In today’s business lexicon, it is common to see words such as ‘concierge,’ ‘boutique,’ and ‘five-star’ used to describe the differentiating factors of a service provider. Distinctions like this are important when business owners are considering with whom they partner and allow to liaise or mediate on their behalf. This is true of building owners in the commercial real estate vertical, as well.

In addition to the concierge aspect of the business elaborated on in the January 2021 blog, Stetson Management & Development is known for assisting its investors in maximizing their real estate investments and assets by offering superior value. For this reason, Stetson Management & Development continues to stand out as a five-star service provider to its building owners. This accolade is echoed by clients and guests, as well as collateral operations services, the latter of whom are regular providers to Stetson’s client base for all building operations’ needs.

Managing multiple properties within the 495 belt, in varying degrees, Stetson’s services range from securing loans for funding capital improvements, to financial management, lease renewal and negotiation, to overseeing both large and small renovation and building projects. “The capital improvements that we’ve done on several of the buildings—some of which are maybe twenty- or thirty-year-old buildings—have needed new security and alarm systems, sprinkler systems, elevators, energy management systems, HVAC systems, boilers, electrical and lighting systems, hardwood flooring, carpeting, blinds, and painting,” catalogues Mr. Barry Familetto, President of Stetson Management & Development. “We’ve also managed complete window renovation projects on a couple of buildings, to maintain better control of the internal climate by optimizing the efficiency of the HVAC and fresh air systems, which function differently from each other.” Other projects managed include complete roofing repairs or installation, landscaping, parking lot paving and painting, and septic system replacement.

With both interior and exterior building operations and components covered, Barry is quick to point out that it’s his company which negotiates and coordinates these projects with all involved parties. “We deal with the building owners, who are our clients, and liaise with the towns to pull the necessary permits. Then we liaise between our clients and other, collateral service providers, such as engineers, architects, interior decorators, window installers, and every other line of business that makes up a quality building. Our clients rely on us to manage the job site from the beginning to completion of the project, maintaining a stable operation throughout.”

It doesn’t stop there, though. Once a building has been renovated and clients are ready to lease to their tenants, Stetson continues the relationship by dealing with brokers, on behalf of his clients. Barry’s priority is to make sure that his client’s investment is enhanced and protected. This means assessing the desirability and viability of potential tenants, or ‘guests’ as he likes to refer to them, emphasizing that a complete review of their financial condition is paramount, for

lasting investment success for the client. On the flip side, guests might require certain build-out features, depending on their business and Barry stays involved in these projects, as well. “Whether it’s a coffee shop, medical office, medical office building or park, mixed use or industrial buildings, we work with our guests to ensure that they have what they need to successfully run their business. We stay involved every step of the way with the architect and engineer, and work together to get the plans approved and move it forward,” he states.

‘Fit,’ too, is also an important factor, he cites. It’s a potential problem, with long-term effects, when a client is eager to lease the space, and ignores factoring in the type of business of a potential guest. He says that part of the success of sustaining an attractive and profitable building is to lease space with similar (or, at a minimum, not completely disparate) types of businesses that would make sense to a consumer passing by. Without that forethought, buildings run the risk of leasing to failing enterprises, which has a detrimental effect on remaining, thriving businesses.

Sometimes, building projects are subject to board approval, which might require some finessing. “Central to the discussion of how a building should be used or upgraded, is to make sure that all parties agree. Occasionally, there are some big issues that need to be agreed to, and viewpoints clash. It’s our job to find ways to mediate through those and also educate about what their options might be and how they might settle a disagreement,” Barry postures.

All of this oversight and management requires a careful look at budgeting, whether it’s scheduling monthly cash flow or setting up a five-year plan, or working with the building owner to orchestrate the entire piece of operations and how that fits in with capital improvements, setting the stage for minimizing renovation surprises or liability. This particular value-add might seem obvious, but, as is typical of Stetson Management & Development, Barry insists on regular communication with his client’s CPAs and bankers. “We can manage a building renovation project and liaise with all parties, but we would be remiss if we weren’t in regular communication with our client’s accountants and bankers, to keep the dialogue open regarding tax returns—and seeking tax advantages—for our clients. That’s a very big deal. Most managers don’t get involved in that at all and only think about the expense. We look at it from a tax saving standpoint,” he highlights.

Offering this high degree of five-star service of oversight and involvement shows the level of commitment Stetson Management & Development consistently offers its clients and guests, and in many ways, as the foregoing illustrates, serves to differentiate Stetson from its competitors.

With a view to drawing on the resources a client or guest requires, keeping an eye on minimizing unnecessary expenses, while looking for tax savings, maintaining open dialogue among all parties at every stage of building renovation, property management, and operations, it is clear that each comprehensive aspect of commercial real estate benefits from the services offered by Stetson Management & Development.