Selby Jennings’ Post

What does it take to be a great asset manager? From what I have observed and worked on, a great asset manager is and does a few things: 👉Involved with the asset pre-acquisition. The asset manager should be 🟢involved in the underwriting, 🟢provide context and insights about the market 🟢the proposed asset's competitive positioning in the context of its micro-location, 🟢other market forces (local and distant) that may affect the asset's performance, 🟢shoot down the deal before it makes it to investment committee if it's not viable, and 🟢If the deal makes it to investment committee, the asset manager should have communicated with the analyst and acquisition personnel on the asset and the market to be able to confidently talk through how the business plan aligns with the underwriting. 👉Post acquisition, they are the battle commander. Depending on the structure of the company, the asset manager may have 1️⃣ full control over business decisions, 2️⃣ some control with oversight, 3️⃣ or only control over the minutia. Regardless of their degree of control, because they are the asset manager, they should act as though the buck stops with them. - Problems with property management? Asset manager deals with that. - Problems with the construction team slipping on schedule? Asset manager deals with that. - Problems with certain units not leasing well? Asset manager deals with that. I have enjoyed assisting our development manager with the asset management function. In this role, I have been exposed to tons in property operations: 1️⃣ Just because it's the same floor plan with the same finishes, that does not mean it will achieve the same rent across the property: month rented, floor it's on, views, location to amenities, etc. 2️⃣ A whole slew of reporting: unit delivery and leasing progress, unit availability (existing and incoming), strategic rent adjustments (up & down), resident demographics, etc. 3️⃣ Vendors, contractors, subcontractors, local officials, attorneys, and the team of people it takes to bring a project to life. What else would you say it takes to make a successful asset manager? #realestate #assetmanagement #execution https://lnkd.in/eWkXj2J7 Summer Street Advisors, LLC has a good list of asset management functions at the link below.

Asset Managers Opportunities in 2023 The survey revealed a clear truth: asset managers will be commercial real estate’s most critical hiring need in 2023. As might be expected, the asset managers who responded to our survey had the most experience in the four main “food groups” of commercial real estate asset classes, with 27% reporting their highest level of experience was in office, 20% in industrial, 18% in retail and 18% in multifamily. Five percent or less were highly skilled in healthcare, life science, student housing, self-storage, single-family rentals and other alternative asset classes. As real estate owners lean into asset management as a means to boost returns, investors who seek out sponsors with a strategic approach to asset management are more likely to reach their investment objectives in the present landscape. #commercialrealestate #assetmanagement #stewardship #realestate

#hiring *VP Acquisitions and Asset Management (REMOTE)*, San Francisco, *United States*, fulltime #jobs #jobseekers #careers #SanFranciscojobs #Californiajobs #RealEstateProperty *Apply*: https://lnkd.in/e5aySRgf Based out of Santa Barbara, CA /San Francisco, CA Or Denver, CO with TravelThis Jobot Job is hosted by: Hanani CarlisleAre you a fit? Easy Apply now by clicking the "Apply Now" button and sending us your resume.Salary: $170,000 - $250,000 per yearA bit about us:a full-service private equity real estate firm providing value to our clients through structured real estate investment funds for high-net-worth accredited investors. multi-family with high-net-worth investors experience Why join us?Benefits:Remote with travelBonusProfit sharing401(k)Dental insuranceHealth insurancePaid time offParental leaveVision insuranceCompensation package:Job DetailsJob Summary: The VP of Acquisitions & Asset Management position is an exciting, fast-paced role The individual will be tasked with developing and implementing strategic plans to maximize the value and profitability of the multi-family properties within the company's portfolio. The position will lead and support the current pipeline and portfolio from acquisition, entitlements, development, operational improvements, renovations, stabilization, through to disposition. This role is also responsible for leading the team in finding new assets, tracking development, managing repositioning, legal agreements, offering memorandum writing and production, as well as adding value by helping raise capital and identifying and signing new advisory clients.In addition to the primary responsibilities associated with acquisitions and asset management, theVP of Acquisitions & Asset Management will participate in investor relations and accounting.The primary function of the VP of Acquisitions & Asset Management is to oversee, along with the president, all aspects of the administrative, financial, capital and operational nature of the team.The VP of Acquisitions & Asset Management will be responsible for the following:Acquisitions / Asset Management:Define target acquisitions and target markets to find top quartile opportunitiesOrganize and execute due diligence, the closing of acquisitions including review of financial and operational assumptions including the implementation of a property management teamNegotiate and complete complex legal agreements. Examples include, but are not limited to: LOI, PSA, Offering Memorandum, General Contractor Agreements, Entitlements, Ditch Agreements, Subcontractor Agreements, Budgeting, Entitlement and Project ManagementPotential to raise capital through high-net worth individuals and multi-family officesWork with property management company regarding annual operating budgets and CapEx projectsDirect goals and objectives for each propertyMonitor, manage and project asset cashflow to ensure eac

