Day-to-day responsibility for financial and operational performance of a retail real estate portfolio. Including but not limited to the Net Operating Income (NOI) and Same Store NOI, developing strategies to maximize value of each asset through revenue enhancements, expense reductions, leasing strategies as well as potential redevelopment and/or repositioning strategies. Supervise and manage agreements with all vendors, maintenance and property management personnel. Must work well in a cross-functional team environment.
ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties may be assigned.
- Understand how decisions on the transaction and property level affect other aspects of the property, portfolio, and company and make informed decisions based on the overall benefit to those 3 levels. Understand the properties and how they fit in to their respective markets.
- Communicate effectively in a timely manner with tenants, vendors, coworkers, and shopping center customers to respond to problems, develop relationships, and create value to the company and the managed portfolio.
- Stays abreast of trends within the real estate industry as well as retailer world, is cognizant of changes in the investment climate, knows and understands issues impacting retailers.
- Create operating and capital expense budgets to best position the properties, portfolio, and company for success, focusing on efficient use of operating and capital expense dollars to increase investment returns and improve the ability of Leasing to market vacant spaces.
- Read, understand and explain commercial leases, CAM Reconciliations, OEA/REA agreements, contract language, insurance documents, and other standard documents and forms used in commercial real estate.
- Assess key measures of the portfolio on a routine basis and make decisions and adjustments as necessary to effectively manage the portfolio. Key measures include AR Balances, Budget Variances, Occupancy % & Tenant Sales numbers, among others.
- Understand the essentials of successful retail businesses and shopping centers and manage the properties to best ensure the success of our clients, the retail tenants.
- Monitor the retail real estate markets to assess tenant and competitor trends to find new ideas for implementation within the portfolio.
- Work closely with Tenant Coordination and Leasing on tenant move in/move out.
- Identify, implement revenue enhancement (ancillary income opportunities) at all centers in the portfolio.
- Achieve the financial performance goals of the Asset and meeting or exceeding designated key performance indicators.
- Act as a liaison between leasing department on property level leasing matters, providing support as necessary to accomplish annual leasing goals at the property.
- Perform physical site inspections/site visits at each property within guidelines provided.
- Produce and manage property operations by obtaining quotes, producing agreements and inspecting performance of all vendors and 3rd party contractors.
Dependent upon location:
- General Manager
- Property Manager
- Associate Asset Manager
- Facility Engineer
- Garage Manager
- Field Maintenance Technician
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- Requires a minimum of 5 years of previous Property or Asset Management related experience of commercial real estate.
- Required job skills learned include: Communicating verbally and in writing to tenants, creating budgets, preparing management reports, reviewing and explaining documents such as: lease terms, CAM Reconciliations, insurance requirements, and other commonly used documents in the commercial real estate industry.
- Must be proficient at Microsoft programs Outlook, Word, Excel, & PowerPoint and/or Mac OS.
- Must be trainable on MRI and Salesforce.com
- Must also be able to travel to the properties in the portfolio for onsite routine visits, while maintaining effective responsiveness to the ongoing tenant and departmental needs of the company.
- Requires strong financial skills, including analysis of tenant financial information, real estate investment return measures and valuation analysis.
- Not required but recommended are CSM, RPA, CPM and/or CCIM designations in commercial real estate.
EDUCATION and/or EXPERIENCE
- Bachelor's degree (B.A./B.S.) from a four-year college or university; or 5+ years related experience and/or training; or equivalent combination of education and experience.
- Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or governmental regulations.
- Ability to write reports, business correspondence, and procedure manuals.
- Ability to effectively present information and respond to questions from groups of managers, clients, customers, and the general public.
- Ability to effectively present information to top management, public groups, and/or boards of directors.
- Ability to apply advanced mathematical concepts such as exponents, logarithms, quadratic equations, and permutations.
- Ability to apply mathematical operations to such tasks as frequency distribution, determination of test reliability and validity, analysis of variance, correlation techniques, sampling theory, and factor analysis.
- Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists.
- Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- Quiet office conditions.
- Moderate noise on work sites.
- Needs to be able to assess on-site physical conditions of the property, tenant spaces, and grounds in varying weather conditions. Specific examples could include roof inspections, HVAC or restaurant freezer inspections, inspections of leaks, basic assessment of potential environmental IAQ issues within buildings, and inspection of common area rooms including fire alarm equipment rooms and electrical/phone panel rooms.
- Fast-paced, intense work environment.
- Some travel required.
Character Qualities necessary to be successful in this position:
- Excellent interpersonal skills.
- Able to handle difficult situations with a fine degree of tact, diplomacy and courtesy.
- Good steward of resources.
- Internal and external customer service skills.
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