Cobalt Recruitment
GM - Residential Property Management
Cobalt Recruitment, Alexandria, Virginia, United States, 22350
An exciting GM - Residential Property Management role has arisen at a leading real estate investment and management company with a significant national portfolio. Partnering closely with the MD, Property Management, executive leadership and on-site teams, this role will play a critical part in driving operational excellence, delivering an exceptional resident experience, and ensuring strong financial performance across a large-scale, multifamily community. This is a full-time, on-site position based in Alexandria, VA.
About the GM - Residential Property Management role:
Key responsibilities:
Create a monthly framework for the Property Managers to ensure timely completion of property operations tasks – apartment turns and renovations, financial reporting, associate review and training, preventive maintenance. Confirm apartment pricing levels are consistent with current market conditions. Use Yieldstar/LRO or other pricing methodology to set pricing which meets investment requirements and drives consistent leasing activity. Keep abreast of new development or redevelopments within the market and be able to discuss how they will impact residential properties. Build relationships with local trade organizations to gain more market information. Approves all recommended concessions based on current market conditions. Seek Owner approval at the beginning of each calendar year on a pricing matrix (“Unit Pricing Matrix”) for each unit, including renewals, and ensures the Leasing Associate updates this matrix as required to maximize market rent and occupancy. Work closely with Property Managers to set renewal rates. Set the retention expectation per month and support the efforts to achieve the goal. Work with Property Managers to develop the annual Business Plan including traffic and occupancy goals. Revenue goals and Expense parameters. Ensures all residential leases are executed in accordance with stated policies and procedures. Verify on a monthly basis the accuracy of the properties’ (a) rent roll, (b) occupancy status, (c) lease charges, (d) leases match actual resident’s name and (e) term. Tracks actual collection of rent to ensure timely payment and to avoid excessive delinquent rent balances so that we are not more than 30 days behind on residential lease unless we are seeking an eviction. Where applicable - ensures commercial lease terms are correct before leases are executed and accept no changes to the lease form without corporate approval. Ensures all building operating systems such as elevators, boilers, central plant cooling systems are (as required) placed on corporate approved preventive maintenance agreement. Provides annual budgeting and expense management along with monthly variance analysis and work closely with Regional VPs to achieve targeted leasing objectives, operating expense controls, and year end NOI for each property.
Key requirements:
Bachelor’s Degree preferred. Prior experience working in high-volume, multi-building residential property manager capacity Knowledgeable of general accounting practices as it relates to accrual-based accounting for creating an income statement to include reserving for bad debt. Proven ability if the position encompasses more than one property to manage multiple residential assets equal to or greater than the unit count for this position. Experience using Yardi, Entrata, Nexus, revenue management systems Excellent communication skills, both written and verbal. Read and interpret documents such as maintenance and instruction manuals, company policies and procedures documents. Ability to write correspondence and/or reports accurately in a concise and detailed manner. Ability to effectively present information to tenants, vendors, contractors, and other employees of the organization. Ability to read, analyze and interpret lease agreements, financial reports and legal documents. Ability to respond to common inquiries or complaints from tenants, regulatory agencies, other areas of the company, and/or members of the business community.
The above salary range represents Cobalt's good faith and reasonable estimate of the possible base compensation range at the time of posting and is one part of the total rewards package this client provides to employees.
About the GM - Residential Property Management role:
Key responsibilities:
Create a monthly framework for the Property Managers to ensure timely completion of property operations tasks – apartment turns and renovations, financial reporting, associate review and training, preventive maintenance. Confirm apartment pricing levels are consistent with current market conditions. Use Yieldstar/LRO or other pricing methodology to set pricing which meets investment requirements and drives consistent leasing activity. Keep abreast of new development or redevelopments within the market and be able to discuss how they will impact residential properties. Build relationships with local trade organizations to gain more market information. Approves all recommended concessions based on current market conditions. Seek Owner approval at the beginning of each calendar year on a pricing matrix (“Unit Pricing Matrix”) for each unit, including renewals, and ensures the Leasing Associate updates this matrix as required to maximize market rent and occupancy. Work closely with Property Managers to set renewal rates. Set the retention expectation per month and support the efforts to achieve the goal. Work with Property Managers to develop the annual Business Plan including traffic and occupancy goals. Revenue goals and Expense parameters. Ensures all residential leases are executed in accordance with stated policies and procedures. Verify on a monthly basis the accuracy of the properties’ (a) rent roll, (b) occupancy status, (c) lease charges, (d) leases match actual resident’s name and (e) term. Tracks actual collection of rent to ensure timely payment and to avoid excessive delinquent rent balances so that we are not more than 30 days behind on residential lease unless we are seeking an eviction. Where applicable - ensures commercial lease terms are correct before leases are executed and accept no changes to the lease form without corporate approval. Ensures all building operating systems such as elevators, boilers, central plant cooling systems are (as required) placed on corporate approved preventive maintenance agreement. Provides annual budgeting and expense management along with monthly variance analysis and work closely with Regional VPs to achieve targeted leasing objectives, operating expense controls, and year end NOI for each property.
Key requirements:
Bachelor’s Degree preferred. Prior experience working in high-volume, multi-building residential property manager capacity Knowledgeable of general accounting practices as it relates to accrual-based accounting for creating an income statement to include reserving for bad debt. Proven ability if the position encompasses more than one property to manage multiple residential assets equal to or greater than the unit count for this position. Experience using Yardi, Entrata, Nexus, revenue management systems Excellent communication skills, both written and verbal. Read and interpret documents such as maintenance and instruction manuals, company policies and procedures documents. Ability to write correspondence and/or reports accurately in a concise and detailed manner. Ability to effectively present information to tenants, vendors, contractors, and other employees of the organization. Ability to read, analyze and interpret lease agreements, financial reports and legal documents. Ability to respond to common inquiries or complaints from tenants, regulatory agencies, other areas of the company, and/or members of the business community.
The above salary range represents Cobalt's good faith and reasonable estimate of the possible base compensation range at the time of posting and is one part of the total rewards package this client provides to employees.