Choice New York Companies was established in 2009 with a very simple goal – to provide a superior level of customer service to property owners and residents in the New York City metropolitan area.
“We provide third-party property management, staffing and residential brokerage services to New York City buildings of all scales,” says Michael Feldman, co-founder and CEO of Choice New York Companies.
Today, the firm manages over 250 buildings, providing a wide array of building, staffing and real estate brokerage services. More than 15,000 New Yorkers live in Choice New York buildings, and that number will increase, because it is one of the fastest-growing full-service property management companies in the city.
“There are a few specific areas where we have the secret sauce,” Feldman tells us. “We can apply our thinktank-level expertise and intellect to specific aspects of building management, reducing costs for our clients in creative ways while enhancing the revenue that comes from those buildings.”
The company’s focus is on providing property management that is responsive, reliable and transparent.
“Our policy is that if someone makes a mistake, we tell the client immediately,” says Feldman. “If a mistake is made, we have a checklist of five items. We acknowledge, apologise, mean it, fix it, and give the client something extra. It means the client learns to really trust that our interests are aligned with theirs. We are performing for them consistently.”
Choosing Values
This blend of superior customer service, operational excellence and the latest technological support with the traditional principles of the real estate business is what makes Choice New York a unique offering on the market. It means that the company meets and exceeds the expectations of both its clients and residents.
“We have great people, and we provide great service, supported by our processes and procedures,” Feldman says. “It gives us a competitive advantage that our clients receive the best in the industry.”
Predominantly, Choice New York serves three customer segments: condo associations, cooperative boards, and multifamily buildings. In serving those markets, the company works according to the eight “Ps”, its values of Property Management. The first of those is “Professionalism”, which at Choice New York is reflected in its systematic approach to each asset and situation. Feldman is passionate about ensuring the company is serious about its responsibilities to its owners and residents, observing the highest ethical and operational standards.
The second “P” is “Precision”. The devil is in the details, and Choice New York is responsive and accountable in its work, aiming for the highest levels of accuracy every time. The third is “Proactive”, referring to the firm’s hands-on approach to property management, assuming nothing, confirming everything, and always striving to improve. The fourth is “Personal”, a reference to the personal pride Choice New York’s people take in giving its clients superior customer service, powered by the relationships they develop. The fifth is “Problem Solvers”, we have already heard about the company’s five step response. Choice New York’s staff address unexpected problems critically and respond rapidly and efficiently. The final three “Ps” in Choice New York’s eight are “Persistent”, “Preventative”, and “Progressive”. At the heart of the company’s philosophy is the idea that good property management means anticipating and addressing issues before they happen, through check-ups and maintenance routines. It also means thinking creatively, never settling for “That’s how it’s always been done”. The company invests in technology, operations and people to continuously improve.
Choosing Opportunities
But Feldman believes the single most underrated characteristic of success is “Persistence”. Tenacity has been a valuable commodity for the company, and one that has helped it through the challenges it has faced right from the beginning.
“Getting the company started was challenging,” Feldman recalls. “Especially as we had insufficient capital and insufficient human resources. We met that challenge by putting in maximum effort, and we have continued doing right by our people and clients over the course of the last fifteen years.”
While the company’s origins were a challenge, from the very beginning, Feldman believed strongly in what the business was doing.
“The market sector as a whole was looking a little bit dated, the service companies that were operating were antiquated,” Feldman tells us. “I was in a board meeting as a client and heard one of the biggest players in the space say they didn’t use emails to send financial details out of security fears. They literally printed out financials and handed them out to seven people. I thought that was crazy.”
With Choice New York, Feldman set out to provide something new.
“It was about providing more care, but we were also working on tighter margins,” Feldman says. “A lot of the profits we made would be immediately invested back into the business. That is why what most businesses consider capital expenses, we consider operating expenses.”
Choosing Talent
Some of that comes down to investing in better software and better systems, but it also comes down to recruiting the best and most committed team. This is also a key expense for the company.
“When it comes to recruiting, it is true that money talks,” Feldman observes. “We pay at the very highest end of the range. I believe that one great person is worth three good people, and we always try to hire great people.”
Having great people is not just about recruitment, however. It is also about company culture, and that is something Feldman invests in heavily.
“Our culture is more than lip service. We have a serious but fun culture. People like working at Choice,” Feldman says. “One of the first things I always ask my people when they are carrying out first-round interviews is ‘Do you like this person?’, ‘Did you enjoy the conversation?’ As people, we are more similar than we are different. We want likeable people.”
From that foundation, Choice New York builds a strong skills base, reimbursing staff for real estate classes, professional development courses, and even continued education at NYU. It is an approach that Feldman believes has laid a strong foundation for the company.
“We will continue to grow,” he says. “We possess so many high-level talents that are just now entering the prime of their career.”