Property Management & Operations Spotlight - Summit Management Corp.

1. What do you see as the most important qualities or strategies that define successful property management in today’s market?
A successful property management firm is going to be looking at long-term success of its clients’ assets. This is accomplished through robust preventative maintenance plans for all major building equipment, being proactive in fixing minor issues so they do not spiral into major ones, and ensuring that all the costs associated with this work are controlled. All of these, along with clear communication channels with all stakeholders and reliable vendor partnerships, set management firms up for success with their clients.

2. What trends or challenges are you currently seeing within your portfolio and market(s), and how is your firm adapting to meet them?
The largest market challenge we are currently facing is the continual escalation of prices and shrinking number of vendors for the services that we coordinate for our clients. Summit Management has been able to build partnerships with trusted vendors across the trade and service industries that we utilize regularly. With these partnerships, we are able to minimize price increases without sacrificing levels of service, helping our clients’ bottom line.

3. How does your firm add value to property owners and developers beyond day-to-day operations?
We lead our clients into thinking about facility management as a long-term strategy, not just fixing things when they break. We’ve successfully implemented long-term capital improvement plans with several of our commercial condominium clients. These plans have gained favor with clients, as major expenses can now be forecast with funding plans put in place, rather than having to suddenly fund a six-figure bill for new major equipment. Carrying out these plans also benefits our clients because they know their assets are well-maintained, giving them an advantage if they were to put them on the market.

4. What sets your firm apart in terms of approach, service, or overall philosophy when managing commercial properties?
Summit Management is an independent, full-service property management firm. Our philosophy is to view each client and property holistically. Our team’s expertise is balanced across many areas, and we are led by a licensed architect, allowing us to take on Owners Project Management services for projects ranging from small tenant fit-outs to ground-up construction of new buildings. This well-balanced team allows us to partner with each client and offer them the right management solution for their needs.

Square footage managed: 617,000 s/f

Primary property types: Commercial Condominium, Class A Office, Medical Office

State served: Rhode Island

Headquarters location: Warwick, RI

Website: www.summit-mgmtri.com