The role of the Senior Vice President is to oversee and direct the operations, policies, and procedures of commercial property management in a way that is consistent with the policies and goals of the company and its clients. The Senior Vice President is responsible for maximizing service and performance to clients while seeking to enhance profitability and provide opportunities for the company and employees to grow in an atmosphere of respect and professionalism. In addition, the role of the Senior Vice President is to develop plans and ensure the implementation of strategies to improve the performance of commercial real estate assets under management.
The specific duties of the Senior Vice President include:
Management Company responsibilities
- Prepare the operating budget for the Management Company and continuously monitor performance, making adjustments in revenues and expenses to maximize profitability.
- Oversee all human resource decisions, including hiring, firing, promotions, disciplinary actions, raises, bonuses, incentives, and policies.
- Coordinate with and provide direction to the corporate accountant with respect to the accounting department, including employee matters, job functions, team assignments, client relations, software, and performance criteria under our management agreements.
- Administer, monitor, and renew existing management agreements and negotiate new management agreements.
- Maintain contact with clients and monitor company performance.
- Complete annual performance reviews and set team goals for each property management team
- Ensure all aspects of the company’s Annual Operating guide is completed including life safety audits, CAM and tax reconciliation audits, annual emergency response drills, organize annual life safety seminars.
- Meet weekly or bi-weekly with various property management teams to review properties and projects
- Negotiate all Broker Leasing Agreements
- Coordinate the quarterly property asset reviews
- Introduce initiatives that will result in the more efficient operation of the management company and leverage the current skill set.
- Approve company invoices.
- Hire and ensure appropriate training of new Assistant Property Managers and Managers.
- Handle any client issues with our management performance.
- Review monthly financial statements on the Management Company and monitor performance.
- Work on special projects in due-diligence, leasing, and budgeting.
- Ensure vendor contracts are executed as required
- Vendor and tenant insurance process monitoring
- Update Management Company Processes and Procedures Manual
- Supervise and direct the team of property managers responsible for the management of all properties in the company’s portfolio. Make management assignments, create internal teams and align support staff, including operations, accounting and administrative functions, to ensure that the company meets or exceeds its obligations to our clients under our management agreements.
- Oversee the performance and accountability of our property managers by monitoring their timeliness and accuracy of budgeting and monthly reporting, and the quality of their property operations, tenant relations, and client satisfaction.
- Give direction, set policies, and educate property managers in the various areas of good property management, including budgeting skills, lease administration, tenant billings, bid procedures, contracts, insurance, life safety, emergency preparedness, and energy management. Assist and work with them on specific issues related to their portfolios.
- Ensure roles are defined and property managers implement strategies identified by ownership.
- Plan, coordinate and oversee the transition process of bringing new properties into the management portfolio, and closing out properties leaving the portfolio, due to purchase, sale, proposal process or otherwise. Ensure financial performance in line with pro-forma purchase assumptions or recommend and motivate deviations.
- Market, assess, evaluate, and make proposals for new management business. Set business terms, staffing requirements, procedures, and policies related to new business. Integrate new business into company operations. Maintain client relations and monitor performance.
- Coordinate the real estate tax review and abatement decisions for various properties
- Provide consultation and direction for management issues that arise for Property Managers and Accounting.
- Review tenant delinquency reports monthly and provide direction to managers on unresolved issues.
- Review monthly financial reports to clients and provide comment and direction to managers.
- Fill-in for Managers as needed
The Director of Property Management will be expected to support Asset Management activities. However, the Strategic Asset Management responsibilities may be reallocated to other Senior Vice Presidents on the team. Over time, some or all of these may return under the Director of Commercial Property Management should they prove capable and able to perform without compromising their other core responsibilities listed above.
- Commercial portfolio including Northwest Park, Network Drive and other properties as decided from time to time.
- Develop Business Plans for properties to identify opportunities for improving performance including:
- analyzing the portfolio – lease expiry profiles, rent levels, debt levels
- developing strategies to increase cash flow (lower expenses, increase income), leasing vacant space, improving physical properties’ appearance with special emphasis on vacant spaces
- ensuring implementation
- developing plans for troubled assets, underdeveloped assets, vacant land, repositioning of assets
- developing leasing strategies – including lease terms, rental rates, transaction costs understanding sub-markets where properties are located
- Monthly reporting to ownership
- Review proposals for accuracy as well as financial metrics
- Negotiate office and retail leases
- Participate in leasing calls and drive the leasing process
- Client/JV relationship management