Asset Manager

The Position: Asset Manager

Reports To: Vice President of Asset Management

Location: San Francisco and Los Altos, CA

Firm Summary:

IEC is a vertically integrated real estate investment firm specializing in value-add, multifamily in the Bay Area and greater Los Angeles markets. We focus on adding value through opportunistic investing, strategic repositioning, and property management. Our property management company, IEC Property Services Corporation, strives to offer excellent customer service and care to residents while achieving property business plans. Founded in 1981, IEC has an exceptional 35+ year track record and is rapidly acquiring new communities, offering growth opportunities to great team members.

Position Summary:

The Asset Manager will be responsible for overseeing annual business plans, fair market value, accretive analysis, in addition to being assigned a multifamily investment portfolio and report to the Vice President of Asset Management. Responsibilities include working closely with the acquisitions team to understand and develop the business plan, oversee Regional Managers to plan strategic implementation, track and monitor asset performance against the business plan, and prepare asset management reports for investors. This role is responsible for maintaining excellent working relationships with IEC team members, partners, and clients. The Asset Manager is responsible for driving the process and results, working collaboratively with others.

Specific responsibilities include:

• Overseeing annual business plans, fair market value, accretive analysis by working with and managing analysts
• Complete weekly review of property metrics and status including vacancy, rental rates, traffic, delinquencies, and work orders.
• Conduct monthly review of financials versus budget and work with Regional Managers to address variances.
• Work closely with Regional Managers to address key issues, establishing benchmarks, guidelines, key performance indicators and policies to reinforce the business plan.
• Oversee development of annual operational and capital expenditure budgets for portfolio assets, in accordance with the acquisition business plans.
• Conduct site visits on a regular basis to review status, including (but not limited to) curb appeal, marketing, expenses, staffing, and capital improvements.
• Analyze, propose, and implement strategic operational initiatives including training policies, ancillary income opportunities, marketing improvements, cost savings, strategic partnerships, and community improvement ideas to boost NOI and improve asset value.
• Monitor on-site staff and activities to ensure that the operating plan is being carried out and the Company’s objectives are being satisfied regarding property and asset management policies.
• Evaluate and pursue operating efficiencies, including utilities, vendor contracts and management initiatives.
• Provide regular, comprehensive updates to management regarding the status of portfolio assets. Make recommendations to senior leadership to maximize results.
• Plan and manage various renovation projects. Identify the appropriate scope of work for common areas, apartment interiors, and other spaces, consistent with the business plan and the specific market. Work with internal staff and/or vendors to implement on-time and budget.
• Select and engage design teams, contractors, and other vendor partners to achieve repositioning results.
• Write quarterly asset management reports incorporating financials performance and operational status for investors.
• Create disposition memos and key operational initiatives for a successful sale
• Participate in deal due diligence, providing input on deal strengths/weaknesses, repositioning strategies, and budget assumptions.
• Troubleshoot execution challenges such as leasing issues, unit downtime, vendor engagement, etc.
• The Asset Manager will be expected to add significant value to the team, bringing strategic thinking and driving results.
• Analyze, document, and execute ESG initiatives

Candidate Qualifications:

• Four-year college degree
• Passionate about operations, efficiency and achieving goals
• Experience working with institutional investors
• Minimum 3-5 years of multifamily asset management experience
• Demonstrated leadership and teamwork skills. Ability to work with personnel at all levels of the organization
• Excellent communication skills, verbally and in writing
• Organizational skills and extreme attention to detail
• Independent and resourceful, working autonomously but able to ask for support when needed
• Project management skills. Proven track record of managing various work-streams to complete business plans on time and budget
• Analytical skills and financial acumen. The successful candidate must be well-versed in financial calculations/metrics, pro forma analysis, and focused on Return on Cost
• A high sense of urgency
• Excellent computer skills: Word, Excel, PowerPoint, Project, etc.
• Ability to travel to Southern California 1-2x per month

Preferred Qualifications:

• Experience using Yardi Voyager
• Knowledge of California markets

Compensation:

Competitive Salary offered

IEC offers a competitive compensation package including:

• Company paid healthcare premiums at 100%, specifically for the employee, with options to buy up
• 401(k) Plan, with 4% company match
• Flexible Spending/Health Savings Accounts
• Company paid Life Insurance and Long-Term Disability Insurance, specifically for the employee, with options to buy up
• Paid Time Off
• Company Paid Holidays
• Employee Assistance Plan
• Employee Discounts
• Commuter Benefit