Asset Manager

THE SUMMERS REAL ESTATE — Summers Multifamily Employment Opportunities

MULTIFAMILY ASSET MANAGER

Position Summary

The Summers Real Estate is seeking an experienced Multifamily Asset Manager to oversee the financial, operational, and physical performance of an assigned portfolio of Florida apartment communities.

The Asset Manager will serve as the ownership representative for each assigned property and will hold property-management teams accountable for approved budgets, occupancy, collections, resident retention, maintenance performance, capital projects, regulatory compliance, debt obligations, and long-term asset condition.

This role is distinct from onsite property management. The Asset Manager does not replace the Property Manager or direct every daily task. The Asset Manager establishes the approved business plan, evaluates results, identifies variance, challenges assumptions, allocates capital, and ensures that operating teams take effective corrective action.

The successful candidate must understand multifamily operations at a detailed level while maintaining ownership-level judgment. The company’s 25-year holding mandate means decisions must be evaluated not only for immediate NOI impact, but also for resident retention, asset durability, debt protection, and long-term value.

Primary Responsibilities — Asset-Level Business Planning

• ●Maintain a current written business plan for each assigned property.
• ●Understand the property’s market, submarket, resident profile, unit mix, competitive position, physical condition, debt structure, operating history, and capital needs.
• ●Establish annual occupancy, collections, rental-rate, expense, NOI, capital, and resident-retention objectives.
• ●Coordinate business plans with property management, accounting, maintenance, construction, and senior leadership.
• ●Identify the principal operational and financial risks for each asset.
• ●Develop base-case and downside operating scenarios.
• ●Update business plans as market or property conditions change.
• ●Ensure that recommendations remain consistent with the company’s long-term ownership strategy.
• ●Avoid short-term decisions that create deferred maintenance, resident disruption, or future capital impairment.

Primary Responsibilities — Property-Team Oversight

• ●Conduct weekly or biweekly operating calls with assigned Property Managers.
• ●Review occupancy, leasing, collections, renewals, notices, work orders, make-ready status, resident concerns, staffing, vendors, expenses, and physical-property issues.
• ●Establish clear corrective actions, owners, and deadlines.
• ●Visit assigned properties regularly.
• ●Inspect leasing offices, units, amenities, common areas, building exteriors, maintenance shops, and property grounds.
• ●Evaluate onsite leadership and staffing.
• ●Identify training, hiring, performance, or structural needs.
• ●Hold property teams accountable without taking over routine onsite management.
• ●Recognize strong performance and develop operating talent.
• ●Escalate unresolved employee or operational problems.

Primary Responsibilities — Revenue Management

• ●Review asking rents, effective rents, concessions, fees, occupancy, notices, renewals, traffic, applications, and conversion.
• ●Evaluate pricing recommendations using property performance and local market information.
• ●Approve pricing and concessions within assigned authority.
• ●Monitor loss to lease, bad debt, vacancy loss, concessions, employee units, model units, and non-revenue units.
• ●Review renewal strategy and resident-retention performance.
• ●Evaluate unit-transfer and lease-term strategies.
• ●Prevent revenue initiatives that rely on unclear fees, resident surprise, or unsustainable turnover.
• ●Balance rent growth with long-term occupancy and resident retention.
• ●Compare actual rent performance with the approved budget and competitive market.

Primary Responsibilities — Collections and Resident Performance

• ●Review monthly and weekly collection results.
• ●Analyze delinquency by property, resident category, age, and cause.
• ●Evaluate payment-plan and legal-action controls.
• ●Monitor write-offs, credits, concessions, and ledger adjustments.
• ●Require corrective action where property procedures are inconsistent.
• ●Coordinate with accounting, legal counsel, and property management.
• ●Monitor resident complaints, service recovery, online reputation, and renewal concerns.
• ●Identify operating patterns affecting collections or retention.
• ●Maintain accountability to the company’s collection standards.

Primary Responsibilities — Financial Analysis

• ●Review monthly property financial statements.
• ●Analyze revenue, expenses, NOI, cash flow, capital spending, debt service, and reserves.
• ●Prepare detailed budget-versus-actual explanations.
• ●Challenge unsupported variance explanations.
• ●Maintain rolling forecasts.
• ●Evaluate property-level cash requirements.
• ●Identify trends before they become material annual variances.
• ●Review payroll, utilities, repairs, contracts, insurance, taxes, marketing, bad debt, concessions, and other major categories.
• ●Compare properties using normalized performance metrics.
• ●Work with accounting to resolve financial and coding discrepancies.
• ●Confirm that property-management reports reconcile with accounting records.
• ●Prepare ownership-level asset reports.
• ●Maintain accurate documentation supporting recommendations.

Primary Responsibilities — Annual Budgeting

• ●Lead preparation of assigned property budgets.
• ●Develop rent, occupancy, collections, payroll, utility, contract, repair, administrative, and capital assumptions.
• ●Require property-level support for material budget requests.
• ●Review historical results and current market conditions.
• ●Build realistic monthly phasing.
• ●Identify recurring expenses incorrectly treated as nonrecurring.
• ●Develop reserve and contingency assumptions.
• ●Present recommended budgets to senior leadership.
• ●Monitor approved budgets throughout the year.
• ●Reforecast when material conditions change.

