Icon Real Estate Services, Inc

BACKGROUND

Introduce your business and what you do there.

I’m the owner of a property holdings company.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Icon Real Estate Services, Inc?

We were seeking out a new management company.

SOLUTION

What was the scope of their involvement?

They handle all of our property management, including the onsite manager and maintenance crews. Their team is in charge of bookkeeping, screening tenants, collecting rent, and managing delinquencies. In that effort, they’re responsible for setting aside funds for maintenance. 

How did you come to work with Icon Real Estate Services, Inc?

I found them while conducting a web search for a new partner. After giving them a call, I decided to hire them. 

How much have you invested with them?

They’re being compensated with 4% of our income from the property. 

What is the status of this engagement?

We started working together in January 2017, and our relationship is ongoing.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

Since starting our engagement with them, we’ve seen a significant increase in profits.  

How did Icon Real Estate Services, Inc perform from a project management standpoint?

They’re excellent project managers and easy to work with. 

What did you find most impressive about them?

They’re professional and really understand the industry. We have exceptional communication with them and always have peace of mind while working together. 

Are there any areas they could improve?

No, I can’t think of anything. 

Do you have any advice for potential customers?

Communication is excellent, and we’ve always received total cooperation from them. I’d highly recommend using their services.

BACKGROUND

Introduce your business and what you do there.

I’m the co-owner of three corporations that own three different sets of apartment buildings in Seattle.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Icon Real Estate Services, Inc?

Icon Real Estate Services, Inc manages all three properties.

SOLUTION

What was the scope of their involvement?

Their team provides the on-site staff, including the maintenance crew and manager. We pay for the staff, but they hire them to take care of all apartment business from renting to maintenance work. Icon Real Estate Services, Inc also hires outside contractors. Currently, we’re upgrading the apartments’ landscape, and they negotiated the contract. They provide weekly reports and financial statements, as well.

What is the team composition?

Jeremiah (President) is our main point of contact.

How did you come to work with Icon Real Estate Services, Inc?

My wife and I have been in this business for about 21 years. We started in Sacramento before moving up to Seattle. In that process, we worked for around 15 different management companies, and most of them didn’t fit our needs.

We started with Jeremiah at another management company. He was the manager there, and then when he started his own company, we went with him.

How much have you invested with them?

We’ve invested between $200,000–$999,999.

What is the status of this engagement?

We’ve been working with Icon Real Estate Services, Inc for four years now.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

With these projects, it’s all about the lead management person. We’ve become personal friends with Jeremiah. I don’t believe anyone else could manage what Jeremiah has managed to pull off. If he doesn’t have the answer, he’ll get back to me right away.

Jeremiah has also done a fantastic job of hiring people. While there have been a few missteps, two of the women I have managing different units and properties are amazing. They’ve become important assets.

How did Icon Real Estate Services, Inc perform from a project management standpoint?

We speak to Jeremiah every two or three days. About every week, we discuss the weekly reports. The reports reflect who’s staying, who’s leaving, and who’s paid. We review the financial statements each month.

What did you find most impressive about them?

I’m impressed with the great communication. Some people in the industry will be silent when asked a lot of questions.

Are there any areas they could improve?

They’re better than anybody we’ve worked with, but some of the financials could improve. It’s a funky business model, but Jeremiah makes it work.

Do you have any advice for potential customers?

Stay engaged. Let them know you want to understand and know about the business. Owners need to review what they provide through financials and weekly reports. Make sure to ask questions because those are huge assets in this business.

BACKGROUND

Introduce your business and what you do there.

I’m the president of a real estate investment firm.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Icon Real Estate Services, Inc.?

We hire management companies to manage our properties. ICON is one of them.

SOLUTION

What was the scope of their involvement?

The requirements for any good property management companies is to have low vacancy rates, good tenants, and a well-maintained property inside and outside — just what a responsible property owner would want. 

What is the team composition?

I work directly with Jeremiah (President / Designated Broker). He hires teams to manage the properties.

How did you come to work with Icon Real Estate Services, Inc.?

I found Jeremiah when he was working at a different company. I found them by going through some companies on the Better Business Bureau and other recommendations. When Jeremiah went out on his own, we continued with him.

How much have you invested with them?

We spent about $30,000 per year. They collect a percentage of the gross rents, like most property management companies.

What is the status of this engagement?

The partnership started in June 2016 and is ongoing.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

I’m very pleased with the services that ICON provides. They’re one of the best management companies I’ve used.

How did Icon Real Estate Services, Inc. perform from a project management standpoint?

Jeremiah has done very well. We’ve talked over email or phone — whichever suits us most. He’s completely responsive.

What did you find most impressive about them?

He’s very responsible and probably manages properties as well as I would if I personally had the time to do so.

Are there any areas they could improve?

No, their services are excellent.

Any advice for potential customers?

Call them and talk to them.

BACKGROUND

Introduce your business and what you do there.

I’m a co-president of Hillview Properties, Inc. We have 200 units in three separate buildings in Seattle. We’ve been in real estate acquisition and management for forty years.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Icon Real Estate Services, Inc?

Property management is a very active business; it’s not a passive investment. A lot of people in California and Washington have tried to manage our properties, but it’s a difficult job. You have to always keep your eye on the ball.

SOLUTION

What was the scope of their involvement?

My co-president and I are older now and we’d like not to have as much angst, aggravation, and trauma as we’ve had in the past hiring highly-regarded management companies. We worked very closely with Jeremiah (President, Icon Real Estate Services). He made some errors in the beginning like they all do when they start their own company, but we’ve worked with him to the point where he’s just perfect now. We couldn’t ask for more.

