The Residential Property Manager is responsible for overall day to day management and lease up of the property. Responsibilities include directing on site staff, contracted services and vendors to maintain a first class appearance of the property. This position will set monthly goals to integrate leasing, property management, building maintenance and lease administration functions across the properties. Additionally, they will have to adhere to the properties approved budgets with an emphasis on timely rent collection, meeting monthly leasing goals, receivable management, legal evictions and vendor supervision.
ESSENTIAL FUNCTIONS:Assign task on a monthly basis to ensure timely completion of supporting task like turnover repairs are in sync with leasing, marketing plan supports the lease program, preventive maintenance task are complete to avoid disruptions or additional costs, lease are inputted into Yardi by the administrative team in a timely manner. Confirm building amenities pricing set by the Leasing Associate is accurate by shopping property(s)’ defined competition or peer group and using mystery shoppers and/or other market research firms like Kingsley. Responsible for knowing and understanding the market of assigned property(s)’ similar peer group. Keep informed about new development or redevelopments within the market and be able to discuss how these will impact CIM’s residential properties. Build relationships with local business organizations or organizations like BOMA to gain additional market information. Approve all recommended concessions based on current market conditions or limitations imposed by the unit larger than similar product type within peer group. Seek Investment Lead and/or Oversight Principal’s approval at the beginning of each calendar year for a pricing matrix (“Unit Pricing Matrix”) for each unit including renewals and ensure the Leasing Associate updates this matrix on a weekly/monthly basis (as required) to maximize market rent and occupancy. Work closely with the Leasing Associate to ensure all renewals or new leases meet or exceed the approved Unit Pricing and all units that are more than 5% from the approved Unit Pricing Matrix are pre-approved by the Investment Lead. Track and push the marketing plan traffic goals to ensure adequate traffic and closing ratios for both new and existing leases using a monthly scorecard to project occupancy five weeks out. Ensure all residential leases are executed in accordance with CIM Group stated policies and procedures (within 2 business days). Verify on a monthly basis the accuracy of the property(s)’ (a) rent roll, (b) occupancy status, (c) lease charges, (d) lessee’s match actual resident’s name and (e) term. Track actual collection of rent to ensure timely payment and to avoid excessive delinquent rent balances so that the property is no more than 30 days behind on any residential lease unless there’s a pending eviction. Ensure lease terms are correct before all residential leases are executed by any resident and accept no resident’s changes to the CIM Group lease form without prior corporate approval. All supporting addendums must also be executed by the residents as set forth by each property’s standardized lease form.Ensure all building operating systems such as elevators, boilers, central plant cooling systems are (as required) placed on corporate approved preventive maintenance agreement. Work closely with the immediate supervisor to create a monthly preventive maintenance calendar with the goal to use onsite maintenance technicians to maintain or complete most of the preventive maintenance work. Monitor and control the property(s)’ expenditures in accordance with approved budgets and be able to provide recommendations for deferring or capitalizing work as required. Seek to control operating expenses by enforcing scope of work, cap pricing increases, seeking group or regional bids and timely payment. Inspect the properties at a minimum of once a month to ensure the overall appearance, exterior lighting condition, cleanliness and maintenance of the property’s common areas with approved vendors and provide Corporate a monthly inspection report. Be able to provide annual budgeting and expense management along with monthly variance analysis and work closely with corporate to achieve all targeted leasing objectives, operating expense controls and year end NOI for each property. Maintain a first class management office with centralized leasing files, vendor files, building files and other as may be required. Ensure the management office is staffed appropriately at all times. Be able to provide operating expense and or market rent analysis for new developments or acquisitions as required using comparable properties unit pricing for administration, repair and maintenance, janitorial, contracted services, utilities, bad debt, marketing expenses and payroll. Establish standardized management practices for (i) emergencies, (ii) evictions, (iii) energy management, and (iv) tenant issues or complaints in accordance with stated CIM Group polices or as directed by corporate. Adhere to LAHD rent control or similar governmental agencies (as required) polices as well as Federal Fair Housing Act to avoid any discrimination or legal issues.
SUPERVISORY RESPONSIBILITIES:Supervise on site staff including administrative support employee(s), engineers security, parking attendants and other vendors. Plan, organize, and manage employee focused activities including but not limited to: Compliance with all applicable employment laws as well as CIM Group employment policies and procedures Facilitate employee development and training opportunities that promote maximum productivity and position the employee for increased responsibilities and job growth.Provide at a minimum once a year performance feedback/counseling along with as required, appropriate on site job training and be able to address job performance deficiencies. Responsible for coordinating leasing coverage all days of the week including weekends.
EDUCATION/EXPERIENCE REQUIREMENTS: Bachelor’s Degree preferred.Knowledgeable about on general accounting practices as it relates to accrual based accounting for creating a income statement to include reserving for bad debt. Three years prior experience working in a residential property manager capacity. Valid New York Real Estate License preferred Must possess a valid state-issued driver’s license.