Margolis Property Management

Margolis Property Management – Jonathan Margolis has always been a proud member of the Jewish community. He attended Jewish day schools through high school, which instilled in him a sense of Judaism, Israel, and community. His first real internship was with JVS’s JOIN program, which was a wonderful introduction to the various organizations that serve our Jewish community. He has always been a proud member of Bais Chabad of West Bloomfield and spends a lot of time helping the synagogue grow. He serves on the board and is particularly focused on the shul’s efforts to increase its youth membership.

Professionally, he was fortunate to find a long-term home at the Farbman Group, where he currently oversees the asset management division, which maximizes value for the company’s portfolio of 25 million square feet of commercial real estate. He is extremely client-focused, approaching each property in the portfolio from an ownership perspective and working to exceed owners’ and clients’ goals. Because every property and client is unique, there is no set rule book to follow. It requires a lot of thought, creativity and attention, which are drivers that continue to motivate him.

Margolis Property Management

Margolis Property Management

Jonathan is married to a Hillel Day School alumnus who teaches at the school. They have two daughters, ages 4 and 2, who both attend Hillel. When Spencer Kirk joined Extra Space Storage in 1998 following a highly successful career in the high-tech world, self-storage must have seemed like a sleepy industry beyond the rapidly changing world of technology.

Mann Report April 2016 Page 21

An article he wrote in 2013. After all, Kirk lived life in the high-tech fast lane, where in 1985 he co-founded Megahertz Corporation, which became the world’s largest manufacturer of modems for laptop computers. Megahertz went public in 1993 and was acquired by US Robotics two years later.

When Extra Space founder Ken Woolley approached him to join his expanding company, Kirk’s response was, “I was pretty sure I didn’t want to go from a high-tech world to a non-tech world.”

That all changed when he joined Salt Lake City Real Estate Investment Trust and implemented an innovative technology program that helped move the resistance industry into the 21st.

Extra Space has built a cloud-based system that connects the company’s point-of-sale system with its call center in real-time. The system provides sales agents with real-time information on availability, pricing and customer history on a single screen.

Jessica L. Margolis

Technology allows additional space to capture big data about people to better understand customer behavior and preferences. As a result, offers can be tailored to the unique needs of similar customers and predict which prices, discounts and special offers will lead to more sales.

Use of technology in 38 states of the U.S., including Washington, D.C. And the extra space helped propel Storage to become the second largest operator of self-storage facilities in Puerto Rico with more than 1,400 properties. Now, even small self-storage operators can use the Internet and advanced software to attract new customers and manage rates and inventory efficiently.

As the new year begins, Extra Space is turning into a new CEO. When Kirk stepped down, Joseph Margolis took over. Kirk, who has been CEO since 2009, will remain on the company’s board of directors and focus his attention on Kirk Humanitarian, a non-profit foundation.

Margolis Property Management

Margolis, a former chief investment officer and executive vice president, has held a position on the REIT’s board since 2005. Prior to becoming CIO in 2015, Margolis served as senior managing director and partner at Penzance Properties, an owner, operator and office developer. Properties in the Washington, D.C., metro area. A graduate of Harvard College and Columbia University School of Law, he also held positions at Prudential Real Estate Investors and Prudential Insurance for 16 years.

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“Joe has been an integral part of our growth, evolution and strategy for over 18 years,” said Kirk. “He was instrumental in creating our first joint venture with Prudential, and he has been on our board of directors for 10 years. He has strong real estate expertise, which is obviously important. However, what sets him apart is his vision, leadership ability and understanding of the culture of Extra Space.

At least initially, Margolis is approaching the CEO job with the philosophy, “If it ain’t broke, don’t fix it.”

“I was fortunate to take over a company that is now running well,” Margolis admits. “We have a very experienced management team that has worked together for a long time. My main job is to run the machinery and focus on what we have been focusing on for the past 15 years: asset operations, technology, acquisitions, growing the company, optimizing the balance sheet. And great at attracting and retaining people.”

