Home Properties is a self-administered, self-managed real estate investment trust that owns, operates, acquires, develops and rehabilitates apartment communities. The company mostly focuses on apartment communities. All the developments are projects. They are located at one place and not moved during production. They buy old communities, renovate them, then they rent or sale them. All the resources that are needed for the project are brought to them including paints, cabinets, appliances, and many more. The company mostly spotlights on larger residential communities.
Home Properties expects to develop new apartment communities on raw land and on land adjacent to existing owned properties. They also plan to increase the density of units at some communities currently owned. The company has completed the development of a 120-unit apartment community in South Portland, Maine adjacent to a market-rate property the Company acquired in 1998. In addition, Home Properties is developing a 216-unit apartment community in Allentown, Pennsylvania, adjacent to a market-rate community purchased in 2000. An additional project was in the preconstruction stage during 2006. That project is Falkland Chase, located in Silver Spring, Maryland, with 450 garden apartments constructed between 1936 and 1939. The Company acquired the property in 2003 for $58.9 million.
Home Properties is planning on redeveloping the North parcel, which will be renamed Falkland North. This parcel currently contains 182 apartments that will be demolished and redeveloped into 1,020 units in four high-rise buildings with a community center, exercise room, swimming pool, convenience retail shops and a major supermarket. If this project progresses as expected, approvals will be obtained in 2007, design completed in 2008, construction started in 2009, and units placed in service in 2011 and 2012.
Since 1994, Home Properties has acquired and repositioned 190 communities with more than 52,000 units. The complete initial repositioning of a community typically takes place over a five to seven year period. The areas that have been targeted for growth are the Baltimore, Boston, New York City, Philadelphia, Southeast Florida and Washington, D.C. regions. Mostly, all the communities are project foundations.
The company does use the Gantt Chart Project. The Gantt chart project is commonly used in project scheduling because they are easy to use and widely understood. Mostly, Home Properties operate with project flow. The company sometimes has complex projects at times. It becomes inadequate to use the Gantt chart. For the complex project the company uses network method. The Gantt chart project is used when the apartment community is ready for occupancy. When the apartment home is ready for occupancy the management will measure the time they need in order for a customer to rent. They have to hire the employees and maintenance staff. For the office they need furniture, arrangement for technology like telephones, internet, TV, and many more. The networks are more complex, more difficult to understand, and more costly to use than Gantt charts.
Monday, April 21, 2008
Monday, April 14, 2008
Supply Chain Management
Home Properties as a real estate service company does not have a typical supply chain process. The apartment and townhouses are physical goods which are a project process selection decisions. Turnover rates are high for the apartment communities. To make those apartments ready for occupancy, the company has to follow a supply chain system. They have to order paints, cabinets, appliances, and other various supplies. The suppliers are in contact with the contractors who are in touch with the maintenance group of apartment communities. They make sure the apartments are ready by the time new resident come in by having all materials and supplies in the stock/maintenance rooms. For some supplies they use just-in-time method like cabinets, faucets, carpet, etc. and for others they have in stock like paints, appliances, cabinets, etc.
Once the apartment is inspected and ready to occupy maintenance workers are responsible to hand over the keys of that apartment or townhouse to the manager. A manager is the middle person is acting between leasing consultant and maintenance. The manager is in charge of putting the apartment on the market and giving the availability to the leasing consultant to rent. The manager acts as the warehouse while the leasing consultant acts as a retailer in the supply chain management cycle. Leasing consultant are also sales people who are responsible to rent the apartment to the new prospects or residents.
Being a service company they also use supply chain management. The suppliers are the ones who are making sure the supplies reach the contractors or the apartment communities. Home Properties outsource to the contractor to make the apartments ready to occupy. They also outsource surrounding area contracts like landscaping, snow removable, tree cutters, etc. So the contractors are the suppliers of the communities. The maintenance staffs of the company act as the factory people who do the over all touch ups of the apartment communities. Managers operate as the warehouse people whereas leasing consultants are retailers. Customers are the last in the supply chain management chart. They act as prospects or residents.
