“Our mission is to satisfy our residents by providing excellent customer service while providing superior returns to our investors.”
Terry Callahan, VP of Property Management
Property Management
One of Phillips Asset Recovery’s (PAR) most significant in-house assets is
its robust Property Management team. Led by Vice President of Property
Management,Terry Callahan, the staff of property managers, leasing consultants,
and maintenance staff has experience in lease up and normalized operations.
Currently, the Property Management team is engaged in Charlotte, NC, Tampa,
FL, Houston and Dallas, TX. The division has proven it’s ability to grow revenue
while controlling operational cost. PAR uses a hands-on management style with
a heavy emphasis on the “5 Ps” of property management: People, Performance,
Promotion, Product, and Pricing.
PEOPLE
- 75+ years combined property management experience bringing best practices from:
- Equity Residential Properties
- Zom Property Management
- Simpson Property Management
- Anterra Real Estates Services
- Laramar Properties
- Summit Properties
- Combined Market Experience:
Tampa, Orlando, Jacksonville, Ft. Myers, Chattanooga, Memphis, Northern Virginia, Maryland, Chicago, Detroit, Minneapolis, Raleigh, Charlotte, and Dallas
PERFORMANCE
- Efficient use of systems, checklist and reviews
- Standard Operating Procedures manuals (office and maintenance)
- Monthly financial reviews with emphasis on revenue growth and expense control
- Lease expiration management from day one
- Documented property site visits with tasks to be completed
- Onesite® Management Software - weekly operations report
- Weekly property manager conference calls
- Industry involvement via national and local apartment associations
PROMOTION
- A rifle versus a shotgun approach
- Internet = 60% of all leases
- Apartment Guides - Pay for performance and use sources that can verify cost per lease
- Outreach marketing
- Residential referrals
PRODUCT
- First impressions count
- “Consistently polished” is the expectation and the rule
- Have the right “ready” inventory - 50% of all renters want to see the unit they will live in
- Properly prepare, and the product will lease
PRICING PHILOSOPHY
- Based upon supply and demand
- Reviewed daily and changed as often as needed
- Lease expiration management to reduce exposure
- Weekly competitive survey
