NAI Emory Hill to expand into residential management
NEW CASTLE — NAI Emory Hill, a large, full-service commercial real estate firm in the Mid-Atlantic region, will be expanding its focus on residential property management and working with owners to maximize their assets.
In May, NAI Emory Hill hired Grace Mudrick, a seasoned property manager and real estate agent in single-family, multi-family and commercial properties to lead the effort. With both Delaware and Pennsylvania real estate licenses, Mudrick has 16 years of experience in brokerage and property management. While working at ADP, she and her husband bought 16 properties in the last 18 years.
By 2019, Mudrick left her corporate job to take on managing her portfolio – where she refined skills in vendor and tenant management as well as financial reporting.
“I look for opportunities, and this is an excellent opportunity to grow a division as well as having partnership conversations with people as they manage their portfolios,” Mudrick told the Delaware Business Times. “My key objective is improving the [return of investment] on the property. It’s about paying attention to the asset, and having a partnership with an owner, no matter the size of the portfolio.”
NAI Emory Hill manages more than 5 million square feet in office, industrial, retail and several thousand multi-family units; either self-owned or those from outside owners. But historically, the firm has targeted multifamily and homeowner associations.
Prior to 2019, NAI Emory Hill managed 650 residential units and has been exploring other options. Mudrick is also renewing her New Jersey realtor license, so NAI Emory Hill will be focusing on the tri-state region.
“This is an industry we’ve considered getting into for a while, and it became even more apparent last year when we started conversations with Grace,” NAI Emory Hill Director of Property Management Clayton Hill said. “She understands real estate as an investment, and increasing its value, not just as managing a property. Working with the owner, vendors and tenant is key, and Grace has a great sense of that.”
NAI Emory Hill’s strategy in the residential property management sector will be working with owners with portfolios — and a potential interest in growing them. The firm will also focus on providing management services, between advice on selecting the right tenant, maintenance, and understanding the local tenant codes.
“You may have someone who is an accidental landlord, who inherited land or won the lottery, and needs help managing it. The reason to work with us is to guide them into improving it or investing into it,” Mudrick said. “Then there’s others who are looking to add to the portfolio – and we can have those conversations on the best next step.”
In a year from now, Mudrick aims to have 100 properties managed under her purview.
“In five years, we would have to consider the next step, because a property manager can really only manage 100 properties at a time,” she said.
“There’s a gap in the local market in what we’re aiming to do, and we do expect there to be growth – careful growth,” Hill added.
Editor’s note: a previous version of this story incorrectly states Grace Mudruck was a broker, not an agent. We regret the error.