All of the buildings we have to manage the same way: have a great on-site manager who stays ahead of the problems. Jeremiah has an uncanny ability to source our great employees. In the past, we’ve had people sell appliances out the backdoor, not look at invoices (ignoring a water bill caused a three gallon per minute leak). All that adds up to either a horrible experience or a good experience. Everyone Jeremiah hires treats the building as if they own it themselves.

During the lockdown in Seattle, Jeremiah was ahead of it. He wrote to all of our residents where to go if you have trouble paying rent, what a deferral means, and how to pay rent through the United Way and other organizations. A lot of big companies don’t get that because they’re too big and have employees who don’t make a lot of money. We, on the other hand, have committed on-site managers – and Jeremiah. They get ahead of problems.

What is the team composition?

We only work with Jeremiah — and his on-site managers — because we’ve grown together.

How did you come to work with Icon Real Estate Services, Inc?

Jeremiah originally worked with a larger company. We interviewed a few and had gone through 10 different management companies before that. We could tell that he really cared.

How much have you invested with them?

Jeremiah takes 4% of our gross, which is probably about $150,000 per year. It might be closer to $200,000 actually.

What is the status of this engagement?

We’ve been working together since April 2015. Jeremiah was with another management group, and then he left a few years later to form Icon.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

One of our buildings is valued at $19 million, and if we didn’t have the on-site manager we did, supervised by Jeremiah (President Icon Real Estate Services), with all the little pieces and procedures in place, we could see deterioration of our rental tenant profile and operations almost immediately. We bought that building in 2006 for $6.6 million and now it’s up to $19 million.

Other properties we own have done the same thing. Property management has to be working on all cylinders to raise the rent, and valuation is the direct multiplier of the rent. The tenants have to respect the on-site manager, and a lot of little details go into that. Icon has been essential to us.

How did Icon Real Estate Services, Inc perform from a project management standpoint?

With most management companies, you’ll tell them there’s a problem and then not hear back for 24 hours. By the time that happens, you usually have a major problem. We’ve learned that the hard way and taken a lot of gut punches. We’re in contact with Jeremiah weekly. He sends us a report and we look at it like eagles. Trust but verify.

What did you find most impressive about them?

You have a ton of liability as the owner of a very valuable asset, if on-site managers aren’t running things the right way because it’s too hard. Jeremiah allows us to stay on top of everything; we know what he’s doing and that he understands the mechanics of the business. He’s conversant in the industry too, staying up on all the laws.

He’s a composite of all things excellent in property management. He just does his job right and is capable, sincere, and devoted to his clients. Some of my friends who own properties have switched over to him, and they say the same things. He ekes out the best possible situation in hard times. He’s helped me sleep better at night. If there’s anything awry, we bring it up and deal with it.

Are there any areas they could improve?

He could grow bigger, but that’s all I can think of.

BACKGROUND

Introduce your business and what you do there.

My wife and I are the owners of a real estate LLC that has a 30-unit apartment building in Renton, Washington.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Icon Real Estate Services Inc?

We’ve been working with their team to provide all of the hands-on property management for my building.

SOLUTION

What was the scope of their involvement?

Their work for us primarily includes collecting rents and moving people in and out of the units. We generally have movement in and out every month, and they handle all of the billing for that, as well as the financial reporting for the overall operation of the apartment building at the end of each month.

Typically, we will talk once or twice a month and he will make recommendations for improvements that we can make to the building. It’s an older building, so often when there is turnover in a unit, we will do a complete refresh with flooring and cabinetry or changing out electrical units.

What is the team composition?

They have a team of people who work on-site, including operations and maintenance people, although they also work with third-party companies to provide repairs and certain upgrades that we decide on with their management team.

How did you come to work with Icon Real Estate Services Inc?

We had another management company originally that was doing an okay job, but after a while, we decided that we wanted to test the market to see whether switching to a new company would make sense. We interviewed a total of six companies, and Icon stood out the most by in terms of their processes, reporting, and personal approach to their work.

How much have you invested with them?

The project has cost a total of about $90,000 so far.

What is the status of this engagement?

Our work together started in January 2016 and is still ongoing.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

When I evaluate the success of the project, I look at the profitability of my business based upon both the cash income of the property as well as the value of the property. I’ve seen a continued increase in interest on their part to encourage the increase of the value of the property.

The fact that he works in that capacity with me gives me the confidence that he really knows what he is doing. Whenever there are renovations to do or anything, they always make sure we’re getting the best value for our investment.

How did Icon Real Estate Services Inc perform from a project management standpoint?

I talk frequently with the manager about how we can do better, both to increase our profitability and to increase the services that we provide to our renters. He works very collaboratively with us in order to make sure that everything we need to have accomplished is getting done.

Because they work with a variety of other apartment buildings throughout the city, he always has his pulse on a few different third-party vendors for us to use. I have the final say, but that immediacy of contact helps us to get work done much more quickly than we could otherwise.

What did you find most impressive about them?

Their combination of honesty, quality of work, and value for their price really set them apart. They are leagues above the other property management companies I’ve interacted with in the past and I’m really happy to be working with them.

Are there any areas they could improve?

It’s always a challenge to do a unit by unit walkthrough on an annual basis, so that is one thing that we’re working together to improve, although it’s certainly not any more their fault than it is mine.

Do you have any advice for potential customers?

Work as closely with the management as you can and be very clear about what you are trying to accomplish. As long as you make sure that your goals align, you will have success in making progress towards them.