And when I say small community, not that small, there are actually TWO red lights :)
We're looking a small apartment complex that will be a turn around project. Sitting at 50% occupancy, current ownership is a retiring landlord, lost interest years ago. Spending some time in the community, the feedback we've received is "you don't want to live over there" ... "that's a bad place".
Now looking at Trulia AND being familiar with the area, crime rate is extremely low and we're convinced we have a community perception problem.
Below is a list of our ideas to change the community's perception:
- Exterior Renovations: paint & trim out the buildings, repave the parking lot, new signage
- New Ownership / New Management signs on the property
- Interior Renovations: newly remodeled units and remodeled laundry facility
- Have the local newspaper publish a story on our turn around project
- Provide a couple units to local sheriff deputies who will drive their police cruisers home
What are some other ideas you've incorporated to change a community's perception of a certain property?
Should we consider implementing:
- a security camera system?
- Gated access?
- Block party to invite the community?
Police officers can make for very poor tenants, attitude is a issue and chances are none will want to live there anyway. Do not rent to them if possible. Just have them do drive by periodically.
To turn the property around you will need to get rid of every existing tenant. Does not matter how good they may appear on the surface they all must go.
Do not rent to S8 after the turn around if you want to improve the properties reputation.
Solid advice @Thomas S. Thanks!
@Jay Helms Maybe you meant this in your response, but I would suggest rebranding the property with a new name, and make it very prominent. Not just new signage, as you suggested, but really prominent new signage with the new property name. The New Management signs are also really helpful.
Landscaping and flowers are also really good. The more fresh and colorful you can make it, the better. And if there are trees on the property, be sure to trim them back. It makes world of difference when there is more natural sunlight on the property.
Solid advice @Jonathan Twombly . Yes, renaming the property with prominent signage. Have not thought about the flowers, tree trimming. Great idea.
We are currently dealing with an identical situation with a 28 unit we purchased at the beginning of January this year. The area had quite a few trees around it, which gave tenants a little more "cover" than we deemed necessary. So we have cleared all the trees so you have a clear view of the property from the road. We have installed LED lights beside each door, which floods into the commons areas very well. The previous owner had a 60 watt bulb by each door... As we installed the new fixtures the old tenants were asking when they could get their new LEDs out of excitement. That was not something that we originally anticipated, but a welcome outcome. We are putting a perimeter fence around the property to prevent unnecessary "flow through" New name, new signs, new interior renovations on all vacant units. We have thought about having the local police department put a new officer in at a discounted rate, but we're still on the fence about that. If that is a route you decide to go and have feedback please let me know, and I'll do the same for you. I look forward to seeing how your complex progresses and wish you the best of luck!
Thanks for the feedback @Tyler Moore .
Join the Largest Real Estate Investing Community
Basic membership is free, forever.