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Within the context of our property management
philosophy, it is our opinion that institutional quality property management
that meets our stringent requirements is often unavailable for apartment
properties in many markets. We require that a management company cater
to the needs of the residents and be able to provide reporting at an institutional
quality level. We find that most apartment property management companies
can do one or the other well, but not both (if in fact they can do either
one well ). Kensington recognized this void in the market years ago. We
felt that the best solution was for Kensington to form an affiliation
with a multifamily management specialist that had already perfected the
art of providing both premier resident services and institutional reporting.
After conducting a formal search for such a company,
we decided on the Marquette Companies.
We formed Kensington / Marquette Partners to provide asset management
services and we utilize Marquette Management, Inc. for property management
where appropriate and in the best interests of the property and the client.
Marquette Management has a decade-long solid
history of providing high quality marketing and management services to
its institutional clients. Marquette and its principals have gained industry-wide
recognition for their customer-driven management philosophy, innovative
"hotel style" management techniques and state-of-the-art financial control
systems. Properties under Marquette's management consistently outperform
the competitive market in occupancy, cash flow, and value enhancement.
Marquette expects that this philosophy executed by well-trained employees
will ensure their position as a national leader in the field of property
management for the 90's and beyond. Marquette's principals combine over
fifty years of experience on more than 30,000 units across the country.
Management Philosophy
Marquette's mission is to "Redefine the quality of life through real estate
development and management services." Marquette's principals have developed
a clear vision to be the best management company in the nation through
its integrity, customer service, vision, and solid operating style at
every organizational level.
Staff Training and Development
Recognizing the importance of a quality staff to a property's success,
Marquette provides technical and customer service training to each of
its employees including video taping, quarterly workshops, personal development,
seminar participation, telemarketing techniques, among others. A formal
mentoring program ensures the development of each staff member and results
in outstanding property level performance.
Resident Survey Program
An ongoing client survey program coupled with regularly scheduled "resident
focus groups" allows staff and supervisors to maintain close contact with
potential and existing residents. Accurate knowledge of resident concerns
and expectations from the initial appointment through lease renewal makes
a significant difference in customer satisfaction and resident retention.
Hospitality Services
Customer satisfaction is the core of Marquette's management style. This
approach has evolved from the hospitality industry and is typically found
only in the world's finest hotels. Examples include the "We C.A.T.E.R."
(Customized Attention To Every Resident) program which highlights a broad
menu of services available to each resident by the service-driven concierge
staff.
Superservice Innovations
Hospitality Suites, Resident Appreciation Weeks, Complimentary Renters
Insurance, Daily Continental Breakfast, Corporate Appreciation Nights,
Mini Brochure Business Cards, Pen and Ink Moving Announcements, and the
Lifetime Resident Referral Programs are just a few of the innovations
that have brought Marquette Management national attention for its service-driven
performance.
Research Based Marketing
Marquette Management strictly adheres to a marketing control system based
on thorough research of competing properties, resident base, and new prospects.
Competing properties are clearly identified and analyzed monthly. A Demographic
Profile database is maintained on each property to assist in the development
of marketing outreach programs and to identify emerging trends that impact
occupancy. A comprehensive Daily Marketing Report allows site and supervisory
personnel to maintain up-to-the-minute knowledge of a property's performance
so that quick, informed decisions can be made.
Comprehensive Financial Controls
A comprehensive Annual Operating Budget is the core of the financial control
system that keeps Marquette-managed properties consistently out-performing
the market in financial returns. A daily Declining Balance Control System
ensures cost containment and budget adherence by site and supervisory
personnel.
Monthly Marketing Plans and Budgets ensure tight
control of marketing expenses. Use of in-house staff expertise for development
of newspaper ads, promotional campaigns, direct mail, brochures, as well
as for major cost items such as painting, decorating, and apartment turnovers
guarantees high quality production at minimal cost. An aggressive rent
collection process and thorough client screening assists in maximizing
revenue flow. Advanced Target Renewals, Computerized Purchase Order Systems,
Daily Inventory Control, Monthly Escrow Analysis, Utility Consumption
Control Programs, and Bulk Purchasing are examples of the strategies employed
at Marquette to control costs and increase cash flow.
A variety of additional revenue enhancement and
cost containment strategies from Marquette's unique Bid Specification
Analysis to its incentive-based employee compensation assures ownership
that every dollar is well spent and accurately accounted for.
State-of-the-Art Accounting and Reporting
Kensington Realty Advisors and Marquette Management have each been models
of quality for their clients relative to reporting excellence. It is not
unusual for clients to require their other managers to follow a format
which we have developed because it provides better information in a clear-cut
format. But being the best is not good enough for us.
We have recently revised all of our property
and asset management level accounting and reporting by implementing the
Yardi Management System. We are one of the first groups in the country
to utilize this state-of-the-art suite of software for the benefit of
our clients. A further discussion of our capabilities and systems can
be found under Accounting and Client Reporting.
Property Performance
Marquette Management has developed a national reputation for its solid
operating systems and customer driven property management. It has maintained
this reputation as a result of superior property performance in the areas
of reduced resident turnover, reduced lease concessions, and increased
lease conversion ratios. These three strategies alone have consistently
raised bottom line net operating income by 50 basis points or more on
Marquette-managed properties.
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