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Case Study

Property management: More and less, in the right places

Property Management - Our property managers creatively seek alternative sources of income, negotiate local lease transactions, aggressively manage operating costs and pursue expense reduction opportunities through national purchasing and service agreements. We place a significant priority on keeping a property safe and clean.  Our managers’ direct emergency preparedness programs are continually monitored and updated.

A new owner of three secondary-market malls in Texas and Oklahoma approached our Retail group with a priority: reduce expenses. We were awarded management and leasing services for the properties, with the expectation that costs would be cut.

Our team began with a hard look at support services from housekeeping to security. Everything had been performed by an entirely in-house staff, and we knew that there was a better way. Our efficiency experts brainstormed with the client, and together developed cost savings programs including the outsourcing of most support functions to vendors we trusted. Mall owners reduced their administrative chore and saved $469,000.

While the cost savings pleased the client, our leasing specialists also developed a strategy to increase revenue. One success story was a specialty leasing program to tap an under-exploited source of income. Aggressive prospecting landed national names such as Wilsons Suede and Leather, Hickory Farms and Day-By-Day Calendars. Specialty leasing income jumped 45 percent.

More cash coming through the front door and less going out the back has generated net operating income of more than $440,000 annually for the owners, while significantly increasing property values.

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