Vice President Asset Management

We are currently looking for a VP of Asset Management for MBK Rental Living in Irvine, CA.

The VP of Asset Management is responsible for maximizing the financial performance of real estate assets by leading the company’s asset management, analytics and marketing efforts. Responsibilities include maximizing apartment operating revenue and minimizing expense, while maintaining average occupancy at or above the MBK target for each project and upholding MBK’s quality standards. In addition, oversee third-party property management company(ies) operational activities including, but not limited to, budgeting, forecasting, leasing, marketing, maintenance and capital improvement projects. Responsible for assessing third-party leasing and maintenance personnel performance and employment. Responsible for leading MBK Rental Living analytics and marketing including managing associates within the department. The department will also assist in acquisition due diligence, organizational strategy and operational planning, participating in overall project design and market research.

]Qualifications:

Responsibilities:

• Oversee asset management of the Company’s portfolio of operating assets, maximizing financial returns.
  • Aggressively and proactively review operating results to increase revenue and decrease operating costs
  • Oversee monthly matrices and reporting to evaluate each community’s operating results. Evaluate and compare rent growth, occupancy, leasing, traffic, operating cost trends and NOI
  • Review and execute on recommended increased operating efficiencies
  • Guide marketing activities based on budget, market and historical results
  • Participate in weekly calls with third party management teams and update operational status reports
  • Lead the preparation of annual operating and capital budgets as well as monthly forecasts between property management and other departments.
  • Travel to assets to lead property inspections to monitor performance and compliance with approved business plans and policies, as well as identify opportunities for improvement and value creation and any issues that may require additional action.
  • Manage and report on capital improvement projects; update renovation tracking reports
  • Maintain quarterly/year-end fund level reporting for IRR/equity multiples, debt summary, and performance (as necessary)

• Provide benchmarks of asset performance versus competitive properties to executive leadership.
• Ensure the delivery of customer satisfaction via third-party surveys.
• Manage the analytics function of MRL, including the delivery of recurring weekly, monthly and annual reporting
  • Lead the creation of JV tailored analytics and reporting
  • Review reporting initiatives for efficiencies and value to the organization
• Oversee the Marketing Manager position and build the MRL brand through management of public relations and online reputation.
• Review and execute contracts, processes, reports, budgets, marketing material, and other related operational information
• Negotiate ancillary contracts and management agreements
• Champion new technology initiatives for our communities
• Participate in the creation of Board of Director slides each quarter and monthly operating reporting
• Participate with due diligence on acquisitions such as market and rent studies, new investment submittal preparation, and oversee transition to selected third-party property management
  • Decide resident-facing specification levels at each asset and determining the value it will provide
  • Travel to markets to validate research and operating assumptions upon signature of Letter of Intent on potential acquisitions
• Periodically perform “hold/sell” analyses on all properties; Implement disposition preparation strategies and facilitate onsite disposition activities
• Attend industry conferences for market updates and vendor connections
• Provide a high level of transparency to executive management and exhibit collaboration with all executives and staff within MBK Real Estate.
• Manage and develop a top performing team of professionals.
• Other duties as assigned.

Minimum Job Requirements (Include education, experience, special skills, licenses, certifications):

• Bachelor’s degree required; MBA preferred
• Minimum of 15 years of real estate experience with a focus in oversight of financial performance and property operations

Preferred Job Requirements (Include education, experience, special skills, licenses, certifications):

• California BRE Broker’s license
• Experience in real estate markets throughout the Western U.S.
• Knowledge and experience of financial proformas, due diligence, costs and management of apartment projects.
  • Experience creating proforma assumptions and performing due diligence investigations, including market rent studies, other revenue and expense assumptions, purchase agreements, coordinating physical investigations and closing escrow.
• Experience overseeing the purchase and sale of residential and/or commercial real estate and property management.
• Strong financial planning skills, especially related to debt and joint venture relationships.
• Ability to maintain a positive reputation in local market with a strong network of broker, debt, joint venture and seller contacts, and an intimate knowledge of market conditions.
• Possess strong negotiating skills, business ethics and relationship management.
• Effective and proven leader and team manager.
• Understand the importance of business strategy.
• Positive attitude and flexible personality.
• Computer skills include Excel, Word, Internet Explorer research and Google Earth.

Physical Demands (Include lifting, carrying, pushing, pulling, bending, walking, standing, sitting):

• Must be mobile and able to perform the physical requirements of the job, bending, kneeling, stooping, pushing, pulling and repetitive motion
• Ability to sit and work at a computer for long periods of time
• Able to move intermittently throughout the work day and between divisions
• Ability to lift/carry up to 30 lbs. and push up to 20lbs. as necessary