Plaza Realty & Management Corporation On The Move

Stamford, Connecticut Property Management Firm Takes Next Step in 40+-Year History. New corporate headquarters move positions company for expected growth in multi-family residential properties in Fairfield County.

Founded by Genaro Rubino, Plaza Realty & Management Corporation opened its doors at 65 Bedford Street in 1970 as Stamford’s first full service real estate firm. Today, more than 44 years later, the Stamford-based company has moved its headquarters to 1010 Hope Street to better accommodate its continued growth and customer needs.  The company’s second floor offices, occupying some 5,000 square feet, provide Plaza Realty with more space and management efficiencies, including technology upgrades designed to maximize their services on behalf of their clients.

 “We started out by focusing on residential and commercial sales and leasing, later enhancing our portfolio of real estate offerings to include comprehensive property management services for the area’s multi-unit homeowner associations,” said Mike Lombardo, president of Plaza Realty and Management.  “44 years ago, we were the only full service real estate business in the area that also managed Coop’s and condominiums.”

Client and employee loyalty, along with service excellence, have distinguished Plaza Realty as a leader in the industry for the past four decades.  Most Plaza managers average over 10 years of service with the company. Many of their clients, including their very first association, the 114-unit property at River Haven, are still clients today. The majority of their clients have been with Plaza Realty for more than 15 years, with many enjoying a 25+-year relationship with the firm. Of the handful of Associations who switched firms due to Board of Director and other changes, most returned to Plaza Realty after finding that their new firm did not provide the close level of attention and service they enjoyed with Plaza Realty.

“What we do as professional property managers is provide proactive management services that not only maintain the shared real estate investments for homeowner associations, but also protect their value for the long term,” said Lombardo. “We operate under an owner’s eye, taking care of their properties as we do our own.”

Today, Plaza Realty & Management Corporation works with over 60 homeowner associations and commercial property owners throughout Fairfield County and have staff on site each property to handle and oversee regular maintenance needs as well as any repairs and improvement that may arise. The firm also expedites and facilitates each client association’s administrative needs, from accounting, billing and collections to managing communications between association boards and their members and ensuring compliance with association by laws and regulations.

“Our job is to ensure that our clients’ best interests are top of mind,” said Vice President Mike Hibbert, who has been with company for 20+ years. “That includes going beyond the expected to find ways to better manage finances and institute long-term savings for members of the association.”  Capital improvements and investments in energy efficient technologies suggested by Plaza Realty for their clients have resulted in impressive bottom line benefits that have significantly reduced costs for client associations and their members.

It also calls for keeping an eye on government initiatives and regulations that affect homeowner associations and the real estate market. Says Plaza Realty Vice President Richard Smeriglio, “Our legislative outreach and monitoring efforts help us keep abreast of any new laws under consideration that may impact the way associations are run. By keeping lines of communication open, between state officials, association boards and their members, we stay on top of the game and avoid surprises which may have a negative effect on their properties.”

Making smart moves that foster future benefits are key to Plaza’s success and one of the driving factors in their move to Hope Street.

“We are putting strategic plans in place to ready us for the growth we envision ahead, not just for our business, but the overall growth in new construction for multi-family communities and their respective homeowners’ associations,” said Mike, who noted that a recent study by the National Association of Homebuilders (NHAB) stated that “After years of downturn, home building is now solidly contributing to economic growth.  An important factor behind that growth has been the expansion of multifamily construction such as apartment buildings and condominiums.

“By moving from Bedford Street to 1010 Hope Street to a larger, more modern space, we are well positioned to staff up and expand right along with the property management needs of our neighboring communities,” said Hibbert. “The Plaza Realty brand is all about being proactive, taking pride in our work and the associations we manage, maintaining professional excellence at all times and ensuring responsive service and customer satisfaction in every detail.  Our new headquarters reflect our commitment to making the properties we manage a showcase of efficiency and value.”

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