Gillian Executive Search, Inc. - recruiters in real estate development, construction and architecture
The Director of Asset Management is responsible for preserving the affordability of the company’s portfolio. Ensuring each property meets its financial goals. This will be accomplished by providing tactical leadership to asset management personnel, Regional Managers, and community onsite team members. The Director of Asset Management will be responsible for developing and executing the portfolio strategy, conducting analysis, and ensuring optimal portfolio performance. Additional duties include consistent compliance with all affordable programs, minimizing risk, maintaining the physical upkeep, and curb appeal of each property.
This is a general job description for this position. Client will be providing an updated job description soon.
Specific Duties and Responsibilities
Develop and implement the operating strategy for client’s housing portfolio aligned with the organization’s strategic and business plans.
• Monitor to ensure all facets of property operations comply with the requirements of loan/bond documents, use restrictions, investor agreement, all federal, state, and local requirements.
• Coach and mentor site staff and Regional Managers on process and procedures related to asset and risk guidelines and/or company policies.
• Provide financial oversight of the properties, including drafting operating budgets, 5- year capital improvement plans, and monitoring monthly financials to assess performance against budgets. Act swiftly to address budget variances exceeding 5%.
• Work in conjunction with Property Management team members, Executive Management, and the Board of Directors to obtain annual budget approvals.
• Conduct monthly variance analysis. Understand property specific and portfolio wide trends.
• Coordinate the delivery of routine financial reporting, create various performance reports for the portfolio, and routinely update the Schedule of Real Estate Owned. Also responsible for presenting material to the Board of Directors.
• Develop exit strategy of each asset, including buy-out of investor interest, disposition, and refinancing strategies. Initiate refinancing of properties where feasible.
• Oversee and develop plan for Year 15 withdrawal of investors. Annually review tax capital accounts and credits along with exit strategies for each LIHTC property.
• Responsible for revenue collection in the portfolio including delinquency follow up to ensure rent is being collected, monitor collections company to address balances at move-out, and follow up on loss of subsidy/abatement concerns. Work with Property Management to increase revenue collections.
• Uphold rent growth in the portfolio. Ensure rent increases and gross rent changes occur annually.
• Track portfolio vacancy. Units need to not exceed 10 days vacancy. Work with Regional Managers and Compliance to improve performance.
• Monitor expenses in portfolio. Look for ways we can consolidate services for better pricing.
• Oversee capital improvement requests to ensure compliance with reserve requirements.
• Ensure withdrawal of replacement reserve requests are timely.
• Oversee Risk Management procedures for the portfolio, monitoring incidents and potential claims. Work with property management team and insurance broker to initiate programs to reduce risk across the portfolio. Manage insurance renewals and coordination of coverage. As necessary, evaluate the need for additional risk management strategies and additional enhancements
• Consult with legal counsel related to legal issues or matters; make recommendations on correspondence responses and implement procedures for compliance.
• Maintain property tax welfare exemption by submitting initial application and maintain ongoing compliance. Project when tax exemption status will increase and work with Property Management to help residents create a path towards home ownership.
• Work in conjunction with the Vice President of Property and Asset Management to recommend, develop, and implement polices/procedures related to asset and risk management, financial reporting, incident reporting, documentation, projections, and property performance evaluation tools.
• Ensure 80% of the portfolio meets the financial needs of the property including capital expenses.
• Proactively identify areas and develop goals for both property management and property operations. Establish annual performance benchmarks and track performance.
• Complete annual review of each property to include site inspection, staffing review, third party vendor review, marketing review, and operations review. Identify ways to increase efficiency and performance.
• Initiate planning for short term and long-term capital needs. Review financial performance, reserves, and long-term plans for each property.
• Act as the primary contact for lenders, investors, development partners, and bondholders. Communicate effectively and manage those relationships to maintain positive relations.
• Monitor trends within Asset Management industry to determine new software, methods and ideas that improve portfolio performance or department efficiency.
• Develop and implement training programs for new hires and existing employees to follow asset management requirements.
• Follows up as needed on all aspects of asset management.
• Supervise all asset management staff with indirect oversight of on-site staff members including hiring, training, and corrective measures. Determine productivity standards of each staff member and track individual performance by monitoring common standards.
• Prioritize team tasks appropriately.
• Encourage creative problem solving. Identify strengths of each team member and actively generates and support individual career development and acknowledges individual and team accomplishments.
• Work with asset management team to ensure department has coverage during sick and vacation requests.
• Meet with staff individually and in group meetings to communicate information, company news, directives, and goals are mutually understood. Collaborate and receive feedback.
Compensation is based on experience.