Updated about 2 hours ago on . Most recent reply
Taking over management of a 75 unit complex
Hey BP! We begin management on a 75 unit complex next week. We have door knocked, gotten tenants set up, we are ready to go... HOWEVER, our portfolio is primarily SFHs, Townhomes, and condos. I would love some insight from anyone who has brought a C minus property up to a clean C, C+.. Here is the kicker - there is not much to be done interior because they have been turned (lvp, fresh paint, new appliances and cabinets when needed).... There are options exterior wise AND in our approach to tenants (there are definitely a few problem units that make the area feel unsafe).
Boosting rent would be great, but the real goal is to create an environment where residents want to pour back into the community and where people FEEL safe.
There is plenty of land and space to add things like a play ground, a community garden, etc.... But for the next year, we really need to be budget conscious as the previous management company threw money away (it truly is astonishing).
Any tips on what worked for you? What not to do?
Appreciate the insight!
Most Popular Reply
@Maranda Tucker Congrats. Here is what has worked for us over the last 3 years...
1. Have you asked tenants about outstanding maintenance issues? Address those and any other issues they bring up quickly. Take care of the tenants.
2. Be present...I'm onsite everyday for renovations. Sounds like you don't need renovations but there should be some type of regular presence.
3. Keep the common areas, parking lot, dumpster area clean. We still have people just drop trash but not near as much as when we took over.
4. Anyone w/o a current lease, put them on your lease hopefully it has more teeth. For those still on a current lease enforce it.
5. Request police runs via open records for the last 60-90 days that will help identify the bad actors.
6. Put a fresh coat of paint in common areas, power wash the building if it has siding. Ensure lighting works. The cleaner things are the better people feel, it also takes away some of the darkness.
7. Be patient... be consistent.....it's not going to turn around overnight.
8. Laundry room. If there isn't one consider installing one if possible.