Transforming a Property in Denver with hello 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 under the oversight of two previous property management companies. These challenges included low occupancy rates and stagnant rental income. In this scenario, hello management stepped in to turn the tide.

Client Profile: The property in question is a pre 1950 vintage asset located in Denver. Despite its promising features, including a core location and secured parking, it struggled to realize its full potential. The prior companies designated property manager had been reassigned multiple times, creating confusion for both tenants and owners.

Challenges

• Low Occupancy Rates: The property’s occupancy hovered around 80%
• Stagnant Rental Income: Rental rates remained stagnant, failing to reflect the property’s true value.

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

• Proactive Marketing: Leveraging digital marketing channels, including email blasts, social media campaigns, and targeted advertising, to reach potential tenants and showcase the property’s unique features and amenities.
• 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: Introduced strategic upgrades to enhance the property’s appeal and justify rental increases, such as exterior landscaping and repairing exterior walkups.

Results

• Within 6 weeks, occupancy rates increased from 80% to 100%, fully maximizing the property’s revenue potential.
• Rental rates experienced a significant uptick, with an average increase of $75-$100 per unit, reflecting the property’s enhanced value proposition.
• Tenant satisfaction levels increased as a result of improved property management practices, leading to higher retention rates.

Levi Weber

970-417-6691