Once the Related development team completes a development, our property management team steps in and assumes the ongoing responsibilities for its operations. We currently provide property management services to virtually all of our residential, mixed-use, retail and commercial properties, including over 50,000 apartments within 175 properties, and over 10 million square feet of commercial, retail and mixed-use space.
Managing our properties is an important part of our overall strategy and enables us to create additional value for our assets over time. We maintain our properties with exceptional detail and undertake physical improvements on an ongoing basis. For our commercial developments, we also devise and maintain an optimal retail tenant mix to ensure the property’s continued appeal. These practices allow us to position each of our properties as best-in-class and help to increase their revenue streams.
Our property management functions include maintenance, administration, accounting, customer service, marketing and leasing. These daily activities are closely monitored and controlled by our corporate entity, which is responsible for budgeting, financial and regulatory compliance and reporting for all our properties. Our approach of providing direct, comprehensive management services under strategic direction of our executive officers enables us to maximize cash flow while protecting the long-term value of each asset.
Since we began in 1972, we have been known for our professional, responsive building management and for our philosophy of providing the utmost respect to our residents, tenants, employees and investors. People who live in Related buildings can readily attest that our residential management group strives to maintain the highest possible standards in maintenance, administrative efficiency and resident services. These qualities have been instrumental in establishing us as the nation’s finest institutional property manager across the entire economic spectrum.
We believe that the ultimate key to each resident’s satisfaction is the quality of his or her building’s staff, and challenge employees to not simply fulfill but exceed resident expectations at every interaction. Building staff and managers attend customer service training sessions to enhance their ability to respond personally and effectively to requests, to communicate clearly with residents and other staff members and to achieve positive results. We then measure their performance via ongoing resident feedback and reward exceptional service with financial incentives. As surveys indicate, our property management team consistently performs to the highest professional standards.