Banneker Ventures is a dynamic and fast-growing real estate development and construction firm dedicated to building vibrant, sustainable communities throughout the Washington, DC metropolitan area. With a reputation for excellence in both development and construction, Banneker is expanding its operations to include a dedicated Asset Management division. This role offers the unique opportunity to lead and shape this new division, directly impacting the long-term growth and success of the firm.
Job Overview
Banneker Ventures is seeking a strategic, results-driven Real Estate Asset Manager to oversee the performance of its existing portfolio in Washington, DC: The Clara on Martin Luther King, Jr. Avenue (81 units and retail space), The JC Layne at Euclid (34 units), and The JC Layne at Georgia Avenue (18 units). The role focuses on maximizing asset value through financial optimization, operational efficiency, tenant relations, and partnership management. You will play a pivotal role in driving the success of the firm's real estate portfolio, while collaborating with internal teams and external partners to ensure each asset meets or exceeds its performance targets.
Key Responsibilities
Portfolio Leadership & Oversight
Lead the daily operations and management of the Company's existing portfolio and support its future portfolio, ensuring high standards of efficiency, tenant satisfaction, and property value enhancement.
Conduct weekly on-site inspections and walkthroughs to ensure the properties are maintained to the highest standards.
Financial Performance & Asset Value Optimization
Develop and implement comprehensive financial strategies for each asset, including budgeting, forecasting, and expense management to enhance net operating income and overall asset value.
Monitor property financial performance and prepare detailed reports on cash flow, return on investment, and overall asset health for senior management.
Tenant Relations & Lease Management
Cultivate strong tenant relationships to ensure high occupancy rates, timely rent collection, and tenant satisfaction.
Oversee leasing strategies, including rent pricing, lease renewals, and occupancy marketing efforts to maximize revenue.
Collaborate with legal teams on any landlord-tenant disputes to protect the interests of the owners.
Operational Excellence & Property Maintenance
Partner closely with each property's management company to implement strategies aimed at achieving and maintaining 95% financial occupancy across all properties.
Monitor daily leasing activities and ensure the property management teams are effectively executing marketing and tenant retention programs to maximize occupancy.
Review and analyze leasing reports from property management teams, identifying trends or challenges that could impact occupancy or financial performance.
Collaborate with management teams to refine rent pricing strategies, ensuring competitiveness while maintaining financial goals for occupancy and revenue.
Manage regular meetings with property management to track progress on occupancy targets, address any operational challenges, and ensure timely responses to tenant inquiries or issues.
Ensure that property maintenance teams are providing exceptional service, addressing repairs promptly, and keeping common areas well-maintained to support high tenant satisfaction and retention.
Oversee the implementation of resident engagement initiatives that foster community building, reducing turnover and vacancies.
Partner with property management teams to ensure consistent maintenance, safety, and regulatory compliance across all properties.
Act as a key decision-maker in selecting and managing service providers, contractors, and maintenance teams to guarantee optimal property conditions.
Compliance & Reporting
Regulatory Compliance: Ensure full compliance with all local, state, and federal regulations, including a specific focus on the District of Columbia's Rental Housing Act of 1985 and its subsequent amendments. Regularly audit leases, tenant agreements, and operations to ensure compliance with all legal requirements, addressing issues proactively to mitigate risks.
Lease and Tenant Law Compliance: Work closely with property management and legal teams to ensure tenant leases adhere to local laws and manage any disputes in alignment with regulatory standards. Maintain thorough documentation of tenant agreements and legal matters for full transparency.
Financial Reporting:
Budgeting & Forecasting: Work with Banneker's real estate accountant to ensure the accurate development of annual budgets for all properties, tracking actual financial performance against projections and making adjustments to meet profitability goals. Ensure property management teams adhere to the budget, especially regarding operational expenses and capital improvements.
