The vice president of asset management is a critical executive position in rental real estate management. As the second-in-charge, vice presidents report directly to the president and/or CEO of the company and work with the controller and the CFO. They have a complete understanding of the entire organization’s operations and performance, including the entire property management team from a director of asset management, all the way to maintenance personnel. Vice presidents are responsible for high-level strategic property decisions such as acquisitions, divestments, and capital management. Importantly, they are usually the face responsible for maintaining relationships with investors and other stakeholders, providing regular updates on portfolio performance, and identifying new investment opportunities.
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Vice President of Asset Management Job Description
A vice president of asset management is a high-level position in charge of developing and executing strategies that maximize the financial and operational performance of a large real estate portfolio. Their goal is to work with other executive leadership to maximize the value of the portfolio through optimized acquisitions, dispositions, property mix and rent levels; while monitoring the health of the portfolio to identify opportunities for growth and improvement. They will also conduct property appraisals, review budgets, and provide guidance to members of the asset management team on establishing property objectives. One of the most important duties of this position is ensuring that stakeholders (i.e. investors, lenders, property owners) receive returns on their investments. This involves communicating and fostering solid relationships with them to provide regular updates on the portfolio’s financial performance. This is an important role that combines creativity with problem solving oriented towards reaching maximum potential profitability.
Vice President of Asset Management Responsibilities
A vice president of asset management is responsible for overseeing the financial and operational performance of a real estate portfolio, in addition to leading the entire team of asset management professionals. Most duties of this rental real estate job are financially oriented such as establishing budgets, negotiating contracts such as insurance vendors, monitoring property performance, and identifying opportunities for growth and improvement by conducting due diligence on potential acquisitions. Other duties revolve around organizational development such as developing policies, procedures and strategies that align with the company’s overall mission and business objectives. Probably the most important duties of this position involve communicating with investors and other stakeholders to provide regular updates on the portfolio’s financial performance. The daily tasks and decisions of this role play a critical role in driving the financial success and long-term growth of a real estate portfolio. Below are some key responsibilities and duties of a vice president of asset management.
- Overseeing the financial and operational performance of a real estate portfolio
- Developing key performance indicators (KPIs) related to asset management in order to measure progress towards desired outcomes
- Providing leadership and guidance to the asset management team, including property managers and assistant property managers positions.
- Establishing budgets and financial goals for each property in the portfolio
- Collaborating with executives from other departments within the organization to ensure that assets are adequately utilized throughout the organization
- Conducting due diligence on potential acquisitions and evaluating investment opportunities
- Negotiating contracts with vendors and service providers
- Maintaining and foster relationships with lenders, investors, and other stakeholders
- Providing regular updates to investors and other stakeholders on the performance of the portfolio
- Identifying and mitigating risks associated with the real estate portfolio
- Developing and implementing marketing strategies to attract tenants and maximize occupancy rates
- Conduct market research to identify competitive rental rates and other market trends
- Analyzing financial statements and prepare reports on portfolio performance
- Review existing property marketing strategies to ensure efficacy of maximizing occupancy
- Developing and maintain relationships with industry partners and professional organizations
- Ensuring compliance with local, state, and federal laws and regulations
- Reviewing property capex construction projects to ensure they are completed on time and within budget
- Reviewing and analyzing data related to property performance
- Representing the company in industry events and conferences
Vice President of Asset Management Job Qualifications
The vice president is a highly sought after position within asset management organizations. To be a successful vice president of asset management, you will need to possess a combination of education, training, and track-record of experience. As one of the most senior-level positions in the real estate management industry, employers seek candidates who have a strong background in real estate, finance, and asset management. You should be a strategic thinker with strong leadership skills and the ability to work collaboratively with others. Below are several key job qualifications for a vice president of asset management position.
- Bachelor’s degree in finance, business administration, real estate, or a related field
- Master’s degree in business administration, finance, or real estate is preferred
- Proven track record of 10+ years of experience in real estate asset management with a minimum 5+ years in a senior managerial role
- Experience in managing a large portfolio of rental properties in a specific or varying asset class
- Strong real estate financial analysis skills and experience in creating and managing capex budgets, and overseeing acquisitions, dispositions and refinancings.
- Excellent leadership and team management skills across various of departments
- Strong communication and interpersonal skills for both internal and external company communications
- Demonstrated experience in strategic planning and execution
- Successful demonstrated experience in managing investor relations
- Ability to multitask and manage multiple projects simultaneously
- Knowledge of local, state, and federal laws and regulations related to investment real estate and asset management
- Adept at using data analytics to analyze trends and make informed decisions about investments by utilizing risk/return models to maximize returns while minimizing risks.
- Possess an advanced understanding of financial markets including capital markets, derivatives, structured products, fixed income securities, etc.
- Strong understanding of regulatory requirements related to asset management such as AML/KYC regulations.
- Experience with business software solutions such as as spreadsheets, presentation software, email, property management softwares and other real estate softwares
Vice President of Asset Management Salary
The median salary for a vice president of asset management in the United States is approximately $260,000. This includes a lower range of $197,000 and upper range of $380,000. Bonuses are normally part of a vice president’s compensation and are usually based on performance factors of the overall company and/or the subordinates that the pice president is in charge of overseeing. Most employers may offer benefits such as health insurance, retirement plans, and paid time off for this position.