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 delivering.
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.