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Residential Special Asset Manager - US Trust, Bank of America

Ft. Lauderdale, FL

Under general direction, uses extensive knowledge and skills obtained through education and experience to manage a portfolio of existing and new residential real estate assets in accordance with the OCC guidelines and internal policy. Maintain new and existing real estate files, manage capital improvements and repairs, negotiate sales/purchases, maintains currency of real estate dashboard including annual reviews, inspections and triennial valuations. Works independently or as a team. Provides comprehensive solutions to complex problems. Extensive contact with internal and external customers will be required to identify, research, analyze and resolve complex issues.

Essential Duties and Responsibilities:

  • Maintains current dashboard of trust residential real estate files.
  • Hires Brokers, negotiates real estate listing terms, sales contracts, and reviews/executes closing documents, validates clear title
  • Conducts pre-acceptance/due diligence reviews of incoming residential real estate assets (screens out properties unsuitable for trust/estate ownership)
  • Negotiates real estate purchase contracts, reviews title commitments, and executes closing documents
  • Review and execution of Deeds
  • Negotiates residential lease and lease renewals. Directly or indirectly handle tenant issues
  • Appraisal reviews and conducts triennial valuations
  • Negotiates/manages/coordinates capital improvements, repairs, and insurance claims
  • Conducts annual review of assets with investment recommendation (includes summary of property, its suitability, cost to carry, review of current insurance coverages, property tax payment/oversight). Verify continued validity of any client direction
  • Conducts annual inspections, review of environmental inspections
  • Assists in tax appeal process
  • Assists in auditing and maintaining account files (SAM On-Line/FIRST)
  • Maintains regular contact with senior manager and other internal or external customers or clients
  • Maintains currency in professional real estate, asset management and fiduciary principles and practices
  • Performs other duties and responsibilities as assigned

Knowledge, Skills, and Abilities / Knowledge of:

  • Advanced concepts, principals and practices of real estate, insurance and the liability risks associated with owning and maintaining residential properties
  • Investment concepts, practices and procedures used in industry
  • Company’s working structure, internal policies, mission and strategies

Skills and Ability to:

  • Interpret and apply policies and procedures
  • Promote effective coordination between multiple business groups (Trust Officers, Estate Settlement Officers, Trust & Estate Specialists, Asset Administration/Operations, Financial Advisors, and Attorney’s)
  • Learn required Trust Accounting and Real Estate Management system software (YARDI, SAM On-line)
  • Organize, manage and track multiple detailed tasks and assignments in a fast-paced work environment; work well under pressure and maintain accuracy on completed work
  • Establish and maintain effective working relationships at all levels of the organization
  • Work independently as well as collaboratively within a team environment
  • Project a positive, professional image both internal and with external business contracts
  • Communicate effectively, both orally and in writing
  • Convey information clearly and effectively through both formal and informal documents

Educational/Qualifications/Previous Experience Requirements:

  • Bachelor’s Degree (B.A.) in related field and a minimum of three (3) to five (5) years of relevant Trust real estate experience.

For NTREA members please send your resume direct to this address.

Send to this email address: mailto:brian.saglimben@bankofamerica.com