Fincor Construction Inc.
Michael T. Finn founded Fincor Construction Inc. (Fincor) in 2004 with the goal of providing high-quality renovation services to apartment building owners and tenants. For nearly 10 years, the business has grown steadily. In the hands of Michael T. and his son, also named Michael Finn, clients have come to expect efficient and budget-minded construction management throughout complex renovation projects that often involve fully occupied buildings.
“We provide management companies or the apartment owner with all needed services,” says the younger Michael, president of Fincor. “We renovate apartment interiors however fast or slow they want to go. We have renovated occupied apartments as well, although this makes things a little more complicated. In the last few years, we started doing renovations of leasing offices, business centers, fitness centers, and lobbies as well. In the apartment arena, we are also beginning to perform some new construction.”
Based in Columbia, Md., Fincor is building a broad geographic footprint. The team serves clients up and down the East Coast, with work concentrated in Maryland and the D.C. metropolitan area. Other larger markets include New Jersey and the Boston metropolitan area. For major projects far from the home office, the team utilizes satellite offices and remote yards when necessary.
As a construction management firm, Fincor employs around 20 people with 15 project managers in the field. “Everything is subbed out,” Michael explains. “A majority of our subcontractors are people we have worked with for years. They perform well and meet our standards for quality. We want to treat them right and pay them on time because those partnerships are very important to our success.”
Working with these reliable strategic partners, Fincor has performed a number of complicated renovation and construction projects over the years. “Last year we completed one of the most interesting projects we have ever been involved with,” Michael recounts. “This was right on the Hudson River in Jersey City, N.J. We did about 10 apartments each week and all of them were occupied. The kitchens had to be in working order the entire time. We worked with Avalon Cove, which just sort of set the tone with them. That was their first large scale renovation and we did another one with them this year. We did another project in Arlington recently that was pretty large. That was a renovation of 344 apartments.
“They tend to melt together,” Michael continues. “The leasing offices and the amenity spaces that we do are most rewarding because there are very dramatic changes between the space before and after the project. People will tend to spend more money with respect to the amenities. They get designers involved. These can also be more interesting because there are such strict timelines. Sometimes we even find ourselves working evening hours to make deadlines.”
Thriving in a Shifting Market
When the housing bubble burst a few years ago, many new construction builders found themselves out of work. The rise of rental living in the United States increased demand for renovation services, however, Michael notes, the market was quickly flooded. “Anyone that renovates apartment complexes understands that it is its own niche and very different from any other aspect of construction,” he explains. “Companies often don’t survive because they aren’t doing it right. We may not be the cheapest, but we do things right.” His team’s experience and expertise allowed Fincor to fight off incompetent competition and survive the tougher times for the construction industry.
With the economy in recovery and banks opening up new money to finance projects, Fincor is holding strong. “Over the coming years, we plan to be doing pretty much the same,” says Michael. “We’re trying to branch out to several other clients. We are trying to expand geographically, especially in the markets like New Jersey and Massachusetts where we already have a presence. We grow about 2 or 3 million a year. Our presence in the Capital region started as a result of the recession and us adjusting to the market. We want to stay in roughly the same geographic area, although we are considering pushing west, maybe as far as Ohio. With our current clients on the East Coast, we don’t have much reason to venture outside our current area.”
The team is experiencing steady, manageable growth. “Our reputation is our biggest point of pride,” Michael notes. “We don’t have the lowest price all the timer and that is okay. We want to be working on the right jobs and doing them properly.” Clients recognize the value that Fincor offers, which allows the team to reach new clients through referrals and word of mouth. As the crew’s performance continues to make an impact on regional markets, Fincor Construction Inc. will continue to offer leading construction management services to a growing number of clients in a growing number of sectors.
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