Buckingham Companies - Company Info
Management Services
Professional Credentials
A stable, talented, experienced corporate management team with strong credentials is in place. Corporate staff turnover on the management team over the past twenty-four months has been 10%.
- Five staff members with the Certified Property Manager (CPM®) designation through the Institute of Real Estate Management
- Five Certified Public Accountants on staff
- Real estate broker licenses held in Indiana, Illinois, Ohio and Kentucky
- Three individuals with executive level Section 42 compliance certifications
A stable team of on-site personnel is in place with excellent bench strength available. Site-level employee turnover for all positions was less than 35% in 2007 and is trending at the same level for 2008 on an annualized basis.
Senior and middle-management staff have expertise delivering management services to a diverse client base - publicly traded entities including REITs, life insurance companies, non-profits, pension funds, and investment advisors, REO departments of lending institutions.
Buckingham has achieved the prestigious Accredited Management Organization (AMO®) designation awarded by the Institute of Real Estate Management.
Property Managment and Operational Expertise
A proprietary financial roll-up has been developed in-house that tracks the following twelve key performance measurements on all managed assets individually and as a consolidation based on both current budget and prior year
- Cumulative Cash Flow
- Net Operating Income
- Collectible Rental Revenue
- Total Operating Revenue
- Controllable Expenses
- Total Operating Expenses
- Operating Expense Ratios
- Debt Service Coverage
- Annualized Changes in Asset Value
- Lease Expiration Exposure and Lease Management
- Resident Turnover
- Physical vs. Economic Occupancy
Buckingham assets have consistently out-performed the market and exceeded industry averages for NOI growth for both market-rate and affordable properties.
Buckingham has a strong track record in repositioning under-performing assets and developing and implementing turnaround plans on troubled assets. Repositioning and turnarounds have been done for both its owned portfolio and for third-party clients.
Buckingham is an acknowledged expert in the field of marketing and merchandizing multi-family communities.
- A library of proven, award-winning marketing initiatives is in place to ensure that Buckingham-managed assets outperform all competitors.
- Detailed market and demographic research is conducted through industry databases and the ESRI Business Information Solutions on-line service.
- Marketing plans are developed and implemented for each asset and are monitored by skilled Marketing Specialists.
- Staff has significant experience in repositioning under-performing assets and has perfected value-enhancement strategies for assets.
A strong focus on staff training has positioned Buckingham as an "Employer of Choice" in our sub-markets. Buckingham employees are recognized for their professionalism and business knowledge. Current professional development programs designed and delivered by in-house staff include:
- Sales Training (2 days)
- Advanced Selling Strategies (1 day)
- Generating Traffic and Outreach Marketing Training (1 day)
- Customer Service (1 day)
- Listening Skills (1 day)
- Time Management training (1 day)
- Effective Supervision (2 days)
- Maintenance for Managers (1 day)
- The Ethics of Excellence (3 hours)
- Finance and Budgeting Seminar (1 day)
- Fair Housing for Maintenance Team Members (1 day)
- Fair Housing for Office Team Members (1 day)
- Advanced Fair Housing (4 hours)
- Dealing with Difficult People (1 day)
- Business Writing (1 day)
- Managing Generations in the Workplace (3 hours)
- Mold Awareness and Remediation (2 days)
- CFC Training and Certification (1 day)
- Time Management (1 day)
- Sexual Harassment (2 hours)
- Managing Change in the Workplace (2 hours)
Asset preservation and enhancement is a key focus and systems have been established to monitor the specific physical requirements of each managed property.
- A formalized process for regularly inspecting the unit interiors, common areas, amenities, building exteriors and grounds is in place with a strong emphasis on preventive maintenance.
- Long-term capital improvement plans are developed and implemented.
- Potential liability and environmental issues are monitored closely and addressed.
- Expense management and cost containment are monitored and measured.
- Annual inspections conducted by the President of Buckingham Management, LLC and the Director of Engineering and Technical Services identify asset preservation issues, value enhancement opportunities and long-term capital improvement strategies.
Staff has a comprehensive knowledge of regulatory requirements that impact the property management business, including:
- Executive level LIHTC certifications
- Section 504 compliance
- EPA certifications
- OSHA compliance and monitoring
- HUD, IHDA, IHFA and OFA regulations, where applicable
Asset Management Expertise
The in-house accounting team has a wide range of financial reporting capabilities that include:
- Ability to customize statement formats and reports for clients
- Capacity to analyze "same store" financial performance of assets through comparative reporting
- Portfolio reporting via monthly, quarterly and annual roll-ups
- Oversight of the annual audit process
Senior staff takes an active role in coordinating risk management strategies for all managed assets.
- A Risk Management Committee comprised of the Director of Finance, Director of Engineering and Technical Services and the management company President meet with representatives of our insurance carrier and Worker's Compensation administrator monthly to review outstanding claims, loss prevention strategies, and on-going training initiatives.
- Potential liability concerns are reviewed and procedures implemented to minimize risk and exposure.
- Industry trends are monitored and reviewed.
- Premium renewals are aggressively bid out through various carriers on an annual basis. Insurance carriers receive detailed information about Buckingham's policies and procedures and loss prevention initiatives that are targeted to reduce claims.
- On-going training programs are delivered to site personnel on various risk management issues including: EPA requirements; OSHA compliance; mold remediation; lead-based paint abatement; safety initiatives; and appropriate documentation.
Real estate taxes are monitored through a careful review of valuations, assessments and rates.
- Appeals are pursued where appropriate.
- Escrow analyses are undertaken semi-annually.
Due Diligence Expertise
A team of individuals has been established that can quickly analyze individual assets or portfolios for potential acquisition.
An in-house automated system has been developed that generates the following information and/or reports based on the data gathered in the field by the due diligence team:
- Market demographics at a one, three and five-mile radius around the subject property
- Rental comparison grids
- Resident profile by unit type
- Rent Roll Analysis including average lease term, loss to lease totals, average rents, occupants per unit, lease expiration exposure, and vacant units
- Detailed lease audit of all resident files
- Inspection of amenities, common areas and building exteriors
- Unit-by-Unit walk-through inspections with summary of findings
- CapEx requirements and budget
- Unit upgrade/replacement history
- Equipment and appliance inventory
- Summary of contracts and agreements
Operating plans, budgets and marketing plans are developed for implementation within thirty days of takeover and repositioning strategies are established.