Property Management Overview
Millwood Management is the premier property management company in Utah, providing quality housing for thousands of Utahns. Our portfolio comprises 11 properties and more than 2,000 units across the Wasatch Front.
Millwood has set the standard for outstanding resident service, quality construction and well-appointed units. And we’re among the best in the industry at providing affordable housing for our residents and top profits for our owners. That’s because we adhere to only the highest standards for:
- Operational Quality
- Finance and Accounting
- Marketing and Leasing Strategies
- Innovative Technology
- Training and Career Development
- Revenue Enhancement
- Procurement Efficiency
- Acquisition Analysis/Rehab
We set our expectations high, and our employees have not disappointed us. Each month we conduct a portfolio performance review, which includes a detailed analysis of property revenues, expenses and NOI against industry standards and owner expectations.
We also set non-financial performance standard and reviews such as closing ratios, lease renewal rates and service requests completed in 24 hours. As a company we conduct ongoing Employee Safety and Risk Management programs and other training to ensure that we enhance the value of our properties and provide the best service possible to our residents.
Finance and Accounting
Our highly trained accounting staff is led by an experienced Controller, who has implemented best practices in accounting, enhanced by cutting edge technology. Our accounting and finance software includes Yardi, the industry’s first fully Internet based property management software as well as a tightly integrated suite of tools to help us manage all aspects of our business efficiently and responsively. All of our sites use broadband Internet connections and access our accounting system through our secure intranet.
Marketing and Leasing Strategies
Our commitment to “on-the-ground” market knowledge and research has enabled us to spend our marketing dollars wisely, attracting the best residents and reducing resident turnover. Our marketing team includes not only top marketing professionals but ongoing direction from Principals, the President and CEO, Vice President, Controller, Regional Property Manager and Property Managers. Our marketing strategies are constantly evaluated and updated based on the following objectives:
- Competitive Management- continuous improvement through understanding the competition, thereby, leading to the enhancement of our competencies and adding missing competitive components.
- Landscaping and Curb Appeal- standards, amenities, maintenance, and consistency
- Communications- marketing themes and outreach programs, resident retention efforts, personal and written presentation, Internet presence, community involvement and uniforms.
- Each property has its own web site.
- Properties communicate with Millwood office and outside parties via Microsoft Outlook, which is used for communications, updates, financial databases, training, resources, and policies.
- Millwood provides an infrastructure in its new apartment developments to provide resident with high-speed Internet access through cable, DSL, and wireless broadband capabilities.
Training and Career Development
- Millwood Management offers training introduction to procedures, operations, systems and polices.
- A Resource Center with books, DVD’S and computer-based learning CDs on a variety of subjects, including resident retention, marketing and leasing, rewarding employees, finance, and customer service.
- Financial support for individual training seminars.
- A coaching system for all employees by all supervisors.
- The mentality that the “right” people add value:
- We have a track record of attracting the best corporate staff and property managers in the business to serve our clients.
- Millwood’s employees appreciate the importance of our residents and their homes. We understand that resident satisfaction impacts the overall success of a community.
- Internet access service for residents
- Resident utility billing
- Monthly pet fee
- Garage and parking
- Commercial rentals
- In-house collections/recovered rent
- Application processing fee
- Storage fee
- Broadband solutions
Realizing economies of scale through a streamlined process of centralizing relationships with vendors and others to spread savings across the portfolio. This process helps owners and managers of real estate save time and money, and also improves control over their operations by streamlining the procurement process.
Due Diligence, including site inspection, review of comps, development of operating and capital budgets, review of income and rent growth assumptions, and development of operating strategy that parallels the investment strategy. Due Diligence efforts also produce detailed unit by unit inspections with reports, lease audit reports, work order reviews, criminal activity reports and market reports.
* Management team has a combined 50 years of experience related to rehab projects, which includes complete interior and exterior improvements and renovations. Management team has a proven track record of completing rehab projection on time and within budget.