Our Multifamily Portfolio has continued to grow and prosper in the First Quarter of 2007. Our Property Management team has been very busy creating strategic plans of action for three new apartment communities.
Our newly added properties include an A+ development in South Carolina, a 22 year-old asset in Middle Georgia, and 212 units in North Carolina. Each of these properties is unique; each has its own set of needs and challenges.
At Fickling & Company, we pride ourselves on our ability to overcome challenges and develop successful Management Plans to meet our owners’ needs and objectives.
The following elements are the key categories to be considered when taking on a new community:
Pricing Strategy
In order to ensure that the property’s market rents are competitive, an in-depth market survey of the area is always required. Market rents should be analyzed per unit type. Too often, we assume that lowering prices across the board will automatically cure high vacancy loss. Instead of lowering rents, we often find that raising rents on the faster selling units creates a wider spread, and increases leasing activity in the unit styles with the greatest availability.
People
Fickling & Company has an outstanding Human Resources Department. As soon as all of the personnel have been interviewed and evaluated, training programs are immediately executed. It is critical that new employees have an immediate and positive impression of the Fickling organization, and the importance of their role.
Goals
A property budget and goals are set into play. Clear and measurable goals are the primary ingredient for creating a winning environment and maximizing peoples’ performance.
Good Business Practices
Fickling’s comprehensive Policies and Procedures Manual is introduced to all new properties at the time of take over. A property audit is scheduled to ensure overall compliance in Operations, Leasing, Personnel & Payroll, Safety and OSHA Standards.
On-site reports, both current and historical, are analyzed to determine a property’s “weakest link”. Expenses are also studied to ensure cost effectiveness in all phases of spending.
Inspecting What You Expect
The inspection process is another primary factor driving the success of the Fickling Management Plan and Expectations. We believe in setting very high standards. A quality curb appeal and product is necessary to maintain a strong image in the marketplace and attract a quality, paying clientele.
Marketing and Promotions
In order to create an effective Marketing Plan, we must first define who the customer is and the best resources for reaching them. Although conventional apartment publications are always a part of any marketing/advertising plan, they may not be the strongest or best traffic generators. All advertising materials must also be closely reviewed for professionalism and return on the dollar.
Customer Service
At the time of a new take-over, Fickling plans and hosts a variety of Resident Appreciation activities, in addition to initiating our “top tier” customer service program.
We distribute surveys to existing residents to determine their level of comfort and satisfaction. Surveys are excellent tools for improving the resident’s perspective and overall resident retention.
Fickling & Co. is aware that, now more than ever, investors must select management teams with great care. Our third-party property management team is committed to providing the management expertise, financial stability, professional excellence and integrity required in today’s competitive real estate market.
Susan Cooper
Director of Multi-Family
Macon Commercial Office
478-746-9421