POSITION PURPOSE:The Residential Property Manager is responsible for the day-to-day management and operations of the property. Responsibilities include, but are not limited to, leading the on-site team, oversight of daily activities, residential satisfaction and high level of customer service, achieving budgeted financial goals, complete company required reporting and maintaining a best-in-class appearance of the property. This position will set goals to integrate leasing, property management, building maintenance, and resident retention activities that positively impact the overall success of the property. Annually draft a budget and business plan for review and approval. Additionally, they will manage to the property's approved budget with an emphasis on timely rent collection, meeting monthly leasing goals, resident retention, expense and revenue management, and vendor supervision.
ESSENTIAL FUNCTIONS:LEASING
- Confirm building amenity pricing is accurate by shopping property's defined competition and using mystery shoppers and/or other market research firms.
- Approve rents and concessions on available apartment homes based on market conditions, availability, and leasing strategy for the property.
- Work closely with resident services and leasing teams to ensure all renewals and new leases meet or exceed approved pricing strategy.
- Ensure marketing plans are achieving desired results and align with revenue and leasing goals. Follow property software reporting and make recommendations as needed to maintain targeted prospects, tours, and executed leasing goal.
- Ensure all residential leases are executed in accordance with CIM's Standard Operating Procedures (SOP). Review ongoing and monthly to validate 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.
- 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.
- Create and approve social media content for property's on-site events and local neighborhood news and respond to questions and comments on the property's social media channels.
FINANCIAL
- Track rent collection 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.
- Create and deliver timely and accurate annual budgets and monthly variance analysis reports. Work closely with the property team to achieve all targeted leasing objectives, operating expenses, and year-end NOI for each property.
- Report on property's financial performance each month and provide explanation for the variances.
MANAGEMENT OPERATIONS
- Ensure all building operating systems such as elevators, boilers, central plant cooling systems are (as required) placed on an approved preventive maintenance agreement.
- Responsible for knowing and understanding the market of assigned property's comp set. 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 businesses or organizations to gain additional market information.
- Work closely with the Maintenance Supervisor to create a monthly preventive maintenance calendar with the goal to use on-site maintenance technicians to maintain or complete most of the preventive maintenance work.
- Monitor and control the property's expenditures in accordance with the approved budget and SOP's. Ability to provide recommendations for expense efficiencies and capital work as needed.
- Inspect the property on a daily/weekly basis to ensure the overall appearance, exterior lighting condition, cleanliness and maintenance of the property's common areas and units.
- Assign and delegate tasks to ensure timely completion of turnover repairs, leasing initiatives, preventive maintenance tasks, and leases being entered into Yardi.
- Establish standardized management practices for (i) emergencies, (ii) evictions, (iii) energy management, and (iv) resident issues or complaints in accordance with stated SOP's and CIM Group polices.
- Adhere to all local agency's rent control or similar governmental agencies (as required) polices as well as Federal Fair Housing Act to avoid any discrimination or legal issues.
- Work with in-house or outside legal counsel on legal matters.
- Stay current on the changing Landlord-Resident Laws.
- Maintain a first-class management office with digitized leasing files, vendor files, building files and others as may be required. Ensure the management office is staffed appropriately and that the property is operating in the most productive and efficient manner.
- Provide inspired leadership to your team while implementing plans and creating a collaborative and engaging work environment with focus on training, coaching, and mentoring. Provide all the tools and training to empower employees to think creatively and make informative business decisions.
- Be able to provide operating expense and/or market rent analysis for new developments or acquisitions as required using comparable property unit pricing for administration, repairs and maintenance, janitorial, contracted services, utilities, bad debt, marketing expenses, and payroll. Become a market expert and be able to coach the team in differentiating CIM's properties and management of properties and what sets them apart from the competition.
- Bid, award, and create service contracts as per CIM requirements.
- Manage capital improvement projects.
- Evaluate service providers and contractors and hire the best company for the job.
