Who is Multifamily Property Management for?
For owners of apartment buildings of 25+ units. Our experienced staff has had success in a variety of classes of multifamily properties ranging from the turnaround of neglected class C properties to the re-positioning of some of the highest quality assets in the market.
What Northcap can offer
With our wide offering of services founded on proven experience, Northcap has positioned itself to be a one-stop source for investors, capital providers and sponsors. Due to the experience of the company’s leadership in roles as principals, Northcap is able to apply the thought process of an owner to achieving the best outcomes for clients and partners alike.
Our experienced staff has had success in a variety of classes of multifamily properties ranging from the turnaround of neglected class C properties to the re-positioning of some of the highest quality assets in the market.
Property Management Services
- Leasing & Marketing Strategy
- Customer Service
- Business Planning
- Reporting, Budgeting & Accounting
- Cash Management & Treasury
- Project Accounting
- A/P Outsourcing
- Customer Service & Warranty
- Apartment Dispositions
- Unentitled Land Sales
- Entitled Land Sales
- Financial Analysis
- Land Recapitalizations
- Project Recapitalizations
- Stalled Townhome or Condo Projects
- Bankrupt Sponsors
- Foreclosure Due Diligence
- Condo to Apartment Conversions
- Failed Condo Conversions
- Stalled Apartment Rehabs
We believe that successful management starts with having the right people in place; our team is comprised of first-in-class professionals. Your property will benefit from the top talent in every facet of the management business, from the regional manager who is assigned to your property to the accounting team responsible for financial reporting. We are particularly selective in our hiring practices to ensure that we can make this claim confidently.
Most management companies try to improve their profitability by requiring their staff to be responsible for an overly burdensome number of properties. This regularly results in insufficient attention that a property needs, and it prevents proper communication with ownership. Northcap limits the number of properties assigned on average to its staff to ensure a high level of focus is received by every property. Furthermore, this allows our staff to be able to effectively communicate with our clients.
Focus on Training
A property without properly trained staff cannot effectively meet its objectives. Northcap has training programs in-place to ensure success. New hires are able to get up-to-speed in their new roles quickly, and even life-long industry professionals benefit by breaking old habits that may not have been the best for your asset.
This is not just a buzzword to us. We take it to heart in all aspects of operating a property, and the fact that we limit the number of properties per staff member allows us to execute on this statement. All aspects of a property’s operations require substantial attention. For example, the successfulness of our marketing strategies is examined regularly. We actively make changes if we see that qualified traffic is not being driven by specific sources. Additionally, we always try to be a trend setter with our marketing efforts rather than just falling into the typical practices that become rote for most other management companies. Besides trying to ensure that income is maximized, we rigorously monitor the expenses of our properties so that we are not simply getting the best pricing from vendors but also so that we are solving problems in the most long-term price-effective manner.
As a benefit to the limitation on the number of properties we assign to our corporate staff, we are able to maintain a high level of communication with our clients. Our attentiveness will not end immediately after you sign a contract with us. It is fundamental to our client relationships that we are able to effectively communicate what is happening at the properties and the financial results of operations. Furthermore, it is important that we execute on the specific requests of our clients. We take our fiduciary responsibility seriously, and proper communication is necessary for this to happen.
Although we are a boutique company, we are on the forefront of technology usage. Most management companies are stuck in their old ways, but we embrace technology as a means to add efficiency to operations, increase revenues, decrease expenses, and improve reporting capabilities. We are a sophisticated company always striving ways to improve our business practices for the ultimate benefit of our clients.
HOA Coordination and Cost Control
Unlike most management companies, we have substantial experience in coordinating leasing operations with homeowner associations in place (most commonly seen at projects originally developed for condominium sales). Proper coordination with and mutual respect for the HOA management team is fundamental to the success of the leasing operations. Furthermore, due to the fact that HOA costs are a significant portion of the overall expense structure of the multifamily operations, it is equally important to be able to scrutinize the operations of the HOA.
Experience as Principals
The managing partners of Northcap think not only as property managers; they think as principals. They have extensive experience acquiring and running properties for either their or their investors’ accounts. Our clients’ properties are treated with the same care and thoughtfulness that we would expect for our own properties, and furthermore, our clients can benefit from our ability to provide analysis and recommendations on issues, such as debt refinancing, defeasance, dealing with municipal authorities and adjacent property owners, marketing of dispositions, etc.