The Local Edge Beth Ross never thought twice about expanding her property management company – Realty Management Services Inc. – outside of the Washington metropolitan area. “By being local we have a niche in the marketplace,” she says. “We are able to provide in-depth knowledge of the area and the nuances that makes owning an asset here different then somewhere else.
“Each marketplace really is different,” she continues. “We feel by being able to drive to the communities within an hour to an hour and 15 minutes we have a good handle on what’s going on.”
Typically, when the company is approached about taking over management responsibilities at a new project, it is usually a neighbor to a community it’s already managing. This understanding of the local market gives Realty Management an edge over the competition and helps the company determine the right mix of management techniques needed to rejuvenate the apartment community.
Plus, in a business that is all about relationships, it’s much easier to build and support relationships when you have a local presence, which proved true during the request for proposal of the residential phase of Rockville Town Center – a 15-acre, mixed-use project in Rockville, Md.
While Realty Management is not a developer, it does all the property management for Ross Development and Investment, run by Scott Ross, her husband.
“During the Rockville process, the property management company sat there as a component of our presentation,” explains Scott Ross. “Typically developers are in and out when it comes to new communities,” he says. Montgomery County was impressed not only by the companies’ track records, but by their knowledge of the local market.
“We are local citizens,” he says. “One ingredient that helped us win the opportunity to develop the project.” Ross Development will develop 700 apartments and condominiums with Danac Corp, a real estate developer based in Bethesda, Md. Realty Management will manage the apartments and possibly the condos.
Realty Management Services Inc. at a Glance
- Year founded: 1988
- Location: Bethesda, Md.
- 2003 revenue: $131 million
- Number of units: 13,000
- Expected growth in units within five years: 7,000 units
- Geographic coverage: Washington metropolitan area
- Revenue streams: Third-party property management
- Number of employees: 350