Department: Real Estate Services
Department Summary: Capital Assets and Real Estate (CARE) provides strategic and comprehensive real estate services and management that align with and support the university's strategic plan and institutional goals, making it Virginia's premier urban, public research university.
Duties & Responsibilities:
The Lease Administrator is directly responsible for the day to day accounting and fiscal activities associated with the VCU and VCU Real Estate Foundation’s (VCUREF) real estate portfolio and VCUREF administrative needs.
The Lease Administrator Records Analyst:
- Administers expense and income leases/licenses, abstracts data from legal documents, and ensures lease/license terms are properly recorded and updated timely in lease management database system. Coordinates with staff to ensure department files contain supporting documentation for all leases and facility agreements (income and expense), and owned property files include due diligence, financial, and property ownership information.
- Responsible for establishing the methodology, implementing the strategy, and managing the process collection of all VCU and VCU Real Estate Foundation real estate records and information in electronic and physical forms.
- Works in collaboration with other VCU departments, i.e. accounting, facilities management, legal, foundation services, construction, budget, risk management, the occupying department, as well as 3rd party landlords and tenants to ensure the accounting and administration of leases/ licenses in accordance with the stated terms and conditions and on various other lease related matters.
- Responsible for ensuring that all lease/license payments are accurate and prepared for processing within the times frames as stated in the lease/license in coordination with VCU’s accounts payable process.
- Utilizes, updates and manages all tools and resources available to manage workload, including checklists, databases, logs and/or other related reporting tools.
- Proficient with real estate database software.
- Assists as needed with on-going real estate transactions including leases, sales, facility use agreement, easements, property management, general office management needs and with special assignments and projects as needed.
Responsibilities include:
Real Estate Transaction Processing
- Collaborate with CARE staff, to facilitate and complete regular maintenance of the lease database to include, rent increases, CAM reconciliations, operational charges, term changes, landlord changes, rent payment changes, landlord notice information and other changes to lease records.
Lease Administration
- Abstract lease/license data and terms into lease management database system(s) and ensure the set-up of all lease/license documents into electronic files in accordance with VCU and system requirements. Coordinate with team members to ensure consistent physical and electronic file maintenance and management.
- Review landlord presented operating expenses and charges, CAM, pass-through charges, and expense calculations, to ensure accuracy and conformity with lease terms and work with team members and landlords to resolve any discrepancies.
- Prepare and/or review lease/license payment escalations, including CPI calculations, to ensure accuracy, timeliness and conformance with lease/license terms.
- Prepare correspondence to landlords or VCU Occupants regarding lease/license provisions, rent and operating expenses. All correspondence is courteous, thorough and professional and responses are within the agreed upon deadlines.
- Coordinate with Lease Asset Manager and periodically generate lease reports to ensure that critical dates are identified and properly recorded for renewals, terminations and/or options in compliance with lease/license terms.
- Ensure leases and license contracts are administered in compliance with established policies and procedures.
- Maintain positive relationships with landlords and communicate promptly with landlords or their managers to resolve any missing payments or account variances.
Payment Processing
- Prepare review, and execute the processing all lease and license payments including one-time payments associated with the lease portfolio (“Batches”) and submit to VCU Accounts Payable in an accurate and timely manner.
- Monitor the accurate and timely processing of monthly Batches and work with VCU Accounts Payable and landlord to understand and resolve any errors or conflicts.
- Reconcile payments issued to payments submitted and to internal fund transfers monthly for accuracy.
- Assist in budget planning and perform internal journal vouchers as needed.
- Prepare invoices or journal entries as appropriate for any lease expenses to be reimbursed by tenants or subtenants and prepare deposits for payments received.
- Assist VCUREF in tracking the receipt of rental payments and reimbursable expenses and facilitate the delivery of payments received to Foundation Services.
Data Management
- Create, review, update and improve VCU’s real estate records, data gathering and data maintenance policy, procedures and practices.
- Perform on-going checks and audits on data and information in database system through report reviews and cross-checking information with physical files.
