What Is Full-Service Property Management?
Due Diligence & Feasibility Analysis
Before the day-to-day management begins, we complete a comprehensively exhaustive due diligence process. A detailed analysis of the current property is performed to determine competitive advantages and weaknesses. Comparable properties are then studied to determine correct pricing and leasing strategies. To maintain the long term viability of the asset, a capital plan is created. After reviewing all of the above, a staff assessment is made for any needed changes for asset improvement.
If the property is a potential new acquisition other critical analysis can be performed to aid the investor in determining if the property meets the desired investment criteria.
Human Resource Management
The difference in how well one asset performs over another is the on-site team and the leadership provided. We have a motto around our place "what gets measured gets managed". At Stellar, we utilize a variety of metrics at every position level to maintain excellence in the service provided.
It's not enough to offer competitive compensation/benefits to maintain a "Turned On" work group. Each year Stellar utilizes the services of CEL and Associates to measure associate job satisfaction. Those results are then placed into eight key employee opinion factors. A Culture Team led by associates then works throughout the year to improve our working culture to be best in class.
Technology
Stellar incorporates the latest in property management technology for managing your asset. We use Yardi's web-based Voyager product for our property management software needs. This application is state of the art and allows us to work with real time data. This allows us to keep a finger on the pulse of our organization and properties at all times.
Stellar Management understands that every owner is different with different requirements and expectations. We have the flexibility and report writing capability to meet any reporting needs you or a lender may have. We also give access to our owners to review their own data real time like any of our associates. Finally, Stellar Management is committed to being paperless. We send all our owners their financials through email in PDF Format.
Stellar Management also believes technology at the property level has a very clear purpose. Technology is only useful when it can streamline processes that allow our people more time to do what they do best, leasing and preparing units.
Finally, technology at the property level must provide the type of customer service someone living in today's age expects. We allow a resident to pay their bill on-line. They can setup monthly automatic debit payments or pay with a credit card. Residents can submit work orders through email. These are just but a few of the services Stellar Management through technology can offer a property.
Procurement
Stellar Management through its size and concerted effort has created a procurement program involving several key vendors in our industry. We use Wilmar for our maintenance supplies, Cintas for our uniforms, Baker Office Supply for all office supplies, DHL for overnights and the list goes on and on. See our 'Partnerships & Alliances' section of this website for a complete list of our partner companies.
These strategic alliances guarantee us pricing other companies in our industry cannot match. We also have established relationships with these vendors that allow us to draw on their expertise. Stellar Management believes focusing on a few select vendors that truly partner with our company for the betterment of everyone involved is the right way and most efficient way to conduct business in these times.
Lease-Up and Marketing Services
Stellar's experience will provide you with the confidence needed for a lease-up project on new construction. All of Stellar's regional managers have had success with leasing new construction and major rehab projects. We believe each property manager should be responsible for on-site marketing efforts, but Stellar also utilizes a corporate marketing team to provide fresh input on tough leasing challenges.
Stellar Management also has an entire section of its Intranet Site devoted to marketing ideas. A Manager can access these materials anytime and see new ideas that have worked at other properties they can implement. There are no islands at Stellar. All Properties are encouraged to not only share their marketing ideas but also refer prospects to other Stellar Properties.
Training and Education
Stellar is a learning organization. If you keep doing what you're doing then you will keep getting what you're getting. Each associate has a career development path. This path does not mean each associate must have a vertical promotion plan. But each associate is required to grow in their career experiences each year. Even though we sharpen the associate saw regularly our technology platform has made it possible to provide affordable, quality training on-site.
Stellar Management believes training in the classroom in our industry doesn't work. It must be available to an associate 24/7 when they have time for it or need it. We have partnered with Grace-Hill (www.GraceHill.com) to address a large portion of our training needs. Stellar Management also possesses a state of the art Intranet Site where our associates can go anytime and ask questions, download training materials and complete training tutorials and tests not only in property management but also areas like technology, customer service and leadership.
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Lead Person: Charles Young
For information regarding Property Management, please contact:
Charles Young
President - Stellar Management
5214 68th Street, Suite 402
Lubbock, TX 79424
Office: (806) 798-0888
Fax: (806) 798-0880
Email: charles@stellar-management.com
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