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1997 Habitat Awards Speech |
It is a pleasure to be with you tonight and welcome to the 1997 Habitat Achievement Awards Dinner. I am honored to have been one of the judges, a sponsor tonight, as well as given the opportunity to make a presentation concerning the topic of "Successful Properties."
As I look out tonight on the multitude of faces of the nominees and other real estate professionals, there is one face that is sorely missing, and that is the face of a man whose leadership in the cooperative community signifies and symbolizes the very essence of what makes a successful property. The entire cooperative community is saddened at the recent loss of Charles Rappaport, president and founder of the Federation of New York Housing Cooperatives. Accordingly, I dedicate my presentation in his honor and, unfortunately, in memory of Charlie Rappaport.
What Makes for Successful Properties
Just as beauty is in the eyes of the beholder, from Brooklyn to Brewster, Staten Island to Suffolk, Long Island to the Island of Manhattan, success is defined in many different ways. Success can be measured in quantities as small as getting one shareholder to pay on time or as large as structuring a multi-million dollar mortgage refinancing. As small as fixing a defaulted boiler switch to as large as settling with a defaulted sponsor. There are successes that are short-term or long-term due the nature of the project and there are successes that are unfortunately short-lived or hopefully permanent.
When we analyze the nominations and judge the different categories of awards, such as General Effectiveness, Crisis Management, Finance, Governance, Quality of Life and Building Maintenance, we truly see a wide variety of plateaus in which success is quantified from Bronze, Silver, Gold and Platinum awards in all different areas of accomplishments.
We can surely define successful properties in the negative. Accordingly, the top ten reasons that you know your property is not successful is when it is:
10. Polarized by Divergent Views
9. Paralyzed by Caution
8. Agonized by Alternatives
7. Antagonized by Decisions
6. Overwhelmed by Turmoil
5. Overconfident by Apathy
4. Frustrated by Inaction
3. Confused by Hostility
2. Scandalized by Discrimination
1. It was a three-way tie between (A) Burning the Board in Effigy; (B)Rioting in the Lobby; and (C) EPA Notification of a catastrophic hazardous waste spill.
Furthermore, a successful property is not determined merely by its location, location, location, but rather success is achieved only by Teamwork, Teamwork, Teamwork. Success is spelled Teamwork, which means cooperation, collaboration and communication.
As Real Estate professionals, we know all too well the difficulties encountered in obtaining and maintaining a successful property. The obstacles which line our paths are many. Balancing the needs of individual shareholders and unit owners with the global concerns of the cooperative or condominium association is a never ending juggling act. It requires the delicate coordination and facilitation of the efforts of the Board of Directors/Managers, owners, tenants, sponsors and investors, building staff, outside contractors, lenders, mortgage brokers, appraisers, financial advisors, real estate brokers, accountants and attorneys.
It is said that success has many fathers and failure has none. It is also said that the devil is in the details, but it is really the attention to these very details that makes for success and parenthood. In order to have a successful property, you must have the judgment of Solomon, the patience of Job and the leadership of Moses. Successful properties must adhere to the adage that proper prior preparation prevents poor performance. Therefore, these successful properties must establish priorities, determine objectives, implement policies, set agendas and effectuate programs.
The Board of Directors may very well be the master of its fate, Ralph Kramden is clearly the king of his castle, but the successful property is the one that was the captain of its ship; that charted the course, trimmed the sails, steered the rudder and thankfully was never asked to walk the plank.
A president of a Board once told me that success was defined as going to the annual meeting, walking in the elevator and being greeted with just a simple "thank you" for doing a good job. No "ifs", "ands" or "buts," either spelled with one "t" or two. Another Board President also defined having a successful property as coming home, driving into the garage, walking past the laundry room into the lobby, up to the elevator and hearing no complaints, arguments and no knocking on the front door or telephone calls in the middle of the night. Unparalleled success was defined as having that occur two nights in a row.
The top ten factors that contribute to a successful property are the following:
1. Hard Working Dedicated Board of Directors
2. Cooperative Shereholders
3. Responsible Sponsor
4. Good Managing Agent
5. Experienced Superintendent and Responsive Staff
6. Qualified Outside Contractors
7. Conservative Accountant
8. Super Lawyer
9. Healthy Reserve Fund
10. And Last but not least, and probably the most important, a lifetime Subscription to Habitat
In conclusion, tonight's recipients have been nominated and selected for their outstanding and excellent work. These award winners and their accomplishments clearly demonstrate what it really takes to be a successful property. Congratulations to all.
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