President - Head of Property Management

Company

Our client is a vertically integrated real estate investment and management company of multifamily housing and is looking to hire a President, Head of Property Management to lead and grow the Company’s property management function. The Company’s portfolio is approximately 5,500 units and is located in numerous Northeast and Southeast markets. The Company has a 20+ year history and their strategy is focused on market rate and workforce housing multifamily in strategic markets.

Location

Stamford, CT

Role

Reporting directly to the firm’s Managing Director, the President, Head of Property Management will lead the firm’s property management function. This position will be responsible for the development and strategic implementation of all property management initiatives within the business plan; and will work with the Company Partners to create and lead the successful execution of the stated financial, operational, and organizational goals and objectives. The ideal candidate will have an established track record of leadership within multifamily property management and have the desire and ability to help grow the Company’s property management business.

Responsibilities

Daily responsibilities include, but are not limited to:

• Work closely with Asset Management, and the Managing Director to establish proper performance plans and measures.
• Create and review monthly property management reports, including the vacancy report, building operations report, budget variance report, monthly rolling cash flow report, and income and expense report with variances noted. Report all significant variances as appropriate.
• Maintain comprehensive oversight of existing operating assets. Direct the development of business plans and objectives along with strategies for each asset’s operation and capital improvements. This includes budgets, forecasts, monthly performance reports, timelines, and management plans.
• Ensure the implementation of all required policies and procedures to timely monitor and review all property real estate tax assessments. Review the tax assessed value and tax assessment of each property to ensure that the assessed taxes are fair and equitable based on the criteria of the respective tax jurisdiction. Work with national or regional real estate tax advisory firms to appeal taxes when appropriate.
• Form a close relationship with property management personnel at all levels to successfully monitor the daily operations by conducting periodic site visits and inspections, discussing weekly leasing, occupancy, capex and/or renovation programs to maximize the profitability of each asset.
• Closely monitor all elements of financial performance; analyze financial statements and make necessary operating adjustments.
• Analyze monthly operating statements and report to the owners and partners any variances as compared to the budget and business plan, incorporating the strategy of an action plan, if necessary, and proactively managing cash flow.
• Strong knowledge of building systems a plus.
• Forecast any capital needs of assets to determine future investment requirements and be able to implement a capital improvement program.
• Investigate and recommend cost savings systems and materials to keep operational expenses to a minimum.
• Take a hands-on approach when working with team members who may need guidance for particular areas of their job.
• Grow a 3rd party portfolio of 3rd party property management business.
• Identify potential for 3rd party business, and perform property inspections, working in collaboration on underwriting, and setting up due diligence.
• Complete any other financial or market report and competitive analysis or other duties deemed necessary.
• Manage the execution of the asset’s investment strategy by working alongside various company functions including the development team, leasing, design and construction, accounting, investor reporting and capital markets.
• Strive to be the most dynamic property management operation by constantly improving the brand and tenant experience.
• Represent the company with equity partners across the portfolio as needed.

Qualifications

• 10-15+ years of proven multifamily property management experience with increasing levels of responsibility and demonstrated success in leadership positions and overseeing property management operations.
• Seasoned experience in all facets of multifamily property management including managing daily operations, financial budgeting, capital expenditure planning, business plan creation and execution, and promoting customer service.
• Bachelor’s degree in business, accounting, finance, economics, or related discipline required. M.B.A or graduate degree in complementary discipline a plus.
• Highly effective leader with the ability to build strong relationships with prospective and existing clients / partners, direct reports, other coworkers, and owners of multifamily real estate.
• Ability to work closely with the executive team to establish proper performance plans and measures.
• Ability to identify, recommend, and implement institutional processes and controls or best in-class strategies where needed.
• Experience in having worked on 3rd party property management business or experience in growing a 3rd party property management business a plus.
• Excellent written and oral communication skills.
• Strong analytical skills, problem analysis, project budget modeling and project scheduling. Ability to see big picture.
• Proficient in the use of computer software including Yardi, Excel and MS Office.
• Ability to travel if needed.