Summit Real Estate Management, LLC is a licensed real estate management firm specializing in the management of apartment communities and Homeowner Associations. Summit was incorporated in 1979 under the name SIMMCO Management. Michael McKenna was one of the founding shareholders and emerged as the sole shareholder in 1993, at which time the name of the firm was changed to Summit Real Estate Management, LLC. The company began as a small company, managing properties for its own closely held group of real estate investors. In that role, Summit did everything necessary to find, organize, finance and manage real property for its group. Michael McKenna was and remains the President Principal of the company and its chief operating officer. He brings over 30 years of management and finance experience in multifamily housing. The company has attracted other experienced professionals and operates as "Team Summit". Summit believes its biggest asset is the "Team".
Summit specializes in the management of multi-family apartment and condominium communities, both market and income restricted. Our current portfolio consists of a mix of communities of varying size, ranging from 15 to over 400 apartment homes. While the majority of the properties are market rate communities, Summit is building its portfolio of income restricted and senior communities. Our accounting system has special software to accommodate the needs of the income restricted and senior communities with their special reporting responsibilities. Our personnel are trained in the audit functions of those communities and the corporate staff works closely with the auditors to insure compliance with the communities' particular needs. Summit established its solid management reputation by aggressively leading the market in rent levels and expense control. Along with the budgeting and a control process, we sought ways to increase revenue by encouraging Owners to make capital investments in improvements, thus bringing additional revenue in a short period of time. Such items are interior apartment renovations, upgrade improvements, both of which increase rents and improve the apartment community's net income. That has made for improved initial lease-up situations and better Resident retention. Expense analysis includes a review of daily operations, staffing needs, and capital replacement items, including reducing trash costs by installing trash compactors, water saving irrigation systems, water sub-metering for utility bill-back or Resident allocation to reduce utility costs. Overall, Summit has achieved very significant results in the net operating income for its entire portfolio. Summit also pioneered the introduction of longer term leases to the Portland area with 6 and 12 month leases with a 60-day notice of termination, instead of the usual 30-day termination notice. The longer notice has given the community more time to pre-lease the apartment home and reduce vacancy. Summit also implemented lease break fees to allow Residents to break their lease with 60-days notice and payment of a substantial fee. These methods enable the Summit managed communities to achieve more stable occupancy and better bottom line results.
Summit has a "TEAM" of qualified personnel who produce the positive results. The corporate staff consists of its President, Pamela McKenna, who supervises the District Property Managers and corporate support personnel. The District Property Managers (DPM's), in turn, oversee the management of apartment communities and staff. The DPM's all have experience in the multifamily management business and are aided by a staff of administrative personnel for accounting and administrative support, human resources, payroll and training. All employees in the field are Summit employees and receive extensive training and strong supervision to help them achieve their best performance. The employees are provided with a good package of benefits, including medical and dental plans in which they participate in the cost, a 401K participatory plan and life insurance. Our employee retention is well above industry standards. Our accounting staff has a great deal of experience in compiling the data and producing the myriad of reports needed to inform the DPM's of the community's path and to produce the annual budgets and month comparisons. Our apartment sites have computers with a web based software program (YARDI) for rent collection, expense/budget controls, The income restricted and senior communities have the specialty YARDI software to handle the reporting requirements for each agency, Resident files with maintenance, and payment history. The purchase order control feature assists in the flow and tracking of all payables. The control features of the on-site system tracks the rental income and all ancillary income sources. The Resident information makes for a very strong base to analyze the coming lease renewals and vacancies, and helps the community properly prepare for the future.
The Team, the experience, the tools, and the know-how, all contribute to the strong bottom line results. Our goal for every community is to achieve the best operating results for the investment over the short and long term, as the Owner's goals are defined.