Primary Responsibilities — Capital Planning and Projects

• ●Maintain a multi-year capital plan for each assigned property.
• ●Track roofs, paving, exterior systems, HVAC, plumbing, electrical, amenities, interiors, drainage, landscaping, fire systems, security, and other major components.
• ●Prioritize life-safety, water intrusion, structural, resident-impact, and asset-protection projects.
• ●Develop scope, budget, schedule, and expected outcome for proposed projects.
• ●Coordinate vendor selection and contract review.
• ●Monitor project progress, change orders, invoices, resident impact, and completion.
• ●Conduct project inspections.
• ●Confirm that completed work meets scope.
• ●Review return on investment for unit renovation and revenue-enhancement projects.
• ●Avoid cosmetic capital spending that ignores underlying building-system needs.
• ●Conduct post-project reviews.

Primary Responsibilities — Debt and Risk Monitoring

• ●Maintain a working understanding of the debt structure for each assigned property.
• ●Monitor debt service, maturity, covenants, required reporting, reserves, escrows, and lender obligations.
• ●Track debt-service coverage.
• ●Identify covenant risk early.
• ●Coordinate lender inspections and reporting.
• ●Monitor insurance, property-tax, regulatory, litigation, environmental, and casualty risks.
• ●Review significant resident, employee, vendor, and property incidents.
• ●Coordinate with legal counsel and insurance professionals.
• ●Maintain complete risk and action records.
• ●Escalate material issues promptly.

Primary Responsibilities — Market Analysis

• ●Maintain current knowledge of assigned markets and submarkets.
• ●Review comparable properties, rents, concessions, occupancy, deliveries, renovations, employer changes, university conditions, and housing trends.
• ●Visit competitor communities.
• ●Evaluate whether property positioning remains appropriate.
• ●Identify threats from new supply or changing resident demand.
• ●Incorporate market findings into pricing, renovation, staffing, and capital decisions.
• ●Avoid relying solely on third-party market reports without property-level validation.

Primary Responsibilities — Acquisition and Transition Support

• ●Participate in operational due diligence for potential acquisitions.
• ●Review rent rolls, leases, resident ledgers, delinquency, staffing, vendor contracts, work orders, unit conditions, maintenance records, utilities, capital needs, and operating assumptions.
• ●Identify management-transition requirements.
• ●Develop takeover plans.
• ●Coordinate employee, resident, vendor, technology, banking, insurance, and operating transitions.
• ●Compare post-closing results with acquisition underwriting.
• ●Identify missed assumptions and corrective actions.
• ●Support refinancing and asset valuation processes.

Primary Responsibilities — Reporting

• ●Prepare monthly asset-management reports.
• ●Report financial results, occupancy, collections, leasing, maintenance, capital, debt, risks, and corrective actions.
• ●Distinguish facts from forecasts.
• ●Identify decisions required from senior leadership.
• ●Maintain consistent reporting across assigned assets.
• ●Participate in portfolio reviews.
• ●Present recommendations directly and clearly.
• ●Do not conceal underperformance through optimistic forecasting.

Required Qualifications

• ●Bachelor’s degree in finance, accounting, real estate, business, economics, or a related field.
• ●At least five years of multifamily asset management, property management, acquisitions, portfolio management, or related real estate experience.
• ●Demonstrated responsibility for multifamily property financial and operating performance.
• ●Strong understanding of rent rolls, property financial statements, budgets, NOI, occupancy, collections, and capital expenditures.
• ●Advanced Microsoft Excel skills.
• ●Ability to analyze financial and operating information.
• ●Experience working directly with property-management teams.
• ●Strong written reporting and presentation ability.
• ●Ability to identify root causes rather than accepting surface-level explanations.
• ●Willingness to travel regularly to Florida properties.
• ●Valid driver’s license and acceptable driving record.
• ●Ability to operate in a principal-led, performance-accountable environment.

Preferred Qualifications

• ●At least seven years of multifamily real estate experience.
• ●Experience overseeing at least 1,000 apartment homes.
• ●Experience with Class B and B+ garden-style multifamily.
• ●Experience with Florida markets.
• ●Experience with value-add renovation programs.
• ●Experience with Yardi, RealPage, Entrata, MRI, or similar systems.
• ●Certified Property Manager designation.
• ●Chartered Financial Analyst designation.
• ●Certified Commercial Investment Member designation.
• ●Master’s degree in real estate, finance, accounting, or business administration.
• ●Experience with debt compliance, refinancing, insurance claims, and major capital projects.

Measures of Success

Success will be measured by NOI performance; occupancy and collections; resident retention; forecast accuracy; budget performance; capital-project execution; property-team accountability; physical asset condition; debt-service coverage; risk identification; reporting accuracy; acquisition-transition performance; long-term asset-value protection; and reduction of recurring operating problems.

How to Apply

Please submit: a current resume; a cover letter describing your multifamily asset-management experience; a general description of the number of properties, units, and portfolio value you have overseen; a summary of your budgeting, capital-project, property-operations, and financial-reporting responsibilities; and a redacted asset-management report, budget analysis, or representative work sample, where permitted. Employment may be contingent upon verification of qualifications, references, driving record, professional credentials, and other lawful job-related screening requirements. No recruiters or staffing agencies.

The Summers Real Estate is an equal opportunity employer and considers qualified applicants without regard to legally protected characteristics.