New!
Vice President, Fiduciary BNY
Boston, MA6 days ago
| Location | Manchester, NH |
True Storage is a premier self-storage development firm with a footprint of 30 properties. We are seeking a hyper-focused, metrics-driven Asset Management individual to oversee and optimize a 30-store portfolio currently managed by a third-party management company.
The primary objective is an aggressive, 24-month turnaround plan to bridge the gap between our current performance and industry-leading benchmarks. The ideal candidate will aggressively drive Net Operating Income (NOI) by pushing economic occupancy and rental rates to 90%+, while uncovering hidden value through ancillary revenue streams and real estate optimization.
This position offers a lucrative base salary and an excellent bonus structure directly tied to driving increased value across our investment portfolio.
Key Responsibilities
Drive Revenue & Pricing Strategy
Optimize Revenue Management: Audit and re-engineer current dynamic pricing algorithms, street rates, and concession strategies across all 30 locations.
Manage Existing Tenant Increases: Implement systematic, data-backed rent increases for long-term tenants to maximize lifetime value without triggering excessive churn.
Control Promotions: Move the portfolio away from blanket discounts (e.g., "first month free") toward hyper-local, size-specific promotions.
Third-Party Management Accountability
Audit Performance: Serve as the primary, high-accountability point of contact for the third-party operator, ensuring strict adherence to performance metrics.
Perform Field Audits: Conduct routine on-site facility inspections, financial audits, and mystery shopping to evaluate on-site sales conversion and operational execution.
Optimize Marketing Spend: Reallocate digital marketing budgets toward hyper-local, high-converting channels within each store's immediate 3-mile radius.
Maximize Ancillary Revenue & Property Value
Monetize Physical Assets: Evaluate underutilized acreage, setbacks, or structural elements for alternative high-margin uses (e.g., RV/boat storage, cell towers, solar partnerships, truck rentals).
Boost Ancillary Programs: Maximize penetration rates for high-margin tenant insurance/protection plans and retail merchandise.
Optimize Operations: Review and tighten enforcement on fee structures, including administrative fees, late fees, and lien auction cost recovery.
Requirements & Qualifications
Minimum 7–10 years of senior operational or asset management experience strictly within the self-storage industry.
Proven Track Record: Demonstrated history of managing large multi-state portfolios and executing successful operational turnarounds (moving occupancy/revenue from lagging to leading percentiles).
Third-party Management Familiarity: Deep understanding of third-party management systems, operational playbooks, and self-storage data analytics platforms.
Financial Acumen: Advanced mastery of underwriting, NOI optimization, Cap Rate impacts on valuation, and financial reporting.
Travel: Willingness to travel extensively to portfolio locations for field audits and operational reviews.
Compensation & Benefits
We offer a competitive compensation package along with excellent benefits, including:
Competitive salary
Health insurance
Dental insurance
Short-Term and Long-Term Disability Insurance
Life insurance
Paid vacation and time off
401(k) plan with employer match
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