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.