About this opportunity
Related Management Company lists this Vice President of Operations - Multifamily Rentals opportunity in chicago, Illinois. Review the employer’s description below for duties, qualifications and application requirements.
Job description
Responsibilities
The Vice President of Operations reports to the Senior Vice President of Related Management and provides senior executive leadership over the full operational performance of the Midwest luxury and mixed‑income rental portfolio, including flagship properties such as The Row Fulton Market, 500 Lake Shore Drive, 400 Lake Shore Drive, and pipeline assets. The VP of Operations holds enterprise‑level accountability for the strategic and day‑to‑day management of all property operations, encompassing leasing and marketing, financial performance, physical asset stewardship, talent development, and resident experience.
This role is the principal driver of operating excellence across the Midwest rental platform and serves as the senior escalation point for all Regional Managers and General Managers in the portfolio. The VP of Operations is responsible for modeling, disseminating, and consistently reinforcing the Related Management Company philosophy of respect‑based property and personnel management in pursuit of owner objectives. He/she ensures full regulatory compliance with all applicable Equal Employment Opportunity, Fair Housing, and Human Rights statutes across all managed assets and markets.
Duties And Responsibilities
Portfolio strategy, performance, and NOI optimization across all Midwest luxury rental assets
Executive leadership and development of Regional Managers and General Managers
Organizational structure, hiring authority, and workforce planning
Financial management, budgeting, and executive‑level reporting
Resident experience, brand standards, and service quality
Physical asset stewardship and capital program oversight
Leasing strategy, marketing positioning, and revenue management
Regulatory compliance, risk management, and Fair Housing adherence
Cross‑functional collaboration with development, acquisitions, and corporate leadership
Special initiatives and strategic projects as assigned by the SVP
TASKS
Leadership & Talent Development
Recruits, develops, and retains a high‑performing leadership team including Regional Managers, General Managers, and Assistant Managers; establishes clear performance expectations and accountability structures for all direct and indirect reports
Designs and oversees comprehensive onboarding, mentoring, and career development programs for property management leaders across the Midwest portfolio
Partners with Human Resources and Talent Acquisition on workforce planning, succession management, compensation benchmarking, and talent pipeline strategy
Coaches Regional Managers and GMs on performance management, progressive discipline, and termination processes; ensures all actions align with RMC policy and applicable employment law
Oversees the consistent, accurate, and timely completion of performance evaluations across all portfolio leadership roles; drives a culture of feedback and continuous development
Establishes supervisory performance expectations aligned with RMC's affirmative action plan and EEO obligations; holds leaders accountable to these standards
Partners with HR‑Workplace Solutions on all payroll, final pay, and employment compliance matters across the portfolio
Financial Management & NOI Optimization
Owns full P&L accountability for the Midwest rental portfolio; presents annual operating and capital budgets to executive leadership and the SVP and Ownership
Drives NOI growth through strategic revenue management including dynamic pricing, concession discipline, renewal rate optimization, and occupancy targeting
Reviews and approves site‑level budget variance analyses (Financial Overviews); ensures timely submission to the regional office in accordance with reporting deadlines
Establishes portfolio‑wide standards for accounts payable, accounts receivable, purchase order controls, and petty cash management; ensures consistent site‑level compliance
Approves bad debt write‑offs and purchase orders in excess of delegated site‑level authority; reviews open items and vacated arrears reports and directs resolution actions
Identifies and executes operational expense reduction opportunities without compromising physical asset quality or resident experience
Monitors rent collections, landlord/tenant legal proceedings, and arrears trends across all assets; ensures proper escalation to legal counsel and regulatory compliance in all court‑related actions with Fair Housing implications
Partners with asset management on monthly and quarterly performance reporting; provides executive commentary on portfolio KPIs, variance drivers, and forward projections
Portfolio & Site Operations
Oversees all administrative, operational, and resident relations functions across the Midwest rental portfolio; ensures consistent application of RMC policies, standards, and procedures at all sites
Conducts regular portfolio‑level reviews and property inspections; maintains written records of findings and establishes improvement goals with Regional Managers
Establishes, monitors, and enforces enterprise‑level standards for apartment turnover, unit inspection protocols, amenity presentation, curb appeal, and building cleanliness across all assets
Reviews and approves all administrative and maintenance contracts above site authority; ensures contract compliance and vendor accountability
Oversees the implementation of emergency preparedness plans and hazardous materials management programs at all sites
Ensures timely compliance with all internal and external audits; directs action plan development and completion when material non‑compliance citations are issued by federal, state, or municipal agencies
Maintains oversight of site‑based compliance reporting — monthly, quarterly, and annually — to all relevant regulatory agencies, in coordination with the Compliance Director
Manages lease enforcement, House Rules adherence, and resident‑facing legal proceedings across the portfolio; attends court or agency hearings as required
Resident Experience & Brand Standards
Champions a hospitality‑driven service culture across all luxury rental communities consistent with Related's brand promise of sophisticated urban living
Establishes and enforces service standards for leasing, concierge, maintenance response, move‑in orientations, and resident communications portfolio‑wide
Oversees resident complaint escalation processes; ensures all complaints are handled expeditiously, diplomatically, and to resolution
