The Asset Manager, Residential Asset Management will be responsible for developing plans for assets within their assigned portfolio and ensuring achievement of investment objectives. They will support financial analysis and asset valuation, identification and implementation of value-add opportunities, ESG initiatives, communication with internal and external leasing brokers, working with property managers, creation of annual operational and capital budgets, financial performance reporting, preparation and implementation of marketing strategies.
Reports to: Vice President, Residential Asset Management
KEY RESPONSIBILITIES
- Work with the Vice President, Residential Asset Management to:
- Assist with management of the organization’s growing multi-residential investment portfolio;
- Develop and implement comprehensive strategies for individual assets focusing on: leasing profile, property upgrades and improvements, life cycle maintenance plans, intensification through development opportunities, capital structure, hold/sell review analysis based upon financial and market opportunities and trends, and valuation reporting;
- Provide oversight at the property level to ensure economic viability and competitiveness of the properties within existing markets, and address areas of improvement;
- Carry out regular on-site reviews of the assets in view to reviewing and improving business plans;
- Assist with annual budget process; working collaboratively with internal and third- party property management and leasing teams to develop an operational and capital annual plan for each asset, including presenting and implementing annual operational plans and budgets;
- Ongoing monitoring of capital and operational maintenance requests to ensure they are in-line within budget, operational expectations and best practices, and assess impact on cash flows;
- Continuous review and comparison of historical and forecasted financial performance against key metrics, underwriting parameters and comparison to budget. Update of internal asset valuations and underwriting based on each asset’s investment performance and strategic initiatives.
- Understand each asset and portfolio’s competitive market positioning relative to quality and value, rents, lease terms and occupancy and monitor market trends in financial and supply/demand fundamentals;
- Continuously look for opportunities to create value, develop business cases for implementation, including financial analysis, and make recommendations accordingly;
- Conduct market research on economic trends that may impact current and future investments;
- Other duties within the scope and purpose of the job, as requested.
Requirements
KEY QUALIFICATIONS
- 5 years of related experience with real estate; preference given to candidates with specific knowledge and experience managing investments. Direct residential or hospitality management experience is considered an asset.
- Undergraduate degree in commerce, finance, economics, accounting, actuarial science, engineering, or other relevant technical discipline.
- Proficiency in Excel and financial modeling.
- CA, CFA, AACI, MBA or equivalent post-graduate education, and other relevant professional designations are considered an asset.
- Knowledge of real estate industry including general market practice and standards.
- Exceptional attention to detail in financial analysis and forecasting.
- Experience in implementation of asset management, leasing, development, and financing strategies across the multi-residential real estate asset class in Canada and/or the US.
- Strong business acumen and judgment including negotiation, persuasion skills and diplomacy.
- Excellent interpersonal and communication skills, both written and verbal, with emphasis on relationship building skills with lenders, developers, brokers, technical advisors, and legal advisors; At ease with both formal and informal presentations.
- Ability to provide direction to third-party property management companies.
- Ability to work collaboratively with cross-functional teams, building consensus, communicating effectively and contributing to a positive, growth-oriented work culture.
- Keen analytical skills and proven ability to readily recognize, investigate, interpret, and communicate areas of risk and opportunity in real estate.
- Self-starter with the ability to independently start/complete projects; results oriented with the ability to prioritize and manage multiple tasks and responsibilities, maintaining attention to detail.
CORE COMPETENCIES
- Being Authentic Inspiring trust and being courageous.
- Focusing on Performance Being accountable and drivi