What We Did
Increasing Visibility for Multi-Family
Upon engagement with this multi-family property in Sarasota, Florida, TM quickly identified three areas of improvement and after implementation were able to see the positive effects within six months.
Our Main Goal
After an initial assessment, TM was able to decrease expenses by 35%, funded the repairs and unit turns solely from operations and presented zero capital calls to the owner of the property.
By The Numbers
When TM took over the project, a new marketing plan was established which included new brochures, advertising and improved signage visibility. The result was immediate, as leasing activity improved from 1 executed lease in September 2009 to 31 executed leases in January 2010.
On September 1, 2009 TM Realty Services took over property management services without the cooperation of the prior management company. TMRS did a thorough inspection of the property evaluating the condition of all of the units, curb appeal, signage and general operations of the property. Upon initial inspection, the overall property was found to be in subpar condition. Significant deferred maintenance issues were evident, in particular many of the underground pipes were leaking, causing very high utility bills.
TMRS took immediate action to improve the condition and operations of the property. A thorough cleaning of all the common areas and landscaping was performed. TMRS compiled a comprehensive capital improvement budget to address all deferred maintenance and to bring into rentable condition 31 units that were discovered to be severely compromised. A complete repair and maintenance program has also been designed which has reduced utility costs, through aggressive location of leaking pipes, and drastically improved customer service.
At the time TMRS took over the property, a large number of tenants were delinquent on their rents and the prior management company did not have a clearly defined tenant screening process. TMRS implemented a new thorough tenant screening process and aggressive collections policy, effectively re-tenanting the property. Over the first 3 months TMRS evicted 21 tenants. The effect was dramatic, whereby delinquencies decreased from 28 units in October 2009 down to an average of 7 units in the first three months of 2010.