Asset Manager

Redico LLC

(Southfield, Michigan)
Full Time
Job Posting Details
About Redico LLC
REDICO is a diversified, dynamic national real estate development, construction, and property management leader. Employing bold vision and meticulous planning to deliver consistent success, REDICO has grown to include diversified activities in development, capital partnering, design, construction, leasing, property management, consulting, and other endeavors... in the office, retail, residential, public works, and entertainment venue real estate arenas across the United States.
Responsibilities
The Asset Manager position has no direct reports but collaborates in a matrix with leasing, property managers and property accountants. * Administer the terms of the Operating Agreements to ensure all operations of these properties are in accordance with their agreements. * Review and analyze property management agreements, leases, operating and easement agreements, service agreements, and other agreements. * Monitor the performance of the management agent with respect to its competitive performance in the marketplace and its overall operating performance; they will periodically advise Ownership regarding the management performance as compared to its competitive market set and as against the industry as a whole.Negotiate/renegotiate property management contracts and verify management fee payments including incentive fee calculations, if any. * Review all loan documents and coordinate compliance with all loan agreements. In conjunction with Chief Financial Officer and other REDICO executives, participate in lender communication and negotiations for new loans, loan re-financings, loan extensions, and loan modifications. * Oversee leasing on his/her portfolio of properties in conjunction with the REDICO Director of Leasing and REDICO assigned Leasing Representative, including negotiation of listing agreements, making brokerage house/broker changes, reviewing marketing materials, reviewing all new/renewal leases and approving all leasing activity.Prepare lease analysis on proposed leases and perform credit analysis on prospective tenants. * For new investments as assigned, in conjunction with the REDICO acquisition team, assist in due diligence and transferring new assets from the acquisitions department to asset management. * In conjunction with the REDICO Chief Investment Officer and other REDICO executives, coordinate disposition and re-capitalization efforts within their portfolio. * Oversee and review an annual operating budget prepared by the management company. * Monitor monthly operating results and cash flow of each property. Provide a high level review of their properties operations to the REDICO Board of Trustees on a monthly basis.Approve vendor invoices in accordance with REDICO’s accounts payable procedures. * Oversee and review an annual capital expenditure budget prepared by the management company detailing the amount of each proposed capital expenditure, the purpose of each capital expenditure and justification for each capital expenditure. * Oversee and review an annual marketing plan prepared by the management company.Monitor the performance with this plan throughout the year. * Prepare and deliver detailed asset management plans to Ownership on an annual basis. This plan will include a budget overview, detailed pro-forma valuation, a strategic plan, and benchmarking/historical trends. * Provide quarterly pro-forma valuation guidance to Owners and REDICO executive team. * Coordinate and review and summarize outside appraisals. * Advise Ownership of such actions as they may deem appropriate to keep and maintain their property portfolio in a good state of repair and upkeep. * Monitor and analyze property tax assessments to ensure appeals are being diligently pursued by the management company and outside tax appeal consultants. * In conjunction with Management Company, coordinate response to tenant CAM audits.
Ideal Candidate
* BA or BS in Management, Business Administration, Finance, Accounting, Real Estate or related field. MBA preferred. * Minimum three years of experience in the real estate industry. * Expert level proficiency with Microsoft Office software, particularly Excel, and Argus DCF software * Thorough knowledge of development, acquisition, construction and management issues, policies, and procedures is necessary. * Able to troubleshoot problems, seek creative solutions and supervise multiple disciplines on multiple projects at the same time. * Able to prepare computer generated financial feasibility analysis, cash flows, and pro-forma. * Able to effectively communicate and persuade; demonstrate well-developed oral and written skills in the presentation of ideas and concepts to lenders, investors and federal, state and local governing bodies.
Compensation and Working Conditions
Reports to Director of Asset Management

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