What are the responsibilities and job description for the Asset Manager position at ITEX Property Management LLC?
Founded in 2002, the ITEX Group is a privately held real estate investment firm offering expertise in property asset services, property investment, property development, consulting services, and property management. The ITEX Group pursues a broad range of real estate investments that offer risk-adjusted returns to its investors and clients. The key to ITEX’s success is its dedication to fair and equitable relationships with investors. The philosophy is simple: Treat investors' capital as our own and co-invest our capital in every transaction.
The Asset Manager will be responsible for bolstering standard operating procedures and practices for financial performance, asset preservation, and risk management through the responsibilities listed below.
Responsibilities:
- Oversee the performance of an affordable housing portfolio and develop a stabilization plan for non-performing assets.
- Monitor monthly rent collections, bad debt write-offs and evictions, ensuring income is maximized according to each property’s funding program(s).
- Complete on-site inspections to evaluate the physical needs of the asset, review financial performance with on-site staff, and ensure assets are in compliance based on any applicable regulations.
- Correspond with lenders on financial performance and inspections while confirming completion of all lender-required repairs.
- Review and approve bids for capital projects above the property management spending threshold.
- Identify and monitor key market, industry, and competitor data.
- Approve annual operating budgets, paying attention to accurate staffing plans, rent increases, resident services, capital expenditures, and DSCR requirements.
- Ensure replacement reserve requests are submitted for capital projects.
- Performs other duties as assigned.
EOE M/W/D/V
Requirements:- Demonstrated knowledge of public/private sector housing developments and financing programs (Section 8, HUD, HOME, Tax Exempt Bonds and Tax Credit)
- Demonstrated organizational and time management skills
- Experience in interpreting limited partnership agreements, financial and regulatory documents
- Strong analytical skills with a good understanding of Generally Accepted Accounting Principles (GAAP) Education & Experience:
- Bachelor's degree from an accredited College/University
- 3-5 years of experience in Affordable Housing Programs (Section 8 HUD, LIHTC, HOME, and AHP regulations) required
- 3-5 years in Asset Management required
- 3-5 years in Financial Analysis required
