Director, Asset Management
|Location||San Francisco, CA|
Director, Asset Management
The position of Director, Asset Management is primarily responsible for assisting in the management of the financial performance and business strategy of the portfolio of properties. The overall role of this position will be to identify ways to maximize operations and returns at the individual asset level and the overall fund / portfolio level. This position will focus on comparing our assets to industry benchmarks as well as identifying opportunities to exceed benchmarks without negatively impacting property operations and the property’s competitive position within the submarket.
- Work with the VPs on the Asset Management Team to develop specific strategies to maximize asset values and performance. Work in a collaborative fashion with the Property Operations team and the Capital Projects team to implement comprehensive business plans and strategies that will maximize the value of the respective portfolio of assets.
- Review weekly reports and 12-week trend reports and follow up with regional VPs with any questions as needed regarding trends / activity from the prior week.
- Participate in weekly or bi-weekly pricing calls for specific assets and region(s), reviewing all relevant leasing reports and data in conjunction with these calls. Identify opportunities or potential issues with pricing or lease expiration schedules that can be addressed through strategic pricing adjustments in the revenue management system or other related pricing and leasing processes.
- Perform detailed review of Monthly Owner’s Reports and participate in regularly scheduled Monthly Operations Reviews calls with property operations and capital projects teams to discuss asset-level strategies and operational issues.
- Participate in quarterly financial reviews and site visits for specific portfolio of properties. Perform detailed reviews of Quarterly Owner’s Reports by property and compile any property-specific questions / comments that are important to discuss during the financial reviews. Track status and ensure completion of all Action Items that are identified during the quarterly reviews.
- Participate in annual budgeting process including detailed review of all budgets within specific region(s), comparisons of budget projections to historical property performance and comparisons of budget assumptions to relevant industry benchmarks.
- Acquisitions and New Development Due Diligence: Assist the Asset Management VP in managing the due diligence process on new acquisitions and developments for respective region(s) and work with the Property Operations, Capital Projects, Acquisitions and/or Development teams on the pro forma underwriting for all new deals.
- Dispositions: Work with the Property Operations team and the Dispositions team to ensure necessary steps are taken with regard to property strategy and operations during the dispositions process to maximize ultimate sales price of assets.
- Shop competitive property set for properties in specific region on an annual basis. Understand how assets compare to the competition in terms of pricing, location, amenities, unit finishes, etc. Identify cost-effective opportunities/strategies to improve property’s rental rates and overall position within the submarket. Review competitive property set-up in LRO and in Axiometrics and make recommendations as needed if comps should be adjusted.
- Review real estate tax assessments for properties within specific region(s) and provide overall direction to 3rd party real estate tax consultants regarding tax appeal strategies and valuations.
- Work with Utilities Manager to identify opportunities to reduce utility expenses and/or increase utility recovery amounts where possible on the respective portfolio of assets.
Qualifications (Skills – technical and non-technical):
- Undergraduate degree in Business or Finance
- 5 or more years of multifamily asset management experience.
- Extensive working knowledge of multifamily operations/management, apartment renovations and apartment value-add strategies.
- Significant PC knowledge of Excel and Word applications.
The ideal candidate is a self-starter with excellent written, verbal and analytical skills. Strong organizational, decision making and interpersonal skills as well as the ability to prioritize work and manage projects effectively are extremely important for the success of this role. The successful candidate must have strong existing experience in multi-family real estate operations, as well as a solid understanding of real estate acquisitions, dispositions and valuation processes.