Monticello Asset Management, Inc., has built one of the Dallas/Fort Worth area's leading management companies by focusing on one product type -- multi-family. This is accomplished by bringing together some of the top professionals in the industry, and by supplying the capital to acquire cutting edge technology to closely monitor all management activities.
Monticello's primary resource is their well-trained, experienced, quality personnel. Monticello's stable property base attracts productive, recognition driven, long-term employees. Long-term employees contribute to the likelihood of a property's consistent, predictable results.
Increasing revenue is the single most important key to adding value. Monticello has a comprehensive computer tracking system that analyzes all traffic and resulting leases. This information is utilized for follow up and provides feedback on past marketing methods.
Monticello's management team is online with ALN Systems and also subscribes to MPF Research. Competitive properties are accessed and then verified by Monticello's personnel and then finally sorted by a proprietary software program to clearly identify the position in the marketplace of each floor plan.
In this highly competitive rental market, stale marketing ideas generate few leases. In today's concessionary markets, apartment communities must pull out all the stops to capture potential renters. From human directionals, brightly colored signage, flying 100 foot balloons, unique but simple message banners, updated brochures, floor plans with furniture, livable models, internet leasing, fashionable employee uniforms - the list goes on - all must be used.
In the current rental market, it is still important to screen prospects as the cost associated with unqualified residents (loss of revenue through non-payment, costs to evict and turnover cost) needs to be avoided. Monticello personnel follow the rental criteria established by each property in terms of income levels, past rental history, credit checks and criminal checks. All personnel are also trained to comply with the Fair Housing laws.
Monticello realizes that by reducing turnover, the revenue stream is unbroken and the costs associated with procuring another resident (leasing and make-ready costs) are avoided. They have implemented ongoing resident retention programs by offering innovative incentives to existing residents to remain at the property.
Resident retention begins with the quality of maintenance services provided to residents. Work orders are systematically entered and monitored for timely and properly completed repairs.
For prospects as well as existing residents, a clean, well-maintained exterior is essential. Monticello designs a program to address this area by assigning personnel and schedules to ensure compliance.
A preventive maintenance program will reduce service requests, prolong the life of a property and equipment, help reduce vendor cost, decrease the need for emergency service, allow for better time management of staff and generally protect the value of the property. Monticello has developed a comprehensive preventative plan that can be tailored to the unique aspects of each property.
Property enhancements are necessary to keep the property well positioned and appealing to the changing marketplace. Landscaping (additions and/or updating), office entrances, office furnishings, models, additional on-site amenities, updating of pool areas, and remodeling of laundry facilities are some of the areas that can be identified and implemented to remain competitive.
Through the enhancement and preventative maintenance of each property, Monticello can assist the owner in maximizing the value and the cash flow of the property.
Monticello has one of the industry's most sophisticated accounting and reporting systems. They have Certified Public Accountants (CPAs) on staff that can provide owners with timely, accurate financial reports. Budgeting and cash management are also responsibilities of this department.
Monticello Asset Management, Inc. provides property management services for multi-family properties. In addition to their management services, its principals are also involved with the following companies that offer services that complement Monticello's desire to maximize each owner's investment return.
The principals of Monticello Asset Management are either sole owners, limited partners, or general partners in many of its managed properties. They have available capital to invest with prospective partners as some owners prefer to have the management company "invested" in their property.
Property taxes are one, if not the highest, expense category facing property owners. CMI, an affiliate of Monticello, is a leading tax consultant firm that specializes in the tax reduction of multi-family properties.
Fidelity Building and Construction, Ltd., owned by the principals of Monticello, provides timely and competitive pricing for projects ranging from complete renovations to making ready units.