Regional Manager

Our goal is to create the best property management company in the industry to manage our portfolio of owned assets. We will do so by building the highest caliber team that demands operational excellence in every facet of what they do.

Under the direction of the Vice President, the Regional Manager (RM) will oversee a portfolio of assigned properties from Company’s portfolio of owned multi-family assets (the “Portfolio Assets”). The RM will ensure each asset performs better than or equal to our financial proforma by maximizing revenue growth while controlling expenses (the “Primary Objective”). In so doing, the RM’s job functions will include but not be limited to general administration and directing and supervising all site-team personnel and resources to achieve the fiscal goals of the company while maintaining each property in the portfolio in good physical condition.

Secondarily, Employee may be asked to assist in acquisitions by providing information used to build a proforma for each acquisition target (“Target”), touring Targets, their submarkets, and comps, and overseeing third-party reports, physical due diligence, and lease file audits once a Target is under contract. Employee may also assist in conducting market research, refining the business plan, and assisting with the development of content for Investment Memos.

Travel to Portfolio Assets will be required at a minimum every other month. Travel amounts will vary as/if needed at the discretion of the Employee’s supervisor. Travel to each Target may be required pre-contract and during due diligence on an as-needed basis.

ESSENTIAL DUTIES AND RESPONSIBILITIES include, but are not limited to, the following. Additional duties or job functions may be required as deemed necessary by Company.

FINANCIAL PERFORMANCE

· Ensure each property in RM’s portfolio achieves the Primary Objective. To do so, the RM shall:

· Implement, monitor & ensure adherence to property operating and renovation budgets for each community within their management portfolio.

· Analyze and create appropriate operating and capital budgets for each property within their portfolio, based on each property’s proforma.

· Review, monitor and evaluate monthly operating statements for corrections prior to closing books for each community within their portfolio and ensure accuracy of variance reports and operating summaries prior to delivery.

· Supervise, authorize, monitor, and administer contract services, repairs, and supplies, as well as approve expenses that exceed on‐site authority with the approval of VP at each community within RM’s portfolio. This may include:

• Unit Renovation programs
• Capital expenditures
• Lender required repairs

· Attend Pricing calls for each asset where Revenue Management is utilized. It will be the responsibility of the RM to review and monitor pricing and adjust the same to ensure maximization of revenue regardless of whether or not Revenue Management is utilized.

· Work with Vice President to coordinate, supervise and achieve on‐time and on‐budget delivery of capital projects for each community within their portfolio.

· Obtain three bids from qualified vendors for each capital project.

• Ensure proper contract, insurance and scope of work accompanies every capital project.
• Implement, monitor, and evaluate project status and cost.

· Monitor and achieve acceptable market and renewal rental rates, occupancy, levels of unit turnover, expirations, concessions, delinquency and bad debt for each community within RM’s portfolio.

· Review Monday reports to ensure all property level challenges or potential challenges are immediately addressed:

· After reviewing the Monday reports, follow up with questions and/or directives to the site team to achieve the Primary Objective and ensure operational excellence.

· Schedule and attend weekly or bi-weekly (depending on need) calls with site team to ensure the primary objective is achieved.

· Direct focus and priorities for the property managers following weekly review of rent roll reports, lease renewal reports, expiration management reports, monthly operating summary reports and financial statements.

· Assess, maintain, and anticipate appropriate marketing tools to maximize qualified traffic at each community within the RM’s portfolio while minimizing unit downtime.

· Understand each community’s position within its submarket and implement ways to maximize its competitive advantages and minimize its competitive disadvantages.

SUPERVISORY RESPONSIBILITIES:

Directly supervise the property managers at each property within RM’s portfolio, as well as indirectly supervise office and maintenance employees at the same properties. The RM is responsible for the performance, overall direction, coordination and evaluation of all site‐level employees. These supervisory responsibilities are to be implemented in accordance with Company’s policies, applicable laws and the owner’s objectives. Responsibilities include, but are not limited to, interviewing, hiring and training employees; planning, assigning, and directing work; appraising performance; rewarding and disciplining employees; and addressing complaints and resolving problems.

PHYSICAL / PRESERVATION OF ASSET

· Implement and monitor Company’s standards for acceptable curb appeal, grounds and cleanliness of all communities within RM’s portfolio.

· Implement and monitor Company’s standards for unit turns, service requests, and other maintenance‐related responsibilities at each community within RM’s portfolio.

· Recognize and offer appropriate alternatives to address deferred maintenance and capital needs and immediately and economically efficiently rectify all life/safety issues at each community within RM’s portfolio.

ACQUISITIONS SUPPORT

· Work with Vice President, Analyst and Partners to develop proforma financial projections.

· Travel to target properties, perform in-depth comp study and assist with development of business plan and capex budgets.

· Interface with prospective property managers to understand the market, sub-market, Target, and its comps as well as refine proformas and business plans.

· Assist in due diligence by:

· Attending unit walks and lease file audits

· Review findings of other physical inspections

· Adjust proforma based on findings from due diligence

· The RM will be responsible for:

· Populating and presenting to VP and/or Partners the asset management workbook for each asset on a monthly basis.

· Creating and tracking lender reserve submissions and reimbursements each quarter.

· Drafting quarterly investor letters to update investors on the performance of each property in RM’s portfolio.

· Annually, the RM will be responsible for presenting budgets compared to prior year actuals and prior year budget to VP and/or Partners for discussion, modification and ultimately approval.

MANAGEMENT / ADMINISTRATIVE

· Be present and provide clear, consistent and effective leadership to property teams.

· Evaluate and implement proper staffing needs for each community within RM’s portfolio to maximize net income and resident satisfaction.

· Ensure maximum level of service and commitment to resident retention at each community within RM’s portfolio.

· Implement Company’s standards to evaluate and administer methods to foster responsibility, stability and accountability to maximize productivity and efficiency.

· Implement, monitor and ensure proper, timely and accurate record keeping according to Company’s standards (e.g., lease files, vendor files, invoices, replacement schedules, payroll, move‐out dispositions, bank deposits, etc.) for each community within RM’s portfolio.

· Provide training, teaching and support to site teams to promote focus, dedication and achievement of company priorities and objectives.

· Provide appropriate recognition and incentives for team members to obtain property goals or benchmarks. Conversely, take corrective measures for failure or inability to obtain goals.

· Ensure that all reports are accurate and submitted in a timely manner. These reports should include but are not limited to Weekly Reports, Monthly financial reports, Quarterly Inspections, Monthly and Quarterly Bonuses.

· Respond to resident complaints in a timely manner (no more than 48 hours after receipt) and provide resolution updates.

· Ensure proper oversight of your portfolio when taking time off. Time must be approved by VP to ensure the capacity to cover in RM’s absence.