Monitors resident satisfaction data and service request completion metrics; identifies trends and drives continuous service improvement initiatives
Reviews all resident‑facing written correspondence to ensure appropriate tone, accuracy, and adherence to Fair Housing standards at all times
Approves community event programming, including holiday events, and ensures consistent delivery to RMC's standard across all sites
Oversees management of resident amenity spaces including fitness centers, rooftop terraces, co‑working areas, dining rooms, and entertainment lounges
Physical Asset Stewardship & Maintenance Operations
Provides executive oversight of day‑to‑day maintenance operations across the portfolio; ensures all sites maintain RMC standards for physical presentation, building systems, and service delivery
Directs the development, implementation, and ongoing review of preventive maintenance programs across all luxury assets; coordinates with Building Engineers as applicable
Oversees capital expenditure planning and execution; ensures all capital projects are completed on schedule, within budget, and to approved specifications; requires a minimum of three competitive bids for major upgrades
Ensures all outside vendors provide current insurance documentation; maintains insurance files and confirms contract compliance at all sites
Interfaces with regional, central office, and external support teams on issues related to building codes, health/safety, environmental compliance, and regulatory requirements
Ensures proper key control systems, logbook procedures, service request documentation, and inventory management are in place and consistently maintained at all sites
Oversees union relations as applicable; attends arbitration meetings and ensures responsiveness of regional and central office on matters impacting labor agreements
Leasing Strategy & Marketing
Sets portfolio‑level leasing strategy and revenue targets with Leasing Director; ensures maximum economic rents are achieved through active rent level management, targeted outreach, and resident retention programs
Partners with marketing leadership on brand positioning, digital presence, competitive advertising strategy, and employer outreach programs for the Midwest rental portfolio
Establishes enterprise standards for leasing team skills including phone capture, qualification, tour execution, closing, objection handling, and follow‑up; directs training programs to build and sustain these competencies
Ensures all leasing staff maintain current competitive market knowledge through preparation, review, and weekly updates of comp data sheets, rent and occupancy benchmarks, and local market trend analysis
Monitors competitive property performance, new development pipelines, economic drivers, and market shifts that may impact the portfolio's occupancy and revenue positioning
Ensures accuracy and timeliness of all leasing reporting submitted to the regional and central offices
Strategic Initiatives & Cross‑Functional Collaboration
Serves as a key enterprise liaison between Related Midwest's property management platform and The Related Companies' broader corporate leadership, sharing operational best practices, systems innovations, and talent resources
Collaborates with development and acquisitions teams on due diligence, pro forma review, lease‑up planning, and operational readiness for new Midwest rental assets
Contributes to district‑level policies, procedures, and controls with the participation of the Senior Vice President as warranted
Completes pro forma budgets and participates in the development of new management contracts as requested
Represents Related Management Company in industry forums, agency relationships, and community stakeholder engagements
Leads or supports special projects and assignments, which may be regional or enterprise in scope
Qualifications
10+ years of progressive property management experience with a minimum of 5 years in a senior leadership role
Demonstrated track record managing multi‑property, multi‑market portfolios with combined unit counts of 1,000+ in urban high‑rise environments
Full P&L ownership experience including budget preparation, variance analysis, and NOI‑driven performance reporting
Exceptional leadership, supervisory, and organizational skills with a demonstrated ability to build and develop high‑performing teams
Excellent written, verbal, and interpersonal communication skills; executive‑level presentation ability
Strong financial acumen including working knowledge of accounts payable/receivable, purchase order controls, and capital budget management
Comprehensive knowledge of Fair Housing, EEO, and applicable federal, state, and local housing regulations
Proficiency in property management systems (Yardi, RealPage, or equivalent) and Microsoft Office Suite
Ability to prioritize, manage multiple complex workstreams, and operate effectively both independently and as part of a senior leadership team
Bachelor's degree in Business, Real Estate, Hospitality, or a related field
Preferred
Deep familiarity with Chicago's rental market including submarkets such as West Loop, Fulton Market, Lakeshore East, River North, and the Gold Coast
Experience managing mixed‑use assets with ground‑floor retail and commercial components
MBA or advanced degree in Real Estate, Business Administration, or a related discipline
CPM (Certified Property Manager) or ARM (Accredited Residential Manager) designation through IREM
WORKING CONDITIONS
Must be accessible and available to respond to off‑hours emergency situations across the portfolio
Requires flexibility to work varying schedules based on operational needs and executive priorities
Regular travel to portfolio properties across the Midwest market is required
Some regional or national travel may be required for corporate meetings, industry events, or special projects
Overview
Related Management Company (RMC) is the property management arm of The Related Companies, one of the most prominent privately‑owned real‑estate firms in the United States. RMC manages a premier portfolio of luxury rental, condominium, affordable, and mixed‑use communities across New York, Chicago, Southern California, Northern California, Florida, Illinois, and other markets. Related Midwest — RMC's Chicago‑based affiliate — has over 30 years of experience developing and managing best‑in‑class luxury communities that redefine sophisticated urban living. Our Midwest rental portfolio represents the pinnacle of residential service and physical quality in the Chicago market.
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Worksite address
chicago, IL, 60290, US
Who can apply
Review the original listing for work authorization, qualifications and employer requirements.