Asset Manager Jobs

Company Background

PMI Properties, LLC (http://www.PMIProperty.com) is a 40+ year old property investment company focused on ownership and management of a portfolio of creative office/warehouse properties and multifamily apartments in Los Angeles and San Francisco. Their headquarters are in Beverly Hills. PMI has a portfolio of nine office buildings totaling 265,000 square feet in the West Los Angeles area; 2 office buildings totaling 100,000 square feet in San Francisco; 17 creative multifamily apartment buildings containing 165 units in Northeast Los Angeles; 3 conventional style multifamily complexes consisting of approximately 700 units; 500 of which are in 2 building located in close proximity to one another in Los Angeles County. They own and operate conventional garden apartment complexes and creative multifamily apartment buildings. PMI is now seeking an experienced Asset Manager with deep multifamily apartment experience to supervise the assets and of the two Los Angeles Area and one San Francisco East Bay apartment locations. This Independent Contractor position reports directly to the CEO and Owner of the company and will be based in Los Angeles, preferably nearby the property locations in West Covina.

Job Scope

The final Asset Manager candidate will optimize the Property’s current and future cash flow by ensuring the property management company is efficiently and effectively operating the property, including: (a) optimizing Net Operating Income; (b) cost effectively maintaining the asset; (c) minimizing the long term maintenance expenses; (d) maintaining a resident centric focus that optimizes resident satisfaction and in turn the reputation of the property, resident retention and referrals; (e) minimizing resident turnover; (f) maintaining the curb appeal of the property; (g) minimizing exposure to liability and insurance claims; and (h) ensuring compliance with existing and new governmental ordinances.

Key Accountabilities

• Monitoring whether relationships the management company maintains with vendors fosters a more competitive bidding process and a better understanding of price/cost for relevant equipment or materials.
• Working to identify economies of scale, which would have the overall effect of universal cost reductions;
• Identifying potential areas of cost savings and revenue collections on a continual and residual basis.
• Identifying where excess expenditures can be eliminated if not necessary to the optimal operation of the property/asset.
• Where possible, identifying cheaper or more cost-effective alternatives to current systems or products to have a positive impact on operational profitability.
• Perform quarterly inspection of exterior and common areas and recommended maintenance items.
• Spending sufficient enough time on the Property site to be able to confirm the procedures and tasks that are necessary to achieve the above referenced objectives are being carried out by the Management Company.
• Review variances for conformity to budget and analyze numbers for optimization.
• Work together with management company to reach a mutual agreement and establish the annual budget.
• Assist in identifying reasons for low unit occupancy or excessive vacancies.
• Coordinating with government and regulatory agencies to identify tax benefits and incentives from the upgrade or exchange of existing equipment or systems such as HVAC, Irrigation, Electrical Wiring, and Plumbing etc.
• Determining whether company assets (employees, equipment, and other resources etc.) are being employed in the most efficient manner possible.
• Set rents on property management recommendations.
• Audit account accuracy.
• Identifying and implementing practices and principles designed to optimize operational efficiency.
• Approve repairs over the set limit.
• Monitor and address operational issues proactively.
• Regular oversight of the property management company to make sure they are performing their duties.
• Approve capital expenditures; bring in own vendors if required, engage external vendors and oversee significant projects such as roof repairs, and major balcony repairs.
• Perform renovations if property management lacks the service.
• Establish policies for exterior and interior renovations.

Required Skills, Qualifications and Motivations

• Best Practices focus in both operational management excellence and people leadership and development in a multi-unit setting who knows how to keep his or her team accountable.
• A seasoned, metrics-driven multi-unit apartment manager with 15+ years of work experience.
• Regional Multi-family management experience while directly reporting to the property owner is required.
• A solid analytics mindset is required along with the capability of reading, analyzing, and understanding business documents (e.g., Budgets, Financial Statements, Lease Agreements, Vendor Contracts and Landlord/Tenant Law).
• A strategist and an executional leader who has an entrepreneurial spirit committed to growth and knows how to make value enhancements to the properties s/he manages.
• Strong written and verbal communication and presentation skills and a high degree of patience is key.
• A change agent and problem solver who knows how to improve operational efficiency and productivity.
• Familiarity with and adequate experience construction management projects in a multifamily setting is essential.
• Ability to detect and solve problems in a transparent and cost-effective manner is essential.
• Patience to work closely with a very involved owner who deeply understands the challenges of property management. A capacity to learn, has “thick skin” and won’t be put off by an experienced owner.

Education, Compensation, Benefits and Location

The successful candidate will have completed an accredited bachelor’s degree in business or a related field. Coursework or certification in the real estate and/or property management field (i.e., CAM, CPM, CAPS) is preferred but not required. The company is offering a competitive Independent Contractor package and the Asset Manager will report to the CEO/Owner.