Director of Asset Management

• 1149 S Hill St, Los Angeles, CA 90015, USA
• Full-time

Company Description

Abode Communities affordable housing portfolio consists of more than 40 properties with over 2,900 units which generates over $24 million in annual revenue. Under the direction of the Vice President, Property & Asset Management, the Director, Asset Management will manage the Asset Management functions of the organization with currently two direct reports. Responsibilities include overseeing the operations and management of the portfolio ensuring the properties physical and financial well-being, and making sure the properties are in compliance with their legal and regulatory requirements. The Director, Asset Management is also responsible for analyzing and evaluating property needs and opportunities and coordinating with multiple departments, including Development, Finance and Property Management.

Job Description

The Director of Asset Management is responsible for preserving the affordability of the companys portfolio. Ensuring each property meets its financial goals while honoring Abodes mission. 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.

Specific Duties and Responsibilities

Develop and implement the operating strategy for Abodes housing portfolio aligned with the organizations 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.
Staff Supervision
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.
Create a productive and inclusive work environment where the team is excited. Make evident importance of each role with the team. 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.
Ensure that the asset management department and employees are working towards achieving strategic goals and objectives established by Abode Communities.
Ensure staff members participate in company-provided training such as fair housing, safety, non-discrimination, and harassment prevention.

Other Responsibilities

Stay current with federal, state, and local updates about various program requirements.
Oversee third party management companies. Negotiate new and renewing management contracts. Ensure management companies are performing per contract and established benchmarks.
Assist Chief Financial Officer in ensuring limits of insurance coverage comply with minimum requirement provided for in all agreements
Monitor and ensure property management documents, licenses, and permits are filed for each property.
Work with Finance, Accounting, and Property Management teams to provide necessary information and documentation to support accounting and audit activities.
Conduct initial due diligence of acquisition opportunities of both covenanted and unrestricted multifamily assets to preserve as affordable housing.
Serve on special task force or committees for the purpose of reviewing asset management programs and recommending procedural and/or operational changes.
Provide written responses in a professional, timely manner.
Respond to asset management-related questions from Regional Managers, site staff, and corporate personnel in a timely manner.
Collaborate with various departments on special projects, trainings, and/or implementations.
Come prepared to meetings.

Special projects as designated by VP or designee

Qualifications

Bachelors Degree in Business, Finance, or related field highly preferred.
10 years of relevant experience in multifamily residential property management. Specific knowledge of affordable programs, Tax Credit, HUD, LAHD, HCD, and CDLAC.
4+ years Asset Management experience. Previous experience must include responsibilities for understanding property budgets, variance analyses, capital improvement plans, investor and lender reporting requirements.
Asset Management Specialist a plus.
Property Management Certification a plus.
Collaborative, values-based leader who has a proven track record of achieving results.
Commitment to excellent customer service; ability to demonstrate empathy and compassion in decision-making and communications.
Demonstrated leadership skills, supervisory experience and successful at building cohesive teams within small- to medium-sized departments.
Capacity to respect, understand and positively engage persons of other cultures and backgrounds.
Understanding of the complex social and housing needs and issues of lower-income individuals, families, and seniors.
Commitment to improving the overall quality of life for residents and building healthy communities through the provision of high-quality affordable housing.
Strong communication ability, both verbally and in writing. Ability to write reports, business correspondence, and procedures. Ability to effectively present information and respond to questions from supervisors, employees, vendors, and board members.
Knowledge of developing, leading, and reviewing annual budgets
Excellent problem solving, multi-tasking, and organizational skills.
Ability to take initiative and have proactive approach to management.
Ability to complete multiple tasks under fixed time constraints and deadlines.
Knowledge of organizational and affordable policies and procedures. Ability to apply policies and procedures to solve everyday issues.
Knowledge of affordable housing programs. To include Tax Credit, HUD, LAHD, HCD, and CDLAC.
Ability to review and negotiate LPAs, loan agreements, regulatory agreements, and settlements.
Proficiency in financial modeling including refinancing, re-syndication, and recapitalization scenarios.
Proficiency in reading and responding to property audit, investor, and lender reporting.
Proficiency in reading tax returns.
Proficiency in Microsoft Office Suite.
Knowledge of industry software, Boston Post/MRI preferred.
Ability to work with people of diverse social, economic, ethnic backgrounds, and remain sensitive to issues facing veterans, homelessness, disabled, elderly, family, and other diverse populations.
Team player but can work independently.
Ability to travel within the assigned service area.

Additional Information

Salary is commensurate with experience. Benefits include medical, dental and vision insurance, life, AD&D and long-term disability insurance, voluntary retirement plan with employer match, vacation and sick leave, and a 9/80 flexible schedule with alternating Fridays off.

Diversity & Inclusion

Abode Communities is an equal employment opportunity employer. We welcome candidates of diverse backgrounds and experiences, and actively seek to promote diversity and inclusion within our hiring practice and throughout our workforce.

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Director of Asset Management

• 1149 S Hill St, Los Angeles, CA 90015, USA

Associated topics: chief investment officer, general manager, general operational manager, operation, operational manager, organizational culture, president, recruit, supervise, supply