AIG Downtown, Los Angeles, CA, USA
Jul 17, 2019Full time
Functional Area: IN - InvestmentEstimated Travel Percentage (%): Up to 25%Relocation Provided: NoAIG ASSET MANANGEMENT US LLC Job ID: JR Senior Associate / Regional Property Manager Position Reports To: Vice President of Asset Management Status: Exempt Purpose of the Position: The Senior Associate (SA)/Regional Property Manager (RPM) is a key management position for the company. The SA/RPM will assist in implementing the strategic direction for the department and will be responsible for maximizing the operating performance and value of the SA/RPM's multi-family residential assigned portfolio. The SA/RPM will report to, and work closely with, the Vice President of Asset Management, all internal departments, partners and managing agents. The primary objectives of the SA/RPM are to optimize and preserve the company's benefit stream of tax credits, net cash flow and net sales proceeds from existing developments, and to analyze and help underwrite the company's investment in new developments. These objectives are achieved through effective monitoring, evaluation and analysis of general partner, managing agent, market conditions and property performance. Asset manager responsibilities will be assigned primarily by region or developer/manager relationships. Essential Functions: Review monthly and year-to-date property and portfolio financials comparing actual to budget/proforma variances. Recommend methods to reduce operating expense variances and improve performance. Draft and implement property business plans in coordination with the managing agent to improve performance and asset value, maximize cash flow, and reduce any operating deficits. Schedule and evaluate periodic Section 42 compliance reviews using contract consultants and follow up on corrective actions. Maintain competent understanding of Section 42 requirements and operating policies. Schedule, coordinate and attend tax credit workshops. Oversee operating conformance with appropriate provisions of the partnership and property management agreements. Review property budgets by property management companies and make recommendations to improve cash flow and value. Physically inspect each property at least once annually. Review the physical structure for unusual deterioration or mismanagement. Analyze neighborhood, market conditions, trends and their impact on the property. Prepare annual report regarding the financial and physical conditions, risks and opportunities for the properties and portfolio. Assist in the coordination of the physical needs assessment with assistance of Construction Services Department prior to expiration of the Operating Deficit Guarantee (ODG) period for each development. Assist in the preparation of investment recommendation reports for new construction, refinance, rehabs and positioning for sale to include an evaluation of the surrounding marketplace, demographics, suitability of affordable housing, the developer and manager's capabilities, the proposed physical improvements and the operating proforma of the property. Assist in the periodic review property management company qualifications and evaluate on-site management personnel and their supervisors. Maintain effective lines of communication with all partners, managing agents and internal departments and comply with management policies and procedures. Sustain awareness of industry business practices by participating in local, regional and national real estate associations, and governmental agencies. Conduct business following the company's Vision, Mission, Values, Goals, Policies, Procedures and in compliance with all applicable laws and regulations. Key Qualifications: It is vitally important that the SA/RPM possess excellent property management and leadership capabilities. The SA/RPM should contribute to the overall growth and success of the company. A strong working knowledge of property management, finance, tax credit requirements, and property operations is important. The SA/RPM must have strong investment acumen, be motivated and possess excellent communication skills. The SA/RPM must possess a high attention to detail with strong analytical skills and have the confidence that their work product is accurate and complete. The SA/RPM should be an independent and flexible problem solver who can work in group settings and navigate complex relationships with strong instincts and sound judgment. The willingness to accept responsibility for new projects and see existing projects through to completion is critical. The SA/RPM must possess basic accounting skills, have experience with spreadsheet analytical software, and have a working knowledge of Excel, Word, Access, and other PC based software. Working knowledge of property management software, including Yardi and OneSite, preferred. The position entails 25-30% travel. License required: none Minimum of 5 years of multifamily property management experience. Knowledge of Section 42 housing preferred. BA degree required. This position description does not promise or imply that the functions listed are the only duties to be performed or that the position may not change or be eliminated. Employees are always expected to follow their supervisor's instructions and to perform the tasks requested by their supervisors. It has been and will continue to be the policy of American International Group, Inc., its subsidiaries and affiliates to be an Equal Opportunity Employer. We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability or any other legally protected categories. At AIG, we believe that diversity and inclusion are critical to our future and our mission - creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives. We consider qualified applicants with criminal histories, consistent with applicable law.