Based in Tarrytown, New York, Harley Falasca guides the efforts of an eight-strong team in completing diverse projects spanning additions, kitchens, and bathrooms. As head of Falasca’s Home Improvement, he works with land developers, structural engineers, project managers, and architects. Harley Falasca meticulously coordinates work from initial design to craftsmanship inspection and project completion. His company has its roots in the efforts of his grandfather, who led a Sleepy Hollow hardware store and later a prominent building contracting firm. Starting as a carpenter, Mr. Falasca created sets for several well-received reality television programs. Flexibly adapting to a dynamic operating environment, he installed fixtures and ensured that filmed environments had structural integrity, enhancing storytelling. Mr. Falasca maintains a commitment to his community and has contributed labor and materials to his local historical society and the Make-A-Wish Foundation. A family man, he has also assisted in launching a local #lunchbag charity initiative and spearheaded coat and backpack drives for the homeless. Actively coaching basketball and baseball, Mr. Falasca enjoys competing in softball and basketball leagues and pickleball tournaments in his free time.
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More Owners Seeking the Expertise of Property Managers
Forbes and Morningstar have reported an uptick in owners and investors seeking third-party property managers to oversee their assets. The percentage of owners seeking out the services of a property manager rose from 30 percent in 2017 to 36 percent in 2024, for a total of 1.3 million buildings managed by property managers. Owners typically seek professional property manager services because they can more effectively and efficiently meet their rental needs.
The figures reported in a November 2024 Morningstar article came from a survey supported by LeadSimple and Peter Lohmann's Newsletter. The survey asked 750 residential real estate owners how regulatory and industry changes have influenced the rise of owners seeking the services of third-party property managers in the residential real estate space.
The survey revealed that two-thirds of investors rely on property managers to oversee their residential real estate. The survey also showed that owners view property managers as valuable resources in retaining profitability, reducing liability risk, and remaining compliant. Regarding handling daily challenges, 85 percent of the respondents reported that property managers lightened property ownership burdens.
Furthermore, 45 percent of respondents reported they would recommend using a property manager to others. Almost 75 percent of respondents reported the property management fees they paid were worth it, and 71 percent reported an increase in profitability after hiring a management company. Overall, the respondents reported that third-party property managers enhanced rent collection, improved communication with tenants, and boosted property management efficiency.
In commercial real estate (CRE), property managers are just as valued, according to a June 2023 Forbes article. In the CRE space, building owners face challenges in offering tenants a complete range of amenities. Today, building owners must go beyond simply providing space to attract renters to include technology, sustainability, and health and wellness amenities.
In the last few years, CRE owners have used property managers because they simplify implementing technology in their buildings. The property manager is able to offer tenants and visitors an optimal experience through tenant apps. Additionally, property managers assist owners with implementing technology across their portfolio of buildings, simplifying research, exploring new ideas, and implementing innovative projects across properties in the portfolio. Property managers prove their value in making processes efficient and using technology to generate profitability.
Implementing sustainability goals is another reason CRE owners sought out property manager services. Sustainability is now firmly rooted in business, and owners are under pressure to adopt sustainability standards. Implementing sustainability is where property managers become valuable in spearheading net-zero projects, requiring an understanding of compliance and ever-changing metrics. Property management firms that use technology to get real-time information on decarbonization initiatives can help CRE owners at the building and portfolio levels increase profitability.
Finally, CRE owners are not just dealing with buildings slated for commercial or industrial use. They own buildings, from multifamily units with office space to airports, that offer personal amenities, another reason CRE owners are reaching out to property managers. Mixed-use CRE has become integral as the hybrid workplace has evolved to include amenities that support both productivity and physical, emotional, and even spiritual health. As mixed-use properties have become a more significant part of CRE, owners face challenges offering tenants amenities that balance business with lifestyle. Examples of these amenities are low-traffic relaxation rooms, outdoor rooftops and gardens, and fitness centers, in addition to providing access to a wide menu of healthy foods.
With their extensive network of resources, a property manager can provide these additional services. Today's property manager has the expertise to increase the tenant's experience from simply offering a gym to including gym classes or creating a website to providing tenant apps that facilitate communication between tenant and property manager and owner. A third-party property manager can pull from their repertoire of solutions to assist CRE owners, which explains why property owners are increasingly relying on them.
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