In this ‘Day in the Life of a Commercial Real Estate Professional’ post, we hear from an EVP/Asset Manager working at a Family Office in California where this person has been located for the last 2 years. This professional has been kind enough to share what he/she does on a daily basis as well as discuss what it takes to land a similar position in CRE.
Day in the Life of an EVP/Asset Manager
Working for small family office, I get to wear a lot of hats. My position is basically being the person in charge for a Class A family office portfolio in Los Angeles, and leading the organization on the day to day operations. On any given day we could be dealing with property management issues, negotiating leases, talking with architect/contractors on the latest TI or cap-ex work that we are doing, or working with lenders and sellers on the next acquisition in the pipeline.
The particular company that I work for is a very close knit family, that never sells their assets, simply cashing out the equity from time to time to invest in the next deal. Being part of a small company gives you tremendous exposure to the entire breadth of real estate, but it also makes you self-reliant because you area literally responsible for making everything happen.
However, I’m not alone; I have some great staff under me, a property manager, office manager, leasing associate, accountant, and construction manager. All of us together work as a team to keep the assets running and bringing money into the company.
About the Professional
Name: J. D.
Years in Real Estate: 5
Years in Current Position: 2
Undergraduate Education: Architecture, University of Virginia
Graduate Education: N/A
Approx. Annual Income: $100,000 – $149,999
About the Position
Job Title: EVP/Asset Manager
Job Type: Asset Management,Brokerage,Portfolio Management
Company Name: N/A
Company Type: Family Office
Property Type: Office,Retail
Min. Education Recommended: Masters Degree
Min. Education Required: Bachelors Degree
Min. Experience Recommended: 5 – 7
Min. Experience Required: 3 – 5
Advanced Technical Skills Required: MS Excel, Yardi, Costar, MS PowerPoint
Advice for those interested in this position
I have worked for two family office organizations, and have found that the on boarding process and need for educational credentials to be more informal. It is also very nice to work directly with the Ownership, with essentially eliminates the red tape to making time critical decisions. If you are a generalist and like tremendous variety in your work day working for a smaller real estate shop may be the way to go.
The pay and benefits can be just as good as a larger company, and you will learn very quickly. Depending on the office, they usually encourage employee participation in the deals that come through the door, which adds an extra layer of emotional investment in the company. However, make sure you understand the personalities of who you will be working with and the culture you are working into.