“SNB is our go-to bank
on nontraditional
transactions. They are
our first point of contact.
They’re professional on
the phone and bring
tools to the table.”
—ANDREW WIENER
The expansion to different territories was a no-brainer,
says Andrew Wiener, managing director of MAXX
Properties, and great-grandson of Max. “New York is a
prohibitively expensive market. Our strategy was diversifi-
cation—more units for less money,” Wiener explains. “Rick
Wiener, vice chair of the company in Colorado, moved out to
Colorado and saw it as the next market opportunity.” That
initial expansion was almost 30 years ago.
Florida provided value not seen elsewhere and the barrier
of entry for business was not as high as the barrier to enter
in New York, Wiener says. Similar instances occurred with
expansion to Arizona. In Utah, they saw an increased and
stable demand for rental properties.
Around the start of the millennium, Lange says, “the port-
folio was predominantly New York ... The team began to look
at markets with opportunity and value-add strategy as places
to improve returns.”
As a closely-held, family-managed firm, MAXX Properties
enters new regions with the intent of managing the proper-
ties themselves. This organic, holistic management strategy
supports the 300 associates in the two corporate offices and
service centers, as well as the leasing experts at each location.
Most of the firm’s associates have been with the company a
long time.
Always Looking to the Future
After the Great Recession, MAXX Properties had to sit down
and think about their future.
“It hit everyone at the table. It shook the foundation,” says
Wiener. “It made us sit down and think about who we are,
where we’re going, what are our strengths and weaknesses.
We decided to approach growth one building at a time.”
They noticed that the markets in Utah and Arizona were
more volatile while their New York properties remained
consistent, bread-and-butter assets. Wanting to capitalize on
that and continue their legacy, they strategically angled into
the headwind and doubled down on current investments.
This helped them achieve a long-term view to navigate the
recession and hopefully exit on the other side unscathed
and stronger than before.
Part of that redirect has been a strategic focus on
improving the customer experience. “There’s a chunk of
self-identity associated with how we live,” Lange explains.
“We want it to feel like a place they own.” And by working
to keep the living experience positive, the more they
believe they’ll retain renters as loyal customers.
“We have a reputation—do it and do it right. Do it once.
Follow through. Competitors say the same about us,”
Wiener says.
MAXX Properties’ future is all about responsible growth,
similar to the way their territory expansion occurred in
the past. Always striving to create a residential experience
with customization, Wiener says all team members get
together to determine what success continues to look like
for their company.
Lange echoes that sentiment, explaining that MAXX
Properties gives its eye to growth and strategy, while deliv-
ering an experience to customers and a work environment
for employees that’s well nurtured. “We balance the two.
And we’re now considering outside funding for the first
time,” Lange says.
While the family-owned and -operated firm has always
focused on working with capital already earned or provided
from family, relationships with institutions like Sterling
National Bank have made a difference in how funds and
purchases are handled. As a multi-decade client of Sterling,
MAXX Properties uses electronic banking, deposits, and fund
movement services.
“SNB is our go-to bank for nontraditional transactions.
They are our first point of contact. They’re professional on
the phone and bring tools to the table. We take advantage of
the opportunity,” Wiener says.
12 | SNB.COM // CONNECT STRATEGY SPRING 2017 // RANKED BY FORBES’ 2017 “AMERICA’S 100 BEST BANKS”