Asset Manager

Asset Management · Saint Paul, Minnesota
Department Asset Management
Employment Type Full Time
Minimum Experience Mid-level

This position is responsible for the financial, physical, and strategic management of an assigned portfolio of net lease real estate assets. 


Essential Job Functions:


Lease Administration

  • Administer leases, contracts, regulatory and other agreements governing the operation of the properties.  Ensure compliance with all requirements.
  • Establish and develop strong strategic relationships with tenants, vendors, municipalities, and others required for the effective operation of the properties/portfolio.
  • Ensure tenant’s full understanding and compliance with all aspects of the lease and other legal documents or agreements, including payment of rent, insurance requirements, tax payments, maintenance, and repair responsibilities (either directly or through reimbursement to landlord).
  • Lead the expense reconciliation process and communicate the results to tenants.
  • Maintain regular tenant contact and ensure all tenant questions or concerns are promptly addressed.
  • Coordinate efforts between management, leasing, insurance, real estate taxes accounting, and facilities.
  • Review and resolve all tenant receivables issues.
  • Ensure that appropriate property insurance is secured, and all taxes and assessments are paid on time.

 

Financial Management

  • Develop and maintain annual operating and capital budgets. Prepare and review monthly, quarterly, and annual property operating reports and revise activities as necessary to ensure optimal property operating performance.
  • Invoice approval and expense control.
  • Prepare strategic capital plans.
  • Assist leasing staff with renewal or renegotiation of existing and new leases. Prepare lease abstracts.
  • Review annual property tax valuations and assessments.  Recommend appeals as needed.
  • Develop, draft and present material recommendations regarding the property’s operations, and capital plan
  • Communicate any immediate issues or concerns to Vice President, Asset Management.

 

Maintenance, Repairs and Improvements

  • Work with facilities staff to ensure that periodic building inspections are conducted.  Review reports and oversee a plan for corrective action as needed.
  • Orchestrate approval and oversee (directly or through third party providers) alterations or reconditioning of a property as specified in management services or lease agreement.
  • Select and monitor vendors, negotiate, and facilitate approval of awards for contract services and agreements, and supervise vendor performance as necessary.

Acquisitions, Dispositions and Leasing

  • Advise the Acquisitions team on any potential issues or unusual terms in lease provisions or other legal documents regarding asset management prior to finalizing investment.
  • Assist with gathering materials for buyers review of potential dispositions.
  • Facilitate transition to new owner upon sale of an asset.
  • Track lease expirations, renewals and option dates to mitigate potential vacancy risk.
  • Analyze financial terms of lease proposals, using effective lease/rent calculations and net present value for leases. Determine if potential leases are consistent with current market conditions and meet with long-term asset expectations from a financial perspective.

 

Asset Management Teamwork

  • Lead or assist with real estate tax, insurance, technology integration, process improvement and other duties as necessary or assigned.
  • Continually seek creative and innovative opportunities to enhance the performance of the properties and the asset management team.  Maximize the effective use of systems and technology.

Thank You

Your application was submitted successfully.

  • Location
    Saint Paul, Minnesota
  • Department
    Asset Management
  • Employment Type
    Full Time
  • Minimum Experience
    Mid-level