Multifamily Management

In the competitive landscape of property management, delivering tangible results is paramount. Our case study centers around a property in Denver that faced significant challenges included low occupancy rates and stagnant rental income. In this scenario #2, hello management stepped in to turn the tide.

Client Profile: The property in question is a pre 1970 vintage asset located in Denver. The property was self managed for a long period of time but the owner had a full time job and full time family obligations. This did not leave enough time in the day to keep up with the day to day management work. Over time the capex began to build up, paper work was lost or misplaced and tenants were living in the property without leases.

Challenges

• Low Occupancy Rates: The property’s occupancy hovered around 80%
• Stagnant Rental Income: Rental rates were below market, failing to reflect the property’s true value.
• The property was in a state of disrepair with major drywall work needed and missing appliances.

Implementation: With a clear strategy in place, hello management executed the following initiatives:

• Many trips were made to the property, posting notices in english and spanish, requiring tenants and occupants reach out in respect to getting on leases. Creating a plan to stabilize the property.
• Tenant Engagement: Implementing proactive tenant engagement strategies, such as personalized communication to improve tenant retention rates.
• Enhancing operational efficiency through the adoption of advanced property management software, streamlined communication channels, and responsive maintenance services.
• Value-Add Enhancements: Quickly made sure units were rent ready with some major repairs including plumbing, drywall and appliances.

Results

• The property is now 100% occupied with 10% higher rents.
• Tenant satisfaction levels increased as a result of improved property management practices, leading to higher retention rates.

Levi Weber

970-417-6691