Martello Property Services Inc. is well known in residential, commercial, industrial and institutional circles for not only managing assets on behalf of its clients, but also maximizing their value so that they generate revenue success over the long term.
But it would be a mistake to assume that Martello presides solely over properties already on the market: it is equally sought by clients involved in new construction projects.
Warren Smithies, senior vice president, explains. “Since being founded in 1988, we’ve evolved into four distinct divisions, and our cumulative expertise enables us to position new assets to their best advantage, as well as find quality tenants once the project is complete; help with due diligence; or facilitate the transition of a sale or through a holding period.”
Martello is a standalone fee management company that provides consulting, asset management, and property management services for clients who wish to hand off the operational (and often the financial) decision making to experienced professionals. It manages more than 5 million square feet of floor space throughout Western Canada, and its portfolio includes everything from shopping centers and office buildings to mixed use and residential rental properties.
Smithies’ father, Wayne Smithies, initially developed his business as an apartment management specialist, but strong word of mouth led not so much to diversification but rather a steady mastering of different disciplines within the complex world of real estate. As such, Martello’s staff today consists of portfolio managers, strata managers, technical service advisors, operations managers, administrators, and accountants. Most recently, it became the only property management company with an internal brokerage insurance division.
If the logistical difficulties of management compel even the most diligent asset owners to retain Martello, the myriad elements that go into making a new construction project a success are even more daunting. “To cite one example, we were asked to take over the new Columbia College when its construction was nearing completion in 2012,” says Smithies, referring to the community college in Vancouver whose history dates back to 1936.
Columbia’s directors, who were fully occupied with administrative development, retained Martello to find high quality staff and develop service contracts. “We also oversaw construction deficiencies in conjunction with engineers and city planners, and we were directly involved in the commissioning of the facility,” says Smithies.
All told, Martello fulfilled its duties in six months, ahead of the grand opening. “Usually we take a year, but the directors had to abide by a tight timeline,” says Smithies.
It’s a measure of Martello’s success that its average tenure with clients is just over nine years. “That represents the average holding period of clients’ properties, after which the assets are sold or passed onto partners or family,” says Smithies.
Whatever the need, Martello provides customized solutions to asset holders and tenants. For more information on the company, visit www.martello.group