Expense Management: Collaborate with property management to monitor and control operational costs, ensuring maintenance and property services are completed within budget without sacrificing quality. Conduct regular audits of expense reports and identify areas for cost optimization.
Occupancy & Revenue Reporting: Provide ownership with detailed occupancy, revenue, and rent collection reports on a weekly and monthly basis. Track rent roll, late payments, and tenant turnover, ensuring proactive measures are taken to maximize rental income and maintain 95% financial occupancy.
Agency Coordination: Work with the DC Housing Authority and other governmental or non-profit agencies responsible for tenant rent payments. Oversee the timely submission of paperwork, rent vouchers, and compliance reports for tenants receiving subsidies or rental assistance, ensuring accurate and timely payments from these entities. Proactively resolve any payment delays or discrepancies with agency representatives to maintain consistent cash flow. Cash Flow & Financial Integrity: Ensure steady cash flow for property operations by closely managing rent collections, including subsidy payments from agencies. Monitor accounts receivable and coordinate with both property management and tenant-assistance agencies to avoid delinquencies or payment issues.
Reconciliation & Audit: Work with Banneker's real estate accountant to conduct periodic financial reconciliations to ensure property-level accounts align with corporate financial statements. Collaborate with accounting teams for internal audits, ensuring full accuracy in financial reports, including cash flow, profit and loss (P&L), and balance sheet statements.
Investor & Partner Reports: Prepare and deliver regular, comprehensive reports to partners and lenders detailing financial performance, occupancy status, and any strategic adjustments made to improve the value and profitability of assets.
Strategic Stakeholder & Agency Management:
Build and maintain relationships with agencies such as the DC Housing Authority, ensuring open lines of communication and effective coordination on tenant-related financial matters. Serve as the main point of contact for any agency-related issues or payment processes.
Ensure all properties remain in compliance with requirements tied to government-funded rental programs and stay updated on changes in policies that could affect rent subsidies or tenant qualifications.
Strategic Partnership & Stakeholder Management
Serve as the liaison between Banneker, co-owners, and external partners, ensuring strategic alignment, transparent communication, and regular performance updates.
Organize and lead regular ownership meetings to ensure all parties remain informed and aligned on asset performance and strategic goals.
Market Analysis & Growth Strategy
Conduct ongoing market research to remain informed about industry trends and competitive properties, ensuring Banneker's assets remain competitive and aligned with market conditions.
Advise on investment and growth strategies, providing data-driven insights to the development team to inform future projects and investment opportunities.
Qualifications
Required Qualifications
Bachelor's degree in Real Estate, Finance, Business Administration, or related field.
Minimum of 5 years of experience in real estate asset management, particularly within multi-family residential portfolios.
Strong knowledge of DC real estate regulations, including the Rental Housing Act of 1985 and its amendments.
Proven experience driving asset performance through strategic financial management, tenant relations, and operational oversight.
Exceptional financial analysis skills with experience in budgeting, forecasting, and financial reporting.
Excellent communication, interpersonal, and relationship management skills.
Ability to work collaboratively with a diverse set of stakeholders, including non-profit partners, investors, and management teams.
Proficiency in property management software and Microsoft Office Suite, particularly Excel for financial modeling and analysis.
Highly organized, detail-oriented, and adept at problem-solving in a fast-paced environment.
Preferred Qualifications
Master's degree in Real Estate, Finance, or a related field.
Certifications such as Certified Property Manager (CPM) or Certified Commercial Investment Member (CCIM) are highly desirable.
Compensation and Benefits
Bonuses: Competitive performance-based bonuses based on the success of managed assets.
Benefits: Comprehensive health, dental, and vision insurance, a retirement savings plan with company match, and generous paid time off.
Professional Development: Opportunities for continued education, certifications, and career growth within a collaborative and inclusive work environment.
How to Apply
Qualified candidates should submit a resume and cover letter outlining their qualifications and experience to Iman Smallwood at ISmallwood@BannekerVentures.com.