NON-ESSENTIAL FUNCTIONS:- Exhibit a confident, professional demeanor when interacting with visitors, residents, vendors, investors, and CIM personnel.
- Demonstrate commitment to a work schedule that ensures timely completion of all responsibilities.
- Must be detailed oriented, well organized, and be able to meet the expectations of the organization.
SUPERVISORY RESPONSIBILITIES:- Supervise on-site staff including administrative support employee(s), maintenance team, leasing team, security, parking attendants, and other vendors as needed. 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 an annual performance review, offering 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.
- Responsible for performing all other duties, tasks, and responsibilities as assigned by your supervisor.
EDUCATION/EXPERIENCE REQUIREMENTS: (including certification, licenses, etc.)- Bachelor's Degree or equivalent experience.
- Knowledgeable of general accounting practices, accrual-based accounting, and reserving for bad debt.
- Five years prior experience working in a residential property manager capacity.
- Must possess a valid state-issued driver's license.
- Brokerage License or Real Estate Salesperson License preferred; or willingness to receive license within first 90 days of employment.
KNOWLEDGE, SKILLS, AND ABILITIES:COMMUNICATION SKILLS REQUIREMENTS:
- Read and interpret documents such as office equipment maintenance and instruction manuals, company SOP documents.
- Ability to write correspondence and reports in a concise and detailed manner.
- Ability to effectively present information to residents, vendors, contractors, and other employees of the organization.
- Ability to analyze and interpret lease agreements, financial reports, and legal documents.
- Respond to common inquiries or complaints from residents, regulatory agencies, other areas of the company, and members of the business community.
- Good verbal communication.
- Organization and ability to multitask efficiently.
- Problem solving to find effective solutions for variety of potential issues.
- Able to motivate and effectively manage the building team.
MATHEMATICAL SKILL REQUIREMENTS:
- Ability to add, subtract, multiply, and divide.
- Ability to compute rate, ratio, and to draw and interpret bar graphs.
- Ability to calculate discounts, interest, commissions, proportions, percentages, area, circumference, and volume.
- Ability to calculate monthly and year-to-date financial variances.
REASONING SKILL REQUIREMENTS:
- Ability to apply common-sense understanding to carry out instructions.
- Ability to solve practical problems.
- Ability to define problems, collect data, establish facts, and draw valid conclusions.
TECHNICAL SKILLS REQUIREMENTS:
- MS Office including Excel, Word, PowerPoint, and Outlook.
- Familiar with Nexus Payables or similar software applications.
- Familiar with Yardi or similar software applications.
PERFORMANCE METRICS:- Performance of property measured by established proformas for the property such as an approved operating budget, leasing objectives, cost controls, and annual NOI.
- Performance of property team.
- Resident questionnaires, survey feedback, and improving online ratings.
WHAT CIM OFFERS:At CIM, we believe our success stems from our collective efforts, and we are committed to providing well-rounded support and resources for our employees. In addition to a competitive compensation plan, CIM offers a comprehensive benefits program for employees to thrive both inside and outside of work. Eligible employees can enjoy a wide range of benefits, including:
- A variety of Medical, dental, and vision benefit plans
- Health Savings Account with a generous employer contribution
- Company paid life and disability insurance
- 401(k) savings plan, with company match
- Comprehensive paid time off, including: vacation days, 10 designated holidays, sick time, and bereavement leave
- Up to 16 hours of volunteer time off
- Up to 16 weeks of Paid Parental Leave
- Ongoing professional development programs
- Wellness program, including monthly and quarterly prizes
- And more!
Actual base salary considers several factors including but not limited to geography, job-related knowledge, experience, and budget. The start of the salary range is typically associated with the minimum experience required. At CIM, base pay is one part of the total compensation package. For this role, bonus compensation may be a significant part of the total compensation. The anticipated base salary range for the position in Los Angeles, CA is $85,000 - $95,000.
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