WAYPOINT REAL ESTATE INVESTMENTS Asset Manager Salary in the United States

How much does an Asset Manager make at companies like WAYPOINT REAL ESTATE INVESTMENTS in the United States? The average salary for Asset Manager at companies like WAYPOINT REAL ESTATE INVESTMENTS in the United States is $92,012 as of November 29, 2021, but the range typically falls between $78,423 and $105,601. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession. With more online, real-time compensation data than any other website, Salary.com helps you determine your exact pay target.  View the Cost of Living in Major Cities

About WAYPOINT REAL ESTATE INVESTMENTS

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What does an Asset Manager do at companies like WAYPOINT REAL ESTATE INVESTMENTS?

General Description

A Vice President of Asset Management (AM-VP) reports directly to the Chief of Portfolio Management and is responsible for evaluating and directing the overall performance of each assigned property. The AM-VP is expected to understand every aspect of the property’s investment strategy and pursue all means to maximize cash flow and returns in accordance with the contemplated business plan. Wherever possible, the AM-VP is also expected to proactively identify business plan adjustments in response to evolving market and property-level conditions and present such adjustments for approval by senior management, supported by market diligence and analytics.  

Successful execution of the AM-VP role requires depth of asset-level and analytical experience, as well as the ability to present financial information clearly and concisely. The AM-VP is expected to lead by example, demonstrating a firm commitment to comprehensive, accurate and timely execution of property and corporate-level initiatives. 

General Overview of Responsibilities

  • Implement the contemplated investment strategy for each property.
  • Identify value creation opportunities and develop action plans to achieve desired results.
  • Direct execution of the leasing strategy, and effect necessary adjustments on a weekly basis by reference to updated market and property-level data.
  • Prepare and present analysis necessary for senior management to make informed business decisions.
  • Coordinate and present annual investment budgets, including the fund-level economic and cash management strategy.
  • Review the marketing strategy for each property and confirm consistency with the investment strategy.
  • Ensure timely execution of capital project progress, budgeting and completion.
  • Manage annual property tax appeals. [TBD]
  • Ensure proper insurance coverage and timely filing / pursuit of claims. [TBD]
  • Review and ensure compliance with loan and joint venture covenants.
  • Assist Acquisition Team with property refinancing and recapitalization initiatives.
  • Confirm accuracy of financial information presented by accounting on a periodic basis, including account tree consistency and accuracy of budget / underwriting source data.
  • Proactively ensure operational execution by other groups within in the organization responsible for elements of property-level initiatives, including:
    • Timely filing of real estate taxes,
    • Timely lender reserve draws
    • Accurate reporting on the status of property / fund reserve balances,
    • Booking appropriate accounting accruals on a monthly basis
    • Receipt of corporate expense allocation details.  

Underwriting

  • Evaluate all operating expense assumptions, including the staffing plan.
  • Diligence the MSA and submarket and prepare a summary of competitive properties.
  • Prepare a recommended summary of market rents for the property.
  • Generate a report on potential supply threats, with specific reference to potential land sites and feedback from local authorities on proposed projects / permit requests.
  • Review final investment committee materials for accuracy.
  • Jointly prepare market data summaries included in the investment committee memo.
  • Participate in the transition meeting from Acquisitions/Development to Investment Management team and confirm accuracy of the business plan (against underwriting and current property conditions). 

Reporting

  • Evaluate leasing activity on a weekly basis and direct changes.
  • Provide weekly update on the refinancing / disposition strategy for each property.
  • Present progress report on each property on a weekly basis.
  • Provide proactive plan for addressing any property that winds up on the watch list.
  • Prepare a monthly reporting packet:
    • Provide line by line variance summary.
    • Confirm accuracy of all actual and budget data for each line item.
    • Flag and proactively address material variances in each budget line item.
    • Include a leasing status update, with a recommended course of action for next month.
    • Summarize each outstanding capital project, including the status of the spend and the projected / actual return on investment.
    • Update schedule of competitive properties and rents.
  • As part of the quarterly reports, in addition to the monthly responsibilities:
    • Prepare summary report on capital project status.
    • Provide an update on potential supply threats.
    • Summarize local economic market movements – economic development, corporate office movement, expansion of government/university presence, etc.
  • Prepare responses to investor inquiries for review and approval by senior management.
  • Report on fund level expenses, along with cash management and projected cash usage and distribution potential by reference to an annual actuals-to-budget template. 

Team and Platform Building

  • Assist with mentoring and training of analysts within the group.
  • Contribute to the design and implementation of new reporting tools.
  • Maintain close relationships and direct communication with lenders on existing investments.
  • Present topics of interest to the broader team on a quarterly basis. 

Skills and Qualifications

  • BS/BA required.
  • Minimum of 5 to 10 years of commercial real estate experience in finance or asset management required.
  • Strong Excel financial modeling and cash flow analysis skills required.
  • Understanding of commercial real estate fundamentals, investment and market analysis
  • Superior analytical, written and verbal communication skills required.
  • Ability to work effectively in a team environment at all levels within the organization.
  • Proactive thinker with detail-oriented and creative problem-solving approach.
  • Strong organizational skills with attention to detail and accuracy.

 

Check out Asset Manager jobs in Virginia

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Gilbane - Arlington, VA

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Bridge Investment Group - Arlington, VA

Financial Management Sr Consultant FinOps

Hamdan Resources - Chantilly, VA

$78,423 Low Average $92,012 High $105,601

Understand the total compensation opportunity for Asset Manager at companies like WAYPOINT REAL ESTATE INVESTMENTS, base salary plus other pay elements

Average Total Cash Compensation

Includes base and annual incentives

$78,423
$105,601
$92,012
The chart shows total cash compensation for the WAYPOINT REAL ESTATE INVESTMENTS Asset Manager in the United States, which includes base, and annual incentives can vary anywhere from $78,423 to $105,601 with an average total cash compensation of $92,012. Total compensation includes the value of any benefits received in addition to your salary and some of the benefits that are most commonly provided within a total compensation package including bonuses, commissions, paid time off, and Insurance. The total cash compensation may get paid differently by industry, location, and other factors.
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