Condo Media - August 2012 - 35

Pioneering Ideas Based on Long Expertise
With more than 50 years’ experience in property management, First Realty has been in the condominium business virtually since the beginning. Over that period, the company has fielded a wide variety of complex challenges that might daunt a less experienced firm. And they have the creativity and tenacity to solve them. Take Dale Village, a 108-unit condominium complex in Roslindale, Mass. According to Abel, the property was in a “death spiral.” Years of neglected construction issues had led to water leaking in — and heat leaking out. By the time First Realty came on board, the association was looking at assessments of up to $20,000 per unit — a heavy burden for the middle-income community. Many board members wanted to effect repairs gradually, but First Realty’s evaluation showed that it was, as Abel puts it, “an all-or-nothing proposition.” “It was an extremely hard time to be on the board,” recalls Hilda Rios, one of the association’s trustees. “The owners were extremely concerned about where we were heading, but First Realty was very good at helping us navigate the waters.” For First Realty, educating their clients is a big component of what they offer. In this case, an elaborate PowerPoint presentation helped persuade unit owners of the necessity of the entire project. “We wanted a winwin situation,” Abel says. A win-win situation is exactly what they got at Dale Village. Given the community’s distress, some banks were reluctant to commit to any loan. Through perseverance, however, First Realty was able to secure a 15-year loan for $2.2 million, plus $150,000 financing to help unit owners purchase new windows. “We really fought for this one,” says Abel. “A lot of banks don’t understand the financing of condominiums when the circum-

stances are not so clear-cut. We had to put ourselves in their shoes, to convince them that it was doable.” That involved showing an income stream already in the budget to service the loan and precisely identifying the costs, including a realistic forecast of foreclosures. As a result, Dale Village today has new roofing, new siding and new windows and doors, and with new asphalt and new fencing underway, the project is nearly complete. “We’re extremely pleased,” says Rios. Another satisfied customer is Charleston Lofts of Everett, Mass., where John Spagnoletti is a trustee. Up until February of this year, the developer had been the sole trustee, and the new board is now embroiled in construction issues and litigation. “James went in like gangbusters,” Abel says of Zaratin, who immediately found a way to save the association $20,000 a year in garbage pick-up, developed a preventive maintenance plan and brought in a cleaning company and landscaper. He also pitched right in on restoring order in the difficult transition from the developer. “First Realty is a one-stop management company with expertise beyond day-to-day issues,” says Spagnoletti. “It didn’t take a lot to put a smile on our faces, but they’ve given us a level of service we’ve never had from a property management company before.”

A Commitment to Sustainable Solutions
With successes like these, it’s no surprise that First Realty is one of only 527 firms in the United States and Canada to have earned Accredited Management Organization® (AMO) certification, a lofty accreditation that requires strict standards for professional education, ethics and business, and financial stability be met. But First Realty isn’t content to rest on its success. The company continues to find new ways to provide

industry leadership in developing trends, such as environmental responsibility. Early on, First Realty formed a committee to pursue green and sustainable initiatives at properties within the company’s portfolio, beginning with simple energy-conservation measures and gradually expanding into more sophisticated, cutting-edge initiatives. For example, First Realty-managed associations are among the first to switch to LED lighting. “People would ask, ‘Why replace perfectly good fixtures?’” Abel says. “But with discounts from the utility, it was a year and a half payback, and the rest was gravy. You just have to be open-minded about how to make the property more efficient.” First Realty also led the way in installing co-generation plants on behalf of its clients. With this system, as a natural gas-fired engine produces electricity the heat generated in the process is captured and used to heat the domestic hot water at significant cost savings. The company’s central purchasing department also sourced energy-saving showerheads, light bulbs and power strips, which First Realty buys in bulk and offers to clients at a huge discount. Not only can clients realize the cost savings of the purchase, they also save on hot water, sewer, and electricity. “Our clients know they can depend on us to be one step ahead in finding innovative solutions to age-old problems,” Abel says. “We are always looking for opportunities to save money, enhance value and improve overall operations to benefit our current clients — and those we hope will call us in the future.” Spoken like a true pioneer. For more information about how First Realty Management can provide full-service management for your condominium association, call (617) 423-7000, or visit www.firstrealtymgt.com.

http://www.firstrealtymgt.com

Condo Media - August 2012

Table of Contents for the Digital Edition of Condo Media - August 2012