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The Foundation of All That Follows

Norris & Stevens is proud of its fine heritage in property management that dates back to 1966 when Dick Norris and Jack Stevens founded a company committed to improving property management reporting to owners of real estate. The growth of the Company has been dynamic, and always driven by its philosophy of "serving the interests of the client." Norris & Stevens property management has been conceived and is directed by a philosophy designed to maximize the property owners' returns and relieve day-to-day stress. The company collects incomes, hires contractors, pays bills and provides accurate and timely accounting. The firm cares for tenants, protects the property and its reputation, and counsels with ownership through numerous property decisions.

• "Day-to-day property management alone in a 'reactive sense' is not enough to assure success. We believe there needs to be a team with a unified strategy."

The Strategy

When Norris & Stevens begins a property management assignment, the strategy to serve the owner's interests follows this typical sequence:

1. Meet with the owner to determine their goals and objectives for the property. Is the asset a long-term hold, or is it being positioned for a near-term sale?

2. Inspect the property from top to bottom, which is done annually, with our entire property management group. Prepare a written report.

3. Interview tenants to determine any concerns from their perspective. Prepare a written report.

4. Review property-related contracts and Lease Agreements presently in place.

5. Make a preliminary cost estimate of capital and maintenance items that may be required.

6. The Leasing Agent assigned to the property and the Sales Manager will prepare and submit a leasing Marketing Plan to the owner.

7. Meet with the owner to present findings, cost estimates, and the leasing Marketing Plans. A specific strategy will be recommended. At this point, Norris & Stevens and the owner mutually agree on an Operating Plan and Marketing Plan for the property.

8. Begin implementing the Operating Plan and Marketing Plan, with the priorities and costs approved by the owner.

9. Report progress at intervals as agreed upon between Norris & Stevens and the owner.

The Support Systems

Norris & Stevens support groups are headed by our Chief Financial Officer and the Office Manager, Katrina Kennison. Katrina oversees our Support Staff. Our CFO supervises the total administrative staff, eleven of which are Account Portfolio Specialists in the Accounting Department. Our Property Management accounting software is Skyline, which is nationally recognized and widely used. It has flexibility in reporting, allowing us to customize reports for a client's particular requirement. Our computers are run on a Novell-based network system. Each Property Manager has Skyline "on-line".

Financial Procedures

Each property has a dedicated Clients' Trust Account bank account, with many safeguards in place to ensure that commingling among accounts does not occur. The month end reconciliation of each client's account includes: an accounting report, a written Summary of Operations, and a written Marketing Update. Owners Statements are mailed to the owners in a timely manner. Timing, accuracy, and confidentiality are critical to the success of the entire team effort.The Property Management group begins the property's budget process each September by reviewing projected and proposed capital and normal operating expenditures. By November, a preliminary budget is reviewed with the owner, with the goal of having a final budget ready by year end. The budget process is vital for determining Common Area Maintenance charges for Retail and "triple-net" properties, and Operating Expense "pass-throughs" for Office properties.

Team Approach

Day-to-day property management alone is not enough to assure success. We believe there needs to be a "team", which includes: the Owner, Property Manager, Leasing Agents, Sales Agents, and, when appropriate, architects, attorneys, contractors, and accountants. Norris & Stevens has the in-house depth of Property Management and Marketing that serve as the anchor to the team. We have access to a base of quality providers of various other services.The Property Managers meet once a week to discuss common occurrences and to share recent challenges with their respective property portfolios. Property Managers are encouraged to make joint decisions on a property with the Building Supervisor, apartment managers and others in the firm. Vital issues always involve the owner's input.

The Bottom Line . . . Results Count!

The firm encourages its representatives - Property Managers, Agents, Support Staff - to periodically ask the question, "Has my involvement in this property made a positive difference?" If the answer to this question is "yes," we are proud of our accomplishments. If our answer is "no", we strategize among ourselves and with the owner to determine what needs to be done to achieve the expected results.