Services

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PSK Properties understands that every chapter housing situation is going to offer its own unique opportunities and challenges. Because of this, we analyze every situation individually and work directly with the chapter to find the best possible solutions to fit its specific needs.

PSK Properties offers the following options and services to help alumni associations/housing corporations and undergraduate members to improve the situation with their existing property or to assist in the potential acquisition of housing for chapters that are currently without any housing.

For additional information and questions about our organization services please do not hesitate to contact us. Any group requesting housing assistance from PSKP must complete our online questionnaire.

Acquisition through Purchase

PSKP can facilitate in the acquisition of a chapter house for chapters currently without housing or for chapters looking to re-locate. Our organization has the asset base and historical cash flows to obtain bank financing, that individual alumni associations do not. PSKP exists to serve and support local PSK chapter housing initiatives, and therefore carefully considers all requests for housing acquisition. When considering an application, PSKP reviews involvement criteria focused on the Chapter, Location, Economics adn Physical Attributes of the request.

Additional details of the involvement criteria can be found here.

Acquisition through Leasing

In some cases, the ability to purchase a property is not financially feasible or there simply may not be housing available for purchase. In these situations, the option to lease an existing house may be available. PSKP can assist in this process by negotiating the lease, managing the property and subleasing to the chapter.

Ownership Transfer

PSKP can assist by transferring ownership from the local housing corporation. A common reaction to this is why would a chapter want to give up ownership of their property? In many cases, alumni are finding themselves in situations where they can no longer maintain the chapter house for a variety of reasons. Consider these situations as just a few examples:

  • The house may have significant debt and is not bringing in enough income to service it.
  • The housing corporation may have dwindled down to only a few volunteers and between professional, family and fraternity lives, there is not enough time to dedicate to keeping it running.
  • Repairs may be necessary and the funding needed cannot be obtained.
  • The relationship between the alumni and the undergraduates is strained because the alumni spend all of their time acting as landlords instead of focusing on social events and positive interaction with the undergrads.

Regardless of the situation, transferring ownership to PSKP allows the alumni to alleviate themselves of these problems while still preserving the chapter house for the use of the members and putting its operation in the hands of another Phi Sigma Kappa entity that has the best interests of the Fraternity in mind. In any ownership transfer situation, PSKP seeks to keep the alumni involved and a lead alumnus may be appointed to represent that chapter as an ex-officio member of the PSKP Board.

Short-Term Loans

PSKP is currently working on the development of a short-term loan program to provide capital to Phi Sigma Kappa alumni housing corporations to make needed improvements to their existing properties. PSKP currently provides such a loan to our Alpha Deuteron housing corporation at the University of Illinois. Check back here for more updates on the details of this program. If your group is interested in applying for a loan from PSKP please visit our contact page and let us know.

Property and Asset Management

An ideal alternative to alumni who want to hold title but no longer want to deal with managing the asset. Based on the needs of each chapter, PSKP can provide many asset services such as:

  • Develop operating budgets and provide monthly financial statements.
  • Review and improve existing leases.
  • Develop revenue maximizing strategies and ensure rent and expenses are on par with other student options.
  • Create long-term planning to be ready for needed repairs and renovations.
  • Identify, evaluate and contract local property management companies.
  • Handle rent collection and if necessary, eviction processes.
  • Maintain corporate compliance for the housing corporation and handle annual report filings.

Consulting

As a service to the members (undergraduate and alumni) of Phi Sigma Kappa, PSKP will review lease documents, provide basic sample documents and provide input and perspective on any chapter housing issue at no charge. For more in-depth consulting and implementation services such as drafting customized lease and housing contract creation, creation of a housing corporation, or property financial analysis, a reasonable fee may be charged for our time. Please understand that PSKP does not receive any income from the Fraternity in the form of dues or donations, therefore charges for any in-depth services may be applicable.

In every case, please understand that we are a growing organization with limited resources. We cannot always offer assistance to every group that contacts us, and in many cases we determine that our involvement may not always be the best solution for a particular chapter. With that said, we want to hear from you. Our goal is to do whatever we can to help any chapter that is interested in working with us.

If you would like to find out more about working with PSK Properties and if we can help your chapter, please contact us.

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