Our management company has been developed through our ability to identify and retain subject matter experts in every area of property management, and our longevity in offering client services has been proven through decades of success. We oversee a diverse portfolio of communities, each with distinct challenges, which has allowed us to develop a massive knowledge base. We have the resources and skillsets necessary to create value within ever-changing economic conditions through strategic planning rooted in a deep understanding of the multi-family investment market and the psychology of today’s lifestyle renter.
Our experience in operating assets in Class A, B, and C allows us to find opportunities for value engineering which still allow best-in-class experiences for the residents of our communities. We have found several strategies to employ our properties which allow for expense-per-unit to stay controlled and stable during times of increased labor and equipment costs.
Barrett & Stokely is an Accredited Management Organization AMO®, with the Institute of Real Estate Management. The AMO accreditation is the only recognition of excellence given to real estate management firms. This designation demonstrates Barrett & Stokely’s commitment to ethics, education, and best practices. By receiving this designation, Barrett & Stokely has proven their business and financial stability, and superiority in the marketplace.
As the owners of a diverse portfolio of multi-family communities, our many years of experience enable us to design a unique and specific approach for each managed property.
Property Management Services
- Rent collection and bad debt management
- Reviewing and paying all property expenses
- Accounting for all property income, expenses, assets and liabilities
- Developing and maintaining the Management Plan
- Establishing a property specific marketing strategy and rental policy
- Preparation of operating, major maintenance and capital improvement budgets
- Negotiation of contracts for quality services and supplies at the best prices
- Actively monitoring market conditions
- Setting and reviewing rental rates weekly
- Building, grounds and equipment maintenance programs
- Staff management and training
- Maintaining good resident and public relations
Barrett & Stokely believes in doing extensive due diligence up front on every development. We prefer to identify and work through challenges before an Economic Development Agreement is in place. We want to be honest and up front with the community on every aspect of the transaction to be considered a good development partner.
Due Diligence and the “Owner’s Mentality”:
Our “Owner’s Mentality” shows in the way we approach and evaluate a property for potential acquisition for ourselves or for our client.
Our services include:
- A unit-by-unit walk-through inspection
- Mechanical systems inspections and assessment
- Exterior physical inspection
- Vendor contract review
- Thorough rent roll analysis
- Complete lease file audit
- Demographic analysis
- Market survey and competition shopping
- Other sources of income and fees analysis
- Historical and current financial statement review
- Staffing assessment and review
- Utility review and metering assessment
- Insurance and risk review and assessment
- Real Estate taxes and assessment analysis
- Property needs assessment
- Recommended capital budget
- Operating proforma budget
Capital Property Management
Due to the quantity of value-add, reposition, and lease-up communities that we have successfully completed, our team is well-versed in luxury property management and coordination with construction, which also translates to value-add and capital improvement projects. The skills that are held by this team which contribute to a successful lead-up to transforming a community into the owner’s vision include:
- Ability to advise throughout planning and improvement phases in order to maximize value to selections made and minimize need for change orders post-construction.
- High aptitude for customer service.
- Real-time flexibility in operations management – each project is unique, and while past experience is relied upon to form strategy we are able to easily and quickly pivot strategy as needed throughout the process.
- People development – hiring, developing, leading, and managing a high-performing team of project managers
- Motivation through teamwork as well as by personal responsibility.
We have the experience and expertise to plan and manage major renovation and construction projects. Additionally, we have successfully completed both small and large rehabilitation jobs that served to maximize income or reposition a property’s place within its market. Our experience includes substantial physical rehabilitation, as well as adding new units and amenities to existing properties.
Capital Project Management Services:
- Evaluation of alternatives
- Project conceptual design
- Bid supervision
- Project management
- Construction project accounting
- Effective change management and problem-solving ability.
- Communication – effective written and spoken communication with residents, executive management, owner-clients, vendors, and employees.