Senior Vice President, Residential Operations

Who We Are

JBG SMITH owns, operates, invests in, and develops mixed-use properties in high growth and high barrier-to-entry submarkets in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Washington, DC metropolitan area.

Approximately two-thirds of JBG SMITH's holdings are in the National Landing submarket in Northern Virginia, which is anchored by four key demand drivers: Amazon's new headquarters, which is being developed by JBG SMITH; Virginia Tech's under-construction $1 billion Innovation Campus; the submarket’s proximity to the Pentagon; and JBG SMITH’s deployment of next-generation public and private 5G digital infrastructure. JBG SMITH's dynamic portfolio currently comprises 15.3 million square feet of high-growth office, multifamily, and retail assets at share, 98% of which are metro-served. It also maintains a development pipeline encompassing 9.7 million square feet of mixed-use development opportunities. JBG SMITH’s capital allocation strategy is to shift the majority of its portfolio to multifamily and concentrate its office assets in National Landing. JBG SMITH is committed to the operation and development of green, smart, and healthy buildings and plans to maintain carbon neutral operations annually.

Position Summary

The Senior Vice President (SVP) of Residential Operations is responsible for the leadership and day-to-day operations of a growing residential portfolio of JBG SMITH. The residential properties are defined by their dynamic urban neighborhoods and offer amenity-rich, ultra-convenient living options for Washington renters. Key holdings are located in high-growth submarkets in Washington, DC, Virginia, and Maryland. Currently the portfolio is comprised of over 12,000 operating units, with an additional ~1,600 units under construction and a significant future development pipeline (6,000+ units).

Additionally, JBG SMITH has an affordable housing investment platform called the Impact Pool, which is part of the Washington Housing Initiative that was launched by JBG SMITH and the Federal City Council. The Impact Pool leverages private capital to help combat the scarcity of housing for middle-income families throughout the DC region’s most up-and-coming neighborhoods. To date, the Impact Pool has provided more than $65 million in financing for the preservation of 2,565 units.

The successful candidate will have the skills and leadership to drive financial and operational performance and will be comfortable in an environment where the bar is raised regularly. S/he will need to develop strong relationships within the organization and, as an integral part of the operations team, work with his/her peers to develop strategies and tactics for the operating function. The SVP will be expected to have full ownership of the P&L of the residential business (revenues, expenses, and capital expenditures). S/He will deliver results by leveraging potential changes in systems, processes, and technologies to improve various facets of the business, including insourcing/outsourcing decisions and the optimization of the company’s staffing models, tracking and predicting the activities that drive labor hours and cost, establishing productivity benchmarks and metrics, etc. All these responsibilities will be integrated with the company’s desire to maintain its very strong associate engagement and sector leading customer satisfaction metrics.

The successful candidate must have experience in identifying and gaining management buy-in for pragmatic, large value creation and change management opportunities. S/He will focus on improving operating performance and driving growth through others; hence experience in a highly collaborative environment is key for the success of this candidate.

The SVP will be able to represent the company effectively on high profile market/property tours with outside investors, analysts and bankers. The ideal candidate will have experience in stabilized operations, in redevelopment/repositioning, and in new development and the lease-up of properties.

Importantly, the SVP needs to be a brand builder, able to develop a culture that will allow JBGS to evolve into a best-in-class operator in the Residential space. She/He must be able to share a vision and ideas in a compelling and inspiring manner while exhibiting executive presence.

The SVP will lead a team of four direct reports that handle i) site operations, ii) operational standards, iii) centralized bookkeeping, and iv) revenue management and pricing strategies. The entire Residential organization is comprised of approximately 350 employees.

What You'll Do

Work with the Residential team to complete annual budgets, monthly/quarterly financial results, marketing plans, staffing plans and capital plans. Work with the Chief of Property Operations and other executives on corporate initiatives, operating strategies, acquisitions/dispositions, under construction assets and development opportunities, PropTech initiatives, and any clarifications needed in interpreting policies, procedures or owner objectives.

People Management

• Recruit and retain the best strategic management team in the industry.
• Support and participate in company sponsored training relative to customer service, management skills, leadership, financial management and strategic planning.
• Develop a team of operations professionals who are customer focused, strategic thinkers and leaders who will add significant value to the organization.

Competitive Market Position

• Develop and maintain a strong working relationship with investment and development teams with regard to development, acquisitions and all market strategies.
• Effect a smooth transition of new development and/or operating properties into the operating portfolio.
• Identify issues and timing for strategic adjustments to the JBGS’s market position within each market.
• Interact with senior development and investment teams relative to new opportunities within the region.
• Monitor all markets to thoroughly understand market opportunities and maintain updated knowledge on the economic and demographic conditions in each market.

Physical Condition

• Prepare and manage capital investment recommendations relative to asset preservation, revenue enhancement and marketing improvements for JBGS assets.
• Ensure consistent quality, curb appeal, asset preservation and risk management according to JBGS’s standards.

Operating Standards

• Execute the business plan created to achieve the goals of JBGS.
• Based on knowledge of market conditions and anticipated swings/cycles, work with the operations team to make tactical adjustments to the strategic plan as required to achieve goals and objectives.
• Communicate effectively, and with appropriate detail, with senior management regarding the status of the operating plan and operating results for each submarket and property in the submarket on an ongoing basis.
• Manage each property as an owner.

Financial Performance

• Review and approve all contracts within limits as defined by the JBGS Delegation of Authority.
• Develop operating budgets for the portfolio with the assistance of the portfolio management team and secure approvals for property budgets within the JBGS structure.
• Monitor performance on a weekly, monthly, quarterly and annual basis.
• Present budget to actual variances monthly to senior business leaders and Executive team.
• Oversee revenue management of the entire portfolio.
• Evaluate and recommend as appropriate revenue enhancing capital improvements requests and capital programs.
• Develop a format and strategy for implementation of re-forecasts as required during the year based on comprehensive knowledge of portfolio and market issues.

What You'll Need To Succeed (requirements)

• 15+ years of professional experience which includes experience in real estate asset and/or property management, with over 10+ years working in the residential sector.
• Bachelor’s degree from an accredited institution required; degree in business or related field preferred; graduate degree in business preferred.

Technical Experience

• Strong knowledge of Residential PropTech sector and ability to strategically evaluate and prioritize technology initiatives.
• Familiarity with Yardi operating platform preferred, but not required.
• General knowledge of Residential mechanical and maintenance standards.

Other Skills/Requirements

• Comfortable in a sophisticated public company environment.
• Needs nimble thought process, curious intellect (willing to challenge conventional wisdom and the status quo).
• Smart (raw intelligence), self-actualized (not afraid of smart people); a teacher-coach- leader.
• 10+ years’ experience in a leadership role in a customer service oriented, investment driven, multifamily operating environment.
• Needs to be comfortable with the operating results-oriented pressure that comes with a publicly traded REIT.
• Excellent communication skills, strong financial, marketing, customer service and leadership skills.

Other Important Attributes

• A thorough understanding of the competitive market and high standards for customer service, the physical condition of the properties and operating procedures.
• Experience in a fast paced, rapid growth environment is helpful.
• Demonstrated leader; ability to train and mentor; strategic thinker; team builder and team player; excellent communicator.
• Track record of effective people management and development.

JBG SMITH is committed to hiring and retaining a diverse workforce. We are an Equal Opportunity Employer, making decisions without discrimination on the basis of race, color, religion, sex, national origin, age, veteran status, disability, sexual orientation, genetic information or any other protected class, in accordance with applicable law.