Delivery is a very important step in measuring supply chain performance. It is everyone’s duty to make sure that the actual product is ready and available for the prospect. Home Properties makes sure that the apartment and townhouse are all set to occupy. They want to provide outstanding customer service where no one has to wait for the apartment. If it is peak season like summer Home Properties does on-time delivery to its resident and prospects. In winter the apartments are available days before the actual move in date.
Home Properties believe in providing high quality of product and service. The pledge guarantee all the residents if they are not satisfied then they can leave within 30 days without any charge. Home Properties uses best quality of the materials in making the apartment ready. Customer service is very important in any business.
Providing quality product and service doesn’t mean higher rent. The rent and services they offer are reasonably priced and affordable to the people. Apartment costs are based on unit cost which is defined as the total manufacturing cost including materials, labor and overhead divided by the number of units. It is important for company to set a goal for measuring areas with respect to its own performance.
Time can be measured not only for an individual company but also for the entire supply chain. Home Properties makes sure that the product and service reaches to all the residents and shoppers. The more time they take to turnover the homes the more they are lowering profits. Superior customers are equal to long term relationship with the clients.
Home Properties present business to consumer (B2C) in supply chain management. Increasing in internet and e-commerce business, Home Properties is also trying to reach all their customers by internet. The company presently provides services like home rentals, credit check service, rent payment, service request, surrounding area information, etc.
Once the apartment is inspected and ready to occupy maintenance workers are responsible to hand over the keys of that apartment or townhouse to the manager. A manager is the middle person is acting between leasing consultant and maintenance. The manager is in charge of putting the apartment on the market and giving the availability to the leasing consultant to rent. The manager acts as the warehouse while the leasing consultant acts as a retailer in the supply chain management cycle. Leasing consultant are also sales people who are responsible to rent the apartment to the new prospects or residents.
Being a service company they also use supply chain management. The suppliers are the ones who are making sure the supplies reach the contractors or the apartment communities. Home Properties outsource to the contractor to make the apartments ready to occupy. They also outsource surrounding area contracts like landscaping, snow removable, tree cutters, etc. So the contractors are the suppliers of the communities. The maintenance staffs of the company act as the factory people who do the over all touch ups of the apartment communities. Managers operate as the warehouse people whereas leasing consultants are retailers. Customers are the last in the supply chain management chart. They act as prospects or residents.
Delivery is a very important step in measuring supply chain performance. It is everyone’s duty to make sure that the actual product is ready and available for the prospect. Home Properties makes sure that the apartment and townhouse are all set to occupy. They want to provide outstanding customer service where no one has to wait for the apartment. If it is peak season like summer Home Properties does on-time delivery to its resident and prospects. In winter the apartments are available days before the actual move in date.
Home Properties believe in providing high quality of product and service. The pledge guarantee all the residents if they are not satisfied then they can leave within 30 days without any charge. Home Properties uses best quality of the materials in making the apartment ready. Customer service is very important in any business.
Providing quality product and service doesn’t mean higher rent. The rent and services they offer are reasonably priced and affordable to the people. Apartment costs are based on unit cost which is defined as the total manufacturing cost including materials, labor and overhead divided by the number of units. It is important for company to set a goal for measuring areas with respect to its own performance.
Time can be measured not only for an individual company but also for the entire supply chain. Home Properties makes sure that the product and service reaches to all the residents and shoppers. The more time they take to turnover the homes the more they are lowering profits. Superior customers are equal to long term relationship with the clients.
Home Properties present business to consumer (B2C) in supply chain management. Increasing in internet and e-commerce business, Home Properties is also trying to reach all their customers by internet. The company presently provides services like home rentals, credit check service, rent payment, service request, surrounding area information, etc.
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