The way a building operates, the way it looks, the ease with which its residents use its facilities and the bottom line profitability of the property are the criteria for establishing a management plan for the property.

At Century, our first step in developing a quality management program for your property is to conduct a comprehensive audit. Our evaluation includes an assessment of the property from a variety of perspectives: building, operations, and systems, finance, communication and staff. Our preliminary evaluation, conducted in concert with the board, helps us to put in place an accountable property management plan which sets realistic short- and long-term goals for your property. Our comprehensive evaluation includes an assessment of the following:

1. The useful Life of the Property’s Operating Systems

In many cases an evaluation of the interior building systems, including heating plants and air conditioning systems, elevators, incineration and compaction systems, among others, is conducted with the support of engineering and architectural consultants to determine the present efficiency of the systems and the projected useful life.

2. The Visual Appearance of a Property

A property’s appearance, from its lobby and halls to its lower level facilities such as laundry rooms and garages, is a key ingredient to its formula for achieving its management goals. Often described in terms of a building’s quality of life, the visual appearance of a property is its first asset. Century conducts a systematic inspection of all of the buildings areas to identify weaknesses and potential areas for improvement, and we take the necessary steps to improve the appearance of the property.

3. The Useful Life of the Property’s Exterior Envelope and Grounds

An extensive inspection of the building’s exterior envelop, from roof to basement, is conducted to determine the current state of the envelope and its future repair and maintenance needs. Evaluation of adjoining building grounds and other exterior common space is part of our examination to determine ways to improve a building’s use.

4. Immediate and Future Capital Improvement Programs

Based on our audit of a property, a short- and long-term capital improvement program is proposed. The capital improvement plan is an important component in ensuring a property’s physical health. All capital improvement programs require careful planning, and their implementation is contingent upon a property’s financial resources and reserves.

Unexpected major repairs serve to unsettle a property’s fiscal base and determine its overall profitability and position in the comparable marketplace.

5. Building Staff Productivity and Efficiency

Century’s management team will evaluate the building staff’s productivity and efficiency. On the basis of our evaluation, recommendations are made to strengthen existing staff performance by identifying job descriptions, providing in-house training and performance evaluation and by reducing staff costs through cost-effective labor alternatives.

6. Shareholder Relations

The way in which a building’s resident’s, board members, staff and management professionals interact is another critical factor in a building’s operational success. An assessment of the present relationships among these groups is made and suggestions for improvement are proposed.

7. Communications Networks

Reliable, timely and accurate information and the network through which it is disseminated are the keys to good management. How the communication networks within a property are defined and how they function are the focuses of Century’s evaluation in this essential area.

8. Building Polices and Procedures

Century evaluates every aspect of a building’s polices and procedures to determine the consistency with which they are implemented. Our specific review includes the following: contractor/vendor bid procedures, alteration and renovation reviews, subletting, pets, professional use of apartments, resale and flip tax policies late fees and general house rules. The information collected helps us to work with the board to refine polices and procedures.

9. Special Amenities and Special Services

Each property offers special amenities and services, ranging from laundry rooms and parking areas to health clubs and other recreational facilities. Century evaluates existing and special services and the role they play in the total management program.