Stetson Asset Management (SAM) (Stetson Management & Development LLC) is a boutique commercial real estate asset management company. We offer concierge-level attention to the buildings we manage. Stetson specializes in services to guide and support owners to plan, finance, purchase, construct, operate, develop, reposition, and sell commercial real estate assets.
Our team brings decades of experience in the full continuum of commercial real estate. With a background in hospitality, Stetson creates a customer-centric experience that is rare to find in the commercial real estate management industry.
Stetson can provide an array of services within the commercial real estate space:
Our delivery goes well beyond standard commercial real estate management. We aim to improve our client's and customers' experience by managing environments, relationships, as well as the people and processes that maintain the buildings.
Within the scope of asset management, some of the basic responsibilities of the AM are to:
We know that understanding the deeper picture of asset management is critical to the success of a commercial real estate investment. The real estate asset management plan (AMP) determines the boundaries of the financial resources and the limitations of the physical environment.
Stetson’s goal is to optimize the performance of the investment and maximize the owner’s financial return. Questions answered in an in-depth AMP include:
Industrial buildings require a development perspective and a technology focused mindset to minimize operating expenses. Low rents in this sector of real estate require good capital planning, astute cash-flow management, and advanced use of technology to keep costs in line.
Many industrial buildings are in the midst of communities. The communities may have grown around the initial industrial site. It takes best practices, the use of technology, connection to and goodwill toward the neighborhood to keep everybody happy.
With warehouse spaces, there's more to overseeing its operations than is readily apparent. Stetson works with building owners and companies to design efficient use of the space, while accommodating LEED requirements, where applicable.
Stetson's expertise in this area benefits our clients with multiple buildings in different locations. We become familiar with the best practices to manage each building in its own environment, while maximizing costs and efficiencies in one asset management portfolio.
As mixed-use buildings increase in favor due to their ability to enliven neighborhoods and occupy a smaller footprint, Stetson creates custom networks of trusted partners to service the varied needs of each building. Open and responsive lines of communication with occupants and building owners are the first step in surpassing expectations for all. LEAN initiatives can result in shared and lowered costs.
Management of professional condominium buildings is a niche market. Although a professional office condominium building is built in the same way as a commercial office building, the financial, capital structure, and ownership objectives are vastly different than that of a residential condominium or commercial office building.
The office condominium ownership structure requires an intimate knowledge of a board-operated entity that operates essentially at break-even each year. This entity structure dictates that the operating philosophy must dovetail with a steady hand at the wheel of capital improvements as well as awareness of the competitive metrics, such as rent per square foot and operating cost per square foot, as these factor into the competitive arena of the commercial real estate marketplace.
Stetson’s success record for managing professional office buildings is based on its broad knowledge of commercial building operations, complex financial analysis for banking, and capital improvement financing, while collaborating with the Board of Trustees to work within the constraints of the building owners and their practices.
As asset managers of the building for the owning entity, Stetson provides day-to-day operations so the buildings operate at optimal efficiency while also generating profits, which are a funding source for the owning entity. Stetson acts as the first point of contact for vendors and contractors, maintains the banking, insurance, and other supplier relationships, as well as managing third-party lessees.
The asset manager's objective is to maximize operating profit as a funding source, as well as continue to increase the market value of the asset, for the owning entity.
The current-year operating budget is a well-thought-out, month-by-month detailed projection of how the building should function both financially and operationally for the next twelve months.
Stetson scrutinizes every cost and cultivates every square foot of space.
Questions that determine a sound operating budget include:
Specific areas Stetson oversees under the auspices of building operations management include LEAN and sustainable practices, and construction management.
Applying LEAN thinking to building operations, project construction delivery, operating efficiency, and space design creates more inviting, sustainable occupant businesses. When we help our occupying businesses improve their bottom line, we gain more loyal guests for the buildings we manage.
Applying LEAN thinking to space design improves operating efficiency, creates available expansion space, and elevates employee morale. By leveraging people, processes, and systems, the company supports problem-solving that scrutinizes the day-to-day operations and applications to eliminate waste. This can substantially reduce normal practice operating costs.
Stetson embraces technology to control costs, manage building maintenance, and account for any demands for maintenance or service anywhere in the building.
Additional measures that Stetson employs to maximize best energy and green building practices include:
The rationale is clear for a corporate commitment to cultivating imagination and innovation, while integrating lean thinking and sustainable practices in the real estate investment operating value stream.
For every $10,000 operating cost reduction, asset value increases approximately $140,000 when capped at 7%.
Stetson applies LEAN capabilities to the full spectrum of real estate management practices, including:
With extensive Class ‘A’ office and special project construction management experience, Stetson possesses the expertise to direct the full cycle of suite build-out as well as project construction, from idea inception to occupancy, striking the correct balance of quality and cost according to the Asset Management Plan.
Our construction services include:
Stetson provides building owners with all of the services required to navigate the real estate decisions that accompany major business initiatives. We do not just report historical operations data. Instead, we interpret raw data regularly, so owners are better equipped to make informed decisions.
Within accounting and finance, two areas of special interest that Stetson provides to its clients are bulk purchase planning and cost segregation.
Stetson leverages its buying power from its entire customer base to earn reduced bulk rates on building services such as gas, electricity, insurance, paper goods, and cleaning services, to name a few of its bulk purchases planning.
For cost segregation, Stetson tracks development costs in detail to maximize depreciation and/or amortization over the shortest timeframe for tax recovery.
Stetson leverages its buying power from its entire customer base to earn reduced bulk rates on building services such as; gas, electricity, insurance, paper goods, and cleaning services to name a few.
Stetson works with providers of cost segregation initiatives to track development costs in detail to maximize depreciation and/or amortization over the shortest timeframe for tax recovery.
Commercial real estate operations management goes beyond the assets and finances. Your investments are all about building relationships.
But building relationships takes time. That’s where Stetson Management comes in.
Reliable and fast communication. Wide and respected personal networks. Proven and first-in-class administrative systems. Our administrative services focus on creating five-star level service connections with any and all relevant parties needed to maximize the value of your assets.
Clients. Building inspectors. Attorneys. Real estate agents. Fire marshals. We know all of the parties who go into creating value for your investment, and understand what’s needed to foster those relationships.
Our wide network gives you all of the contacts needed to make your investment run smoothly and create the biggest return on investment. By leveraging our proven administrative systems, we’re able to call upon the right people at the right time to ensure your assets are continuing to improve in value.
For a more comprehensive look at our administrative services for commercial real estate property management, please click here.
Stetson Management & Development LLC, a Massachusetts limited liability company dba Stetson Asset Management.
Stetson Asset Management is proud to be a resident tenant of the Masonic Temple, located at the historical 1950 Massachusetts Avenue building in Cambridge, Massachusetts.
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