timeframes and budget.

    • Effectively resolve complex problems and negotiate solutions that balance the needs of multiple parties.

    • Formulate and present effective analysis and strategies for business opportunities and issues.

    • Make effective internal and external presentations on complex topics.

    • Exercise consistently sound and accurate judgment.

    • Complete objectives and projects with minimal managerial direction.  Work is generally reviewed at time of completion. 

    • Use property management software platforms such as Yardi, Yieldstar or LRO.

    • Use financial and valuation software, preparing complex financial models using online platforms such as Argus and Resolve. 

  • Intermediate proficiency in MS Word, Excel and related programs.

  • Ability to work cross-functionally with various internal groups such as Property Management and Accounting to drive results.

  • Financial acumen and understanding of the impact that business decisions will have on the profitability and/or risk status of a given investment. 

 

Education/Experience:

  • Bachelor’s degree (B.A. or B.S.) in Business, Finance or related field from a four-year. Master’s in Business Administration (M.B.A.) preferred.

  • Minimum of at least 3 years of experience in the multifamily industry, including experience with multifamily properties totaling 1000 units or more. 

  • Minimum of at least 2 years of lease-up experience

 

Certificates, Licenses, Registrations:  None

 

Physical Demands:

  • The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of the job.  Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.

 

Working Environment:

  • Work environment characteristics are representative of those an employee encounters while performing the essential functions of this job.  Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

  • The employee works primarily in an office environment.

  • Travel may be required up to 25% of time on the job.