RESIDENTIAL BROKERAGE: SALES AND LEASING
The Rudd Group, our brokerage affiliate, handles co-op and condo sales and residential leasing. These services can be used to great advantage in buildings we manage. Our brokers are on top of current market conditions and can provide management with guidance on increasing a building’s marketability. Because we know the sales history for every building we manage, we are able to price apartments accurately for the current market and pinpoint a building’s relative strengths.
Rudd’s skilled Transfer Agents keep our Closing Department running at peak efficiency as they handle all sales and refinancing. They quickly and thoroughly review and process each application, maintaining clear communication among all parties, from brokers and owners to boards and attorneys. Each Transfer Agent has a set of buildings they handle and each transaction is professionally handled from inception to closing.
We have a proven six-step approach to creating value for our clients.
- Conduct a complete physical analysis of the building, including the exterior, mechanical systems, public areas, individual units, commercial spaces, and any other applicable building areas.
- Analyze the property in relation to comparable properties to pinpoint areas to create additional value.
- Create an action plan of what needs to be done, including estimated costs and funding options.
- Analyze the building’s financial condition, including areas where revenue can be increased and expenses lowered. The analysis also includes a review of the current mortgage, as well as an exploration of the ability of shareholders/unit holders to bear additional costs to help fund capital improvement projects.
- Present the plan to the board and shareholders or unit-holders for discussion, input and approval.
- Take a flexible approach by reviewing the plan frequently and anticipating any potential plan changes. As the managing agent, we work to ensure that capital projects are completed on schedule and within budget.
We also have an active retail leasing department which handles an average of 20+ retail leases each year. This experience is invaluable in resolving potential 80/20 maintenance-to-revenue income problems in co-ops.