Schochet Property Management was formed in 1973. It provides management services for numerous
clients including Schochet Companies and Retirement Housing Foundation. These services include
complete responsibility for building operations, financial administration, leasing activities, and
interfacing with local, state, and national agencies. Today, Schochet Property Management manages
approximately 5,000 apartments and 100,000 square feet of commercial space.
The management portfolio includes all types of housing, from luxury condominiums to low and
moderate subsidized rental units, new construction and rehabilitation, as well as market rate rental
apartment units. Its commercial portfolio comprises offices and stores, shopping malls, restaurants,
and old and new office buildings.
Schochet Property Management has received the AMO designation (Accredited Management
Organization) awarded by the Institute of Real Estate Management.
In addition, the senior management team includes designated CPMs (Certified Property Managers).
In addition to providing a complete range of property management services, Schochet Property
Management staff works closely with clients’ development teams on everything from helping to create
acquisition and development pro formas to managing major capital and/or rehabilitation projects.
This fully integrated approach ensures clients that the right people, with the right knowledge, are
involved at the right time to provide high quality information and analysis from the moment their
underwriting starts straight through delivery of long term operating results.
Over the last several years as our portfolio has grown, upgrading technology and integrating it fully
into all of our processes has become a major focus. The company has invested heavily in creating a
state of the art technology infrastructure and added the best enterprise management software available
to the property management industry today. Moreover, we have customized the software, and adapted
all of our policies and procedures, to ensure that we are extracting every drop of value from the
powerful tools available to us. We believe firmly that the property management business is one that
will benefit dramatically from the advent of the knowledge-based economy, and that by providing
everyone in our firm with the most reliable real-time information available we can deliver competitive
advantage through operational excellence.
We have taken advantage of the technology available to us to centralize purchasing and subcontracting
functions to ensure that we receive the very best possible pricing, terms, and delivery on everything
from office supplies to a wide range of contracted services. This has allowed us to reduce costs across
our portfolio while simultaneously providing field staff the opportunity to focus more on those
elements of customer service and resident retention which are so important to our top line results.
Finally, our technology investments have allowed our property managers to make better, more
informed decisions, based on real time information. Armed with good data and the tools for analysis,
our managers can instantly view historical costs for various goods and services, track and evaluate the
efficacy of various marketing campaigns, and monitor the responsiveness, effectiveness, and efficiency
of maintenance staff.
At headquarters, our accounting and finance team has developed broad based knowledge of, and
experience with, all of the nuances of real estate accounting. We have leveraged technology to improve
the efficiency of key accounting processes, including moving toward a completely paperless payables
system, and automating all tasks associated with the organization and distribution of monthly,
quarterly, and annual reports, eliminating the time-consuming efforts of copying, collating and
We are constantly seeking new approaches to on-site cost management. With the assistance of
Rethinking Power Management (“RPM”) a Boston based energy consulting firm, Schochet Property
Management developed a comprehensive Sustainability Initiative with a goal to reduce consumption of
energy and water portfolio-wide. Our grass roots program focuses first on “low cost no cost”
measures and then on larger capital programs for more efficient and/or renewable energy systems.
Our process is rigorously documented and replicable for all properties in the portfolio. Our employees
and residents are actively engaged.
Results to date demonstrate our initiative is working. We have reduced our weather normalized energy
consumption across the portfolio by 10% since inception which represents annual savings of
approximately $550,000. Where installing more efficiency equipment was warranted, project expenses
were minimized by leveraging incentives from the electric and gas utilities and from LEAN, a
Massachusetts Low Income Program. Schochet Property Management has paid only 40%, or
approximately $1,044,000 of the $2,676,000 total equipment and installation cost to-date.
Finally, the effectiveness of our management approach is demonstrated in the quality of the
communities we help to create. Our mission is to do more than simply provide housing; we provide
homes and a sense of place. Through our Resident Service Coordinators we help our residents to
access a wide array of social services and also plan and implement a myriad of programming for all
ages. Four communities managed by Schochet Property Management Co., Inc. have been designated
Communities of Quality by the National Affordable Housing Management Association (NAHMA)
and two of these properties were the 2010 winners of the New England AHMA Exemplary Property
award in the Senior and Family categories. Descriptions of these communities are attached to this
statement and highlight the type of resident services provided by Schochet Property Management.