Dear Robert,
It is my pleasure to write this most deserved and heartfelt letter of commendation and appreciation.
You have done an extraordinary job operating our 60 unit apartment building in San Jose. Income Property Specialists has substantially improved both the net operating income and the property itself in the six months you have managed the property. I have never before been as happy with the aggressiveness, judgment, cooperativeness, and energy of any management organization.
I interviewed four firms earlier this year following our decision to make a change. Two of these companies were outstanding “corporate” type operations with layers of management and responsibility. Your company, IPS was one of the two “entrepreneurial” companies. In recommending a small company such as yours to my principals, I was certainly not following a “safe” course of action from my perspective but I needed the strong hands-on leadership which I would not likely find in a highly structured organization. It wasn’t a matter of identifying the right company. It was an issue of finding the right take-charge person.
We did.
Having owned the largest commercial real estate firm in the San Fernando Valley and having managed in excess of a million square feet of space (primarily for Northwestern Mutual Life Insurance Co.) I believe I am qualified to judge your firm’s outstanding performance.
This letter was not solicited. You may use it for promotional purposes and any interested party is invited to call me for additional information.
Cordially,
Paul Elis
PMB Capital Management, Inc.
Dear Robert,
I wanted to take a moment to thank you and the team at Income Property Specialists for the superb job you’ve done in managing my investment in Castlemont Garden Apartments. You and your team do a wonderful job in maximizing occupancy while insuring that rents are at or above market rates and expenses well controlled. I very much appreciate your attention to maximizing cash flow for the investors by your attention to detail and preventing unnecessary expense and repairs.
The financial performance speaks for itself. Over the past three years, Castlemont has had vacancy rates below the market while expenses have been well below the industry average. The results are an excellent return for the investors.
Many thanks to you and your team for a job well done.
Best regards,
Walter J. Sousa
(Walter Sousa was the Chairman and CEO of AT&T, Asia/Pacific Region. Walter and his wife own a 64 unit apartment complex in Sunnyvale.)
CARMAR Investments decided several years ago to turn over management of one of our two apartments to a professional service. Income Property Specialists (IPS) was recommended for our consideration. We met with Bob Salwasser to set our objectives and to assess his company’s interest and capabilities to achieve them.
Our principal objective was to improve the direct day-to-day supervision of on-site management, and to begin a program of building and unit improvements, which would translate into an ability to command greater rents. We had tried other property management firms in the past and were disappointed by their lack of a coherent plan of attack and of their uneven level of performance.
Our first impression of Income Property Specialists was very favorable. They quickly translated our goals and objectives into a set of realistic proposed actions which over time have not only addressed our concerns for the operational integrity of our property, but have also dealt with issues relating to both income and expense management.
We contracted with IPS in 1992 for our first apartment, and after one year, we were so impressed that we extended the coverage to both of our properties. IPS did an excellent job of bringing the on-site management under their active and diligent control, and then embarked on a coordinated plan of unit improvements consistent with our objectives and funds. Part of the service included complete management of our accounts with detailed monthly and annual summaries. With cost controls, and income improvements, IPS was then able to suggest and implement improvements to the overall properties that further enhanced their value.
Over time, IPS has steadily addressed our original objectives as though they were partners in the process. We view the individuals at IPS as friends who share our objectives and are tireless in their initiative to find additional ways to improve the operations and performance of our properties. Having been in the business for many years, we wish we had found IPS sooner.
James Caratozzolo
(Jim is a partner in CARMAR Investments, a partnership that owns a 16 and 18 unit apartment complex in San Jose.)