We Are Hiring: Senior Asset Manager

Posted Under: News

Senior Asset Manager

Commercial/Multifamily Real Estate

Salary:  Exempt

Reports To: Vice President, Asset Management

Location:  Minneapolis

FLSA Status: Full-time


Schafer Richardson, LLC (SR) is a real estate investment company providing development, management, leasing, and construction services to its commercial and multifamily real estate portfolio in the Upper Midwest.

The Asset Manager is responsible for the financial and operating performance of the properties of SR Realty Trust and affiliated Schafer Richardson entities.  Most specifically, increasing the net operating income of each property every year, and creating value in line with ownership objectives.  The Asset Manager also has responsibility for due diligence and onboarding of new acquisitions into the portfolio.

Duties and Responsibilities include the following.  Please note, the job description is not intended to be all encompassing.  Other duties may be assigned as necessary by company Executives.

Asset Plans, Operating Budgets, Leasing, and Reporting

  • Prepare a comprehensive annual and multi-year asset management plan for each property. Its contents would enable the asset manager’s supervisor to pick up, read the plan and immediately be able to perform the asset management function for that property.
  • Provide governance, direction and oversight of business plans, budgets, forecasts, leasing, physical improvements, and property management of company assets. In other words, take on the role of an owner.
  • Work directly with the leasing agents and/or property managers on new and renewal leasing. (This is a critical value creating function.) This includes approving the marketing plan, performing, or reviewing lease analyses, lease negotiation and lease execution.
  • Preparation of quarterly and annual reports, including fund and portfolio updates, individual asset summaries and market research where we own properties.
  • Prepare multi-year property forecasts as needed.
  • Assist in the preparation of exhibits for the quarterly Board of Trustees meetings.
  • Prepare internal performance review presentations including identifying variances, potential inaccuracies, and operational inefficiencies
  • Provide instruction for and approve annual property operating budgets and reports, including capital expenditures.
  • Approve annual operating expense reconciliations.
  • Review and track monthly financial statements, annual budgets, and key performance metrics to monitor results, identify issues, and analyze trends.
  • Work with Accounting and Property Management to provide forecasts as needed.
  • Create portfolio roll-ups and summaries comparing budgeted performance to prior years.
  • Track and analyze asset and investor performance (returns) including internal rate of return, time weighted returns and other performance metrics.
  • Maintain critical date reporting for such things as lease expiration, finance covenants, options, rent increase dates, etc.
  • Prepare an annual portfolio risks assessment.
  • Work with General Counsel to deal with any litigation matters.

Property Value, Condition, & Reporting

  • Post-closing support of integration of acquired assets
  • Pre-closing due diligence report, if applicable
  • Draft action plans for properties that are performing below expectations making specific recommendations for improving property operations
  • Coordinate site inspections of company properties with the property manager, leasing agents and/or building maintenance personnel at least annually
  • Oversee site inspections by third parties
  • Correspond with third party property managers and tenants to obtain property updates and evaluate lease turnover probabilities and resolve high level ownership issues where necessary
  • Market analysis (asking rents, absorption, supply/demand, pending pipeline, lease comparables, etc.)
  • Assist in establishing rents for individual properties by mining comparable market data and utilizing 3rd party reports and leasing agent interviews

Capital Planning, Forecasting, Reporting and Refinancing

  • Approve, monitor, and inspect capital expenditure work
  • Establish and enforce benchmarks, guidelines, and policies
  • Develop multi-year capital expenditure budgets
  • Provide wide range of ad hoc requests for review and analysis i.e., provide pre-closing due diligence verification assistance and manage coordination of post-closing integration of acquired assets
  • Refinance existing loans as they mature or as otherwise deemed appropriate.


  • Bachelor’s degree in real estate, finance, or accounting.
  • 5 or more years of asset / portfolio management experience.
  • Multifamily asset management experience strongly preferred. Specifically, affordable multifamily experience strongly preferred.
  • Commercial real estate investment analysis experience.
  • Knowledge of national commercial real estate trends and capital markets.
  • Active in the real estate industry.
  • Yardi experience preferred but not required.

Knowledge, Skills and Other Abilities:

  • Proficiency in Microsoft Office, especially Excel.
  • High integrity, operates with a sense of urgency, understanding of the organizations’ needs and be easy to work with
  • Ability to successfully build consensus while managing teams
  • Ability to negotiate skillfully and create consensus in challenging situations with internal and external stakeholders
  • Ability to be outgoing, straightforward, self-assured, and one who shares information readily, listens actively, and respects the abilities of others
  • Ability to promote and foster an environment that support confidence and consistency with principals, executive team, board members, and staff who are culturally diverse
  • Ability to work together cooperatively and effectively in achieving organizational goals
  • Ability to allocate and effectively use information, personnel, time, and other resources necessary to meet changing priorities and deadlines
  • Ability to identify and resolve problems
  • Ability to create and sustain an organizational culture which encourages others to provide the quality of service essential to high performance
  • Ability to develop investment strategies and provide recommendations for improvements to investment objectives.
  • Ability to integrate top down and bottom-up perspectives into investment recommendations.
  • Strong analytical skills (both quantitative and qualitative), modeling and decision-making abilities.
  • Strong risk assessment skills.
  • Ability to compile, monitor, examine, and audit various financial, performance, and/or data reports for accuracy, integrity, and conformance to performance benchmarks.
  • Ability to evaluate and determine property valuations and asset performance under a variety of scenarios.
  • Excellent verbal and written communications skills to present to and work with senior management, internal departments, and investors.
  • Thorough knowledge of investment universe and securities market to construct high-performing portfolios in compliance with clients’ investment policies and risk profiles.
  • Real Estate Investment Trust knowledge. Knowledge of open/closed end funds a plus.
  • Ability to juggle competing priorities and work under pressure to meet demanding response times, all while paying strict attention to detail.
  • Self-motivated team player who balances independent thinking with the execution capabilities and core competencies of the organization.
  • Must possess a valid driver’s license, acceptable driving record, and the state mandated level of insurance.

Physical Demands:

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 employee in this position must frequently communicate with employees and must be able to exchange accurate information in these situations.

While performing the duties of this job, the employee must be able to remain in a stationary position 50 percent of the time.  The employee constantly operates a computer and other office productivity machinery (i.e., a computer, copy machine, and computer printer. In addition will occasionally lift and/or move up to 15 pounds and occasionally moves about inside the office to access computer equipment in different office locations.  A valid driver’s license and automobile are required.

Travel: 10-15%, project dependent

At Schafer Richardson, our team works hard every day to ensure that our customers, clients, and tenants receive the highest level of services available. Customer service and client satisfaction are our primary goals.  If you believe your skills and experience are aligned with our team and this opportunity providing variety, challenge, and professional development, please send your cover letter, resume, and salary requirements to:

Schafer Richardson

Attn: Human Resources

900 North Third Street,

Minneapolis, MN 55401

Email: thaight@sr-re.com