Annual apartment property managers meeting

The meeting is an annual event conducted by W&M Properties exclusively for its residential managers. "It's an example of the extraordinary measures we take to ensure the geographically diverse Wien & Malkin apartment portfolio is run by the best trained and best informed managers, sharing the most up-to-date information and practices," explains Vincent Sultana, vice president in charge of residential and retail operations.

W&M Properties keeps its key managers abreast of industry-wide trends and developments by having them participate in the mid-year National Apartment Association Conference. Managers, regional managers and the New York-based portfolio leader branch out, visit different presentations and meet at the end of each day to review and share what they have learned.

In addition to multiple property visits each year from various accounting personnel and top management, there is an annual inspection visit paid to each property by chairman Peter L. Malkin and president Anthony E. Malkin.

"They walk the property, examine all common areas, talk to employees and residents and make sure everything measures up to the lifestyle quality we aim for at all of our communities," says Mr. Sultana. "That's the ultimate test. The Malkin family has been in this business for 70 years. Nothing escapes their attention."

While the yearly on-site inspections represent the culmination of W&M Properties' quality assurance program for residential managers, the cornerstone of that program is the late winter meeting in New York, which is structured to serve multiple purposes. On hand are the regional and property managers, Mr. Sultana, CFO Ignacio Ceriani, residential property controller Steven Coy, various engineering support personnel, and of course, Peter and Tony Malkin.

"For starters, we conduct a performance review on every property in the portfolio," Mr. Sultana explains. "We discuss results, demographics, occupancy trends, budgets, and various measurements of success. Everyone takes part in the reviews, so the enormous depth of our collective experience can be brought into play. If there's a problem to be addressed at a particular property, chances are someone in the room has dealt with it successfully at another location."

He notes that, "Each property is run as an individual small business, but the team method is a far superior approach when conducting property reviews."

In fact, the team method - and the annual meeting itself - promote stability among W&M Properties' senior property managers, who've been serving their respective properties for periods ranging from five to more than 20 years. "There is a strong sense of camaraderie among these managers, even though their properties are separated by hundreds of miles, and that works to the benefit of our investors," says Mr. Sultana.

After the property reviews, strategies and goals are set for the coming months, and new trends and techniques come under discussion.

At this year's meeting, marketing was of special interest, Mr. Sultana reports.

"With the economy less robust than in prior years, our intention is to make sure we are reaching out to tenants in the most effective way, delivering the most relevant messages through the best media," says the W&M executive. "As a result of annual tenant surveys and anticipation of market trends, we also looked at refinement of our amenities packages, including improved playgrounds and the installation of putting greens, where they are feasible."

Next winter, the property managers will be back in New York, meeting with the Malkins, comparing notes, evaluating results, and deciding on new adjustments and improvements. "We all have one overriding goal," says Mr. Sultana, "which is producing the best possible performance for our investors."

Accountants Also Meet Annually

Distinct from the annual property managers' meeting, the accountants for properties in the Wien & Malkin residential portfolio hold their own meeting every year with W&M Properties' senior management to devote attention specifically to financial performance and accounting controls. The accountants usually convene in the fall with Mr. Ceriani and Mr. Coy choosing a different property each year as the meeting site.

"The intensive focus of these meetings is financial oversight for every property in the portfolio," Mr. Ceriani explains. This year, the two-day meeting will be held in late October in the new clubhouse at Glen Oaks Commons near Chicago.