Carruthers - Property Managers has new direction

New owners look to grow business, expand into multifamily properties
Wednesday, August 8, 2007
DAWN KENT
News staff writer, Birmingham News

A 73-year-old Birmingham property management firm has a new lease on life.

Tom Carruthers and Charles Robinson, who purchased The Property Managers earlier this year, are looking to grow its primary business while expanding into the ownership and development of multifamily properties.

The firm, founded in 1934, manages 1,600 to 1,800 rental properties across the Birmingham area. Most of the portfolio includes apartments in small neighborhood complexes.

Many are in areas near downtown that are experiencing a rebirth, including Norwood, Avondale and Glen Iris, leading the new owners to project a healthy potential for growth.

During their first year, Carruthers and Robinson are getting accustomed to the business and implementing new marketing features that include a Web site, revamped logo and color fliers.

''We're just taking what's worked for more than 70 years and bringing it into the 21st century,'' said Carruthers, who also is president of Carruthers Real Estate Co.

Carruthers' real estate business brokers, manages and develops retail, office and warehouse properties. He wanted to expand into the multifamily business, and it didn't make sense to start from scratch, he said.

So he brought in Robinson, who has worked as a national account manager for Altec Industries Inc. and as a registered forester, as partner.

Together, they are updating technology, a task they say will help facilitate twice as much business for the firm, which now has about 18 employees.

They also are looking to bring Carruthers Real Estate and The Property Managers under one roof within six months. The firms now occupy separate downtown office spaces.

Charles Binion Jr., son of a company founder, Charles Binion, has remained involved in The Property Managers as a broker.

While growing The Property Managers' business, Carruthers and Robinson want to do more multifamily development, which would most likely come under the auspices of Carruthers Real Estate.

Meanwhile, The Property Managers' new marketing features will make it easier for tenants to find what they're looking for, Carruthers and Robinson say.

Properties managed by the firm range from Section 8 to high-end units, with an average monthly rent of $500. Flagship properties include Cobb Lane Corners in Five Points South and Redmont Apartments on Southside.

''As UAB continues to thrive, there will be a need for more affordable but nice properties,'' Robinson said.