Description
JOB SUMMARY
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
- Strategic Vision: Develop and implement annual asset level strategic plans including goals and objectives for all assets; Actively research market trends for property and operations improvements.
- Leadership: Oversee property level operating activities including supervision of third-party property managers, leasing agents and construction project managers;
- Hands-on Management: Engage and direct property managers in development and approval of operating budgets including capital and leasing plans; Engage and direct construction project managers in the planning, budgeting, and execution of capital projects;
- Value Creation: Review and analyze service and utility contracts with 3rd party management company to identify and implement portfolio wide contracts that minimize expense on an asset and portfolio basis;
- Business Plan Execution, Evaluation and Reporting: Review of monthly financial reports to monitor performance and achieve investment objectives including tracking and reporting budget variances, construction timelines and schedules; Generate monthly, quarterly and annual industry standard reporting of the portfolio (i.e. variance reporting, discounted cash flows, IRR, etc.)
- Risk Mitigation: obtain and analyze vendor bids, recommend and qualify contractors (references, licenses, insurance, etc.), negotiate terms (payment/schedule), and finalize contracts; research and identify new subcontractors to maintain competitive pricing; Work with third party insurance agents to assess property insurance needs and negotiate cost effective premiums and financing; Manage property tax assessments and valuations to minimize tax expense; recommend, manage, and ensure successful tax appeal efforts.
- Cross-Functional Team Member: Assist in economic underwriting and due diligence for acquisitions and transition of acquisitions to Asset Management including assessing immediate repair/deferred maintenance items, value-add renovations, and replacement reserve items/on-going repairs over the investment hold period;
- Relationship Building: Create and maintain healthy investor, partner, vendor, and lender relationships
SKILLS AND ABILITIES
- Excellent writing ability, combined with clear/concise verbal communication skills;
- Team player but expects the most out of everyone; can build effective relationships across departments and outside of the organization;
- Self-motivated, responsible, accountable and mature, with an exceptional work ethic;
- Very detail-oriented, with strong organizational and analytical 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, loan and partnership documents, discounted cash flow analyses, ROI and IRR;
- Well-developed analytical abilities and financial modeling skills;
QUALIFICATIONS
- 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;
- Experience negotiating contracts;
- Solid accounting knowledge; the ideal candidate has a strong understanding of the steps involved in tracking cash flows (invoicing, job costs, A/R, A/P, etc.) and reading financial statements;
- Significant knowledge of Excel and Word; Yardi experience a plus.
ABOUT VERITAS INVESTMENTS: Headquartered in San Francisco, Veritas Investments is an experienced real estate investment manager that specializes in owning and operating mixed-use multifamily and retail properties in the San Francisco Bay Area. The company offers institutional and Individual investors a vertically-Integrated platform and a clearly defined investment strategy that focuses on acquiring undermanaged multifamily and urban retail properties and then enhancing their income and value through building and management improvements. The company holds a track record for moving quickly on opportunities, executing efficiently on strategy, and delivering superior financial performance to investors while giving back to the community. Veritas Investments has been fortunate to be the recipient of many awards including two recent honors: IREM's Workplace Environment Award for Employee and Leadership Development and was also named Real Estate Investment Fund of the Year by REFI.
Veritas is committed to creating a diverse environment and is proud to be an equal opportunity employer. All qualified applicants for employment will receive consideration for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws. Veritas is also committed to compliance with all fair employment practices regarding citizenship and immigration status. Pursuant to the San Francisco Fair Chance Ordinance, we will consider for employment qualified applicants with arrest and conviction records.
Experience
7+ to 10 years
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