- Create and update property records, ownership information and lease records utilizing relevant information obtained in real estate transactions or provided by CARE or VCU staff.
- Organize and plan with CARE staff for the uploading of support documents to the appropriate real estate record.
- Assist in the planning, organizing, capturing, retention and reporting of records related to VCU Real Estate Foundation owned properties.
- Foster the use of VCU real estate database system and serve as a resource for the use of the system.
- Lead, review, and audit data in the preparation for any requested reports or responses to FOIA requests.
- Ensure that department owned records are reported and scheduled for destruction as required by COV and VCU policy.
- Complete annual updates for VCU income and expense leases in the COV database as directed and requested by DGS in a timely manner.
- Lead, organize, manage and direct any temporary or ad hoc data related projects, inputs, updates or maintenance activities.
- Collaborate with VCU internal customers to ensure accuracy of real estate data and complete updates to HSA database lease records as requested by their staff.
- Utilize jurisdictional on-line subscriptions or other on-line data base tools to cross check and research property data, tax records and deeds.
- Provide reports and information from the VCU real estate database as requested.
- Maintain a thorough knowledge of CARE capabilities and develop and maintain changes to policies and practices as needed.
Other duties as assigned
- Complete special projects, reports and analyses as assigned by CARE Management or senior level staff in a timely manner providing accurate information and data.
- Assist with the administration of VCU Real Estate Foundation meetings, include meeting invitations, agendas, information gathering and post meeting minutes.
- Assist CARE with on-going real estate operations, including lease administration activities, property management activities and transaction activities.
Qualifications:
Minimum Qualifications
- Several years of experience with real estate lease administration functions, invoicing, review and processing in a leasing or real estate field or equivalent with experience using a robust real estate database and billing system
- Able to read and interpret standard real estate lease clauses to 1) abstract information for record keeping purposes and 2) understand current conditions and determine next steps or actions to perform
- Demonstrate high levels of integrity, customer service, attention to detail, data analysis, organization and problem-solving skills of complicated issues and exercise good judgment in handling confidential information
- Self-starter, who is responsible, dependable, motivated, requires minimal supervision and is able to multi-task and prioritize assignments while delivering consistent quality work product to internal and external clients and customers
- Demonstrate strong basic math skills and ability to calculate rent and escalations using CPI and per square foot calculations.
- Skilled use of PC’s and ability to maintain and use real estate database software to input and maintain records, assess needs, analyze and report information and understanding and using billing management systems and MS Office products
- Ability to think independently, multi-task, prioritize and work collaboratively with teams to build strong internal and external relationships across VCU business functions in a complex system to meet strategic objectives from the “big picture” perspective.
- Ability to adapt to change and represent VCU in a professional manner
- Display excellent communication skills, both verbal and written
- Demonstrated ability to work in and foster an environment of respect, professionalism and civility with a population of faculty, staff, and students from all backgrounds and experiences, or a commitment to do so as a staff member at VCU
Preferred Qualifications
- Undergraduate degree from four-year institution preferred or commensurate professional real estate experience
- A knowledge of multiple real estate based functional areas
- Familiarity with Commonwealth of Virginia or VCU administrative, business, budgeting and financial practices
- Experience in researching and analyzing commercial leases, licenses and facility use documents, title reports and title policies, surveys, deeds, property descriptions, appraisals and environmental and property condition assessments
- Possession of real estate sales license (Virginia) or have direct real estate related education
Salary Range: $75,000 - $85,000
Benefits: All full-time university staff are eligible for VCU’s robust benefits package that includes comprehensive health benefits, paid annual and holiday leave, generous tuition benefits, retirement planning and savings options, tax-deferred annuity and cash match programs, employee discounts, well-being resources, abundant opportunities for career development and advancement, and more.
FLSA Exemption Status: Exempt
Days/Work Hours: Monday-Friday, Days
Hours per Week: 40
Restricted Position: No
ORP Eligible: Yes
Flexible Work Arrangement: Hybrid
University Job Title: 19911Y - Administrator GA 1