Part of that machinery is a heavy reliance on technology. About 80 percent of REIT customers interact online before completing a transaction.

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Extra Space has recognized in recent years that many customers make decisions on the go, so the company has redirected more funds to developing a better mobile device experience. As a result, more than half of consumers now find additional space through mobile search, according to the company’s 2015 annual report.

“We’ve just seen lines where more people are coming from mobile than laptops,” Margolis reports. “Now the mobile is evolving faster than the laptop.”

A few years ago, Extra Space Storage devoted a large portion of its marketing budget to print advertising. In 2015, Google reported that 35 percent of its budget went to mobile.

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With the help of advanced data analytics, the company’s U.S. Developed individual customer profiles by gathering background information from Census, Google AdWords and other sources. Xtra Space now has the ability to deliver real-time promotions that are personally optimized for customers. Google says that customers who visit the Extra Space mobile site are given a unique click-to-call number so the call center can provide a personalized response to that specific person.

Closing Costs By Seth Margolis

This focus led to a 67 percent increase in mobile searches and ultimately a 53 percent increase in conversions from mobile calls.

“Spencer focused on technology for Extra Space as early as 1998, and he believed that technology was the way to build and grow the company and develop and maintain competitive advantages,” Margolis said. “It’s consistent with the growth of the Internet and the impact it’s had on our business, and it’s part of the performance we’ve been able to demonstrate over the years.”

That performance was reflected in the REIT’s third-quarter report, which noted a 24.3 percent increase in funds from operations (FFO) compared to the first nine months of 2015. It is identified as 24 of Extra Space.

Compared to the same period in 2015, same store revenue increased by 7.5 percent. Revenues increased in the first three quarters of 2016 due to higher rental rates for new and existing customers.

Aleta Margolis Jennie Niles

In 2015, Extra Space expanded its footprint by 24 percent, fueled by the $1.3 billion acquisition of SmartStop Self Storage. The transaction adds 122 wholly-owned stores and 43 managed stores to the REIT’s portfolio. SmartStop’s portfolio gives the REIT a large footprint in California markets.

The company acquired another 51 stores during the year for approximately $450 million, bringing the total value of 2015 acquisitions to $1.8 billion.

In the first nine months of 2016, Extra Space acquired another 67 operating stores and five stores under construction for $765.9 million. The REIT acquired seven stores upon completion of construction for an additional $131.5 million with joint venture partners.

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As of September 30, the company had 611 stores under management, making it the largest self-storage operator in the United States. This platform not only generates management fees, but also a valuable pipeline for future acquisitions.

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As a result of the company’s significant growth and strong performance, Extra Space Storage became a member of the S&P 500 last year.

While Extra Space’s financials have generally been upbeat lately, the company’s performance on Wall Street has been downright gloomy. Excess Space’s stock price—along with other self-storage REITs—declined steadily over the summer and fall.

Extra Space’s stock price fell more than $20 between early June and late November, a decline of more than 23 percent.

It’s not entirely clear why self-storage lost its luster in 2016. A year ago, storage REITs were considered the darlings of Wall Street because of their consistent—and excellent—financial performance.

Brian Margolis On Simplifying Your Business With The Pillar System

“We try to focus on what we can control and deliver the best FFO to our shareholders and do what Wall Street does,” Margolis said. “It’s disappointing for us. We delivered 26 percent FFO YOY (year-over-year) growth and our stock was down 7.5 percent on the day we made the announcement. It’s hard to understand.”

Margolis noted that Wall Street is concerned about the trend line of revenue growth in the industry. Storage REITs are growing income at extraordinary rates, but that won’t continue indefinitely. “Real estate will never grow at double-digit rates and will continue to do so

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Elia Marlina Smith

Halo, Saya adalah penulis artikel dengan judul Margolis Property Management yang dipublish pada October 22, 2022 di website Smallcave

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