At Clifton Blake we not only create wealth by developing and constructing our collection of urban infill mixed use properties, we also manage them, creating for our tenants the “Clifton Blake Experience”. The Clifton Blake Experience is about delivering the highest level of service to our commercial and residential clients. It’s not just to win clients’ praise, but it’s a simple way of adding value to the real estate asset.
Property management is what ensures an asset continues to grow and add value to the portfolio. Unlike the average car that simply depreciates in value regardless of regular upkeep and maintenance, effective property management adds to the value of the asset as the asset itself appreciates.
Property management includes overseeing the basic care and maintenance of a building. Yes, it is meeting the very basic needs of the client for the quick fix: the leaky faucet, the clogged drain, the sticky door, etc. Great property management looks at the facility through the perspective of the tenants which means we endeavour to do everything better to meet the immediate needs of our clients.
A property manager also takes on the perspective of the owner. The asset is oriented and then managed toward achieving the financial goals determined by the owner. As the building ages in place, the property manager has two responsibilities: to ensure the building maintains the quality of service it promised its tenants at the outset and preserve the value of the building for the sake of the owner. Generally this requires the property manager to focus on two major areas for the sake of client retention: maintenance and capital improvements.
Maintenance activities can include simple lightbulb replacements, housekeeping and paint touch-ups in hallways and garages, landscaping, irrigation repairs, pool cleaning, elevator maintenance and other related tasks that are performed on a frequent or ongoing basis.
And then there are major repairs, replacements and upgrades, which require larger - and not always planned-for – outlays of time, effort and expense. Better known as capital expenditures or improvements, these can include big-deal undertakings like carpet replacement, major lighting or landscape projects, pool deck refurbishment, security system upgrades or replacements, exterior painting, painting of garages, stairways or hallways, and many more.
Basically, a capital improvement is performed to boost an asset’s condition beyond its original or current state. A property manager will undertake capital improvements when it looks to increase an asset’s useful function or service capacity. The property manager may perform a required extension of “useful life,” enhance the quality of services, reduce future operating costs, or upgrade essential parts of the asset. Examples can include modernizing elevator cabs, installing variable frequency drives on cooling tower motors, upgrading to energy efficient lighting, or any other major, value-adding improvements.
The goal of property management at clifton Blake is to ensure the real estate will