The management ladder at a typical multifamily community: Property Manager 🔽 Asset Manager 🔽 C-Suite There are often additional layers of management in that mix and depending on the size of the property/portfolio, multiple or all of these management layers may be on one individual's shoulders. The property management team may be directly in the company (vertically integrated), or the company may hire 3rd party PM if that is not a function they want/are able to have in-house. Asset management follows a similar philosophy, except small and middle market firms often depend on the C-Suite to do the asset management function. The C-Suite taking on the asset management function has a few positive attributes: ▶Saves money ▶Ensures no miscommunication in ownership's business plan 👉The buck stops with direct ownership (good and bad) The C-Suite taking on the asset management function also has a few drawbacks: ❌Opportunity Cost: Time spent on asset management could be spent on refining the business plan, looking for more deals, raising more capital -- volume and efficiency, etc. ❌If the C-Suite are not great asset managers, they may be getting in the way of effectively executing their business plan. Very hard pill to swallow but important if that's the case. This strikes right at the heart of the time-old question: Is it more important to be as efficient as possible or to grow? Where's the balance? If you would have asked me that question 24 months ago, I would have said to be efficient because anything less is a waste of resources – people and capital. But now, I'm not so sure. There is something to be said for investing in the right people, technology, and resources as soon as reasonably possible to fuel a sustainable, but somewhat uncomfortable path of growth. After all, isn't that what life is about? This is one of those life philosophies that has synergies in business that I am constantly seeking to refine. Growth is important. Efficiency is important. When to give more weight to one over the other is the delicate balance that shifts depending on our season of life, what we're trying to accomplish, and what is demanded of us. #realestate #opportunitycost #efficiency #growth

#hiring LIHTC Asset Management, Saint Louis, United States, fulltime #jobs #jobseekers #careers #SaintLouisjobs #Missourijobs Apply: https://lnkd.in/dGM9TmHi Who We AreWe believe that capital has the ability to transform communities for the better.As an impact investor, Advantage's mission is to bring businesses, resources and jobs to communities that have historically lacked access to investment capital, while also generating competitive returns for our investors, proving that conscious capitalism is possible. Since 1992, Advantage Capital has invested more than $3.8 billion in over 900 companies and projects, spanning a diverse array of industry sectors. We've built a sterling track record of public-private partnerships with state and federal governments and private institutional investors, directly creating tens of thousands of jobs, thousands of units of housing, and millions of kwh of clean, renewable energy in underserved communities and industries.Let us invest in a better future together.Our CultureOur people love what we do. We fundamentally believe that capital can change lives and we go to great lengths to give our firm the opportunity to reach the hardest hit communities in the U.S. with much needed investment. For anyone considering joining our entrepreneurial high-performing firm, know that we value: a growth mindset

So true! It's crucial to think strategically and not just focus on day-to-day tasks. Recently, I used asset management principles to recommend a capital improvement project to ownership. By analyzing data on resident amenities and competitor offerings, I demonstrated the potential for increased rent and occupancy rates. The project is now underway, and I'm excited to see the positive impact it has on the property's value. This experience solidified how important it is to use data-driven insights to make strategic decisions. #AssetManagement #StrategicThinking #DataAnalysis #RealEstateInvestment

👀 Asset management can make or break your apartment complex. You cannot expect to hire a property manager and never touch the property again. 😲 You need to manage the property manager. This is called asset management. There are a couple of differences in Asset Management and Property Management. 1️⃣ Property management is responsible for the day to day operations. They handle the leaky faucets, maintenance requests, and collecting rent. 💸 2️⃣ Asset Management is responsible for the business plan being fulfilled. They manage the property manager to make sure income is increasing and expenses are kept low. It’s their job to fulfill the business plan and pay investors. 🙌🏼

Why Every Property Manager Needs A Strong Asset Management Understanding In the world of multifamily properties, keeping tenants happy and the building running smoothly is essential. But what takes your operation to the next level? Understanding asset management. Here's why: Strategic Decision-Making: Asset management knowledge goes beyond daily tasks. It allows you to analyze data, identify trends, and make informed decisions about maintenance, renovations, and even rent pricing – all to maximize the property's value. Long-Term Vision: Great property managers don't just react, they anticipate. Asset management skills help you see the bigger picture, plan for the future, and ensure your property stays competitive in the ever-changing market. Alignment with Ownership: Owners care about return on investment. By understanding asset management principles, you can bridge the gap between day-to-day operations and the owner's financial goals, fostering stronger relationships and trust. Thinking like an asset manager makes you a more valuable property management professional. #multifamily #propertymanagement #assetmanagement #realestate Let's discuss in the comments! What are your thoughts on the importance of asset management in property operations?

#hiring LIHTC Asset Management, Saint Louis, United States, fulltime #jobs #jobseekers #careers #SaintLouisjobs #Missourijobs Apply: https://lnkd.in/dGM9TmHi Who We AreWe believe that capital has the ability to transform communities for the better.As an impact investor, Advantage's mission is to bring businesses, resources and jobs to communities that have historically lacked access to investment capital, while also generating competitive returns for our investors, proving that conscious capitalism is possible. Since 1992, Advantage Capital has invested more than $3.8 billion in over 900 companies and projects, spanning a diverse array of industry sectors. We've built a sterling track record of public-private partnerships with state and federal governments and private institutional investors, directly creating tens of thousands of jobs, thousands of units of housing, and millions of kwh of clean, renewable energy in underserved communities and industries.Let us invest in a better future together.Our CultureOur people love what we do. We fundamentally believe that capital can change lives and we go to great lengths to give our firm the opportunity to reach the hardest hit communities in the U.S. with much needed investment. For anyone considering joining our entrepreneurial high-performing firm, know that we value: a growth mindset

Yes! What owner only cares about collections? It’s the total picture that contributes to NOI growth. Wanna really add value? Increase the NOI of the properties you manage… increase the value of the asset and see how many new customers/investors you attract! #Banyanrocks