FirstService Residential Hosts Successful Best Practice Sharing Board Roundtable
The session was held at the The Briarcliff in Cliffside Park, New Jersey featuring a commanding view of the New York City skyline and panorama of the Hudson River from the George Washington Bridge to the Verrazano Bridge. Property amenities include an Olympic size swimming pool and sun deck, with panoramic views, making it an attractive area for lounging. Other amenities offered include two tennis courts, a gym, community room, library/club room, full concierge service, and outdoor grilling stations.
The agenda was developed based on feedback from attendees and topics included Capital Improvements/Assessments, Emergency Preparedness/Standard Operating Procedures and Collections. The knowledge sharing amongst attendees was robust and the takeaways were numerous. The overarching themes, regardless of the topic, were on proactive management, having proper standard operating procedures in place specific to the property, and state-of-the-art communication resources and tools.
Discussions regarding ways to generate additional revenue streams, including refinancing loans, purchasing laundry equipment, antennae rentals and many others were prominent. In one example, the purchasing of laundry equipment is generating over $100,000 per year in additional revenue. Cost saving measures, focused on controlling attorney fees related to collections was also discussed.
“I would like to thank FirstService Residential for hosting the Roundtable Discussion. As a new Board President, I came away with several creative ideas, and had the opportunity to get many of my questions answered and gather valuable information. I will take this information back to my Board for discussion,” said Sherry Lottero, President Board of Directors, The Pembroke located in Fort Lee, NJ. “Through the exchange it became evident that high rise buildings face many similar challenges, and I hope more of these working sessions will be planned in the future.”
“We firmly believe the sharing of best practices and knowledge is how we hone our skills, deliver better value to our clients and take property management to new heights,” said Michael A. Mendillo, President FirstService Residential Mid-Atlantic. “The dedication shown and willingness of volunteer board members to take the time to participate in our roundtables inspires us to strive for excellence in all we do.” Mendillo continued, “We look forward to expanding our roundtables throughout our region and to lifestyle, active adult, large scale, condominium and home owner associations and communities.”
For Education Board Member Roundtable photos, please visit our Facebook page.
About FirstService Residential
FirstService Residential, previously known in the New Jersey as Wentworth Property Management, is a subsidiary of FirstService Corporation, a global leader in the rapidly growing real estate services sector, one of the largest markets in the world. As the largest residential property manager in North America, FirstService Residential oversees more than 6,000 properties and 1.5 million residential units across 19 U.S. states and three provinces in Canada. The company has more than 12,000 employees driving local market expertise and managing in excess of $6 billion in budgets. For more information, visit www.fsresidential.com.