Finally, some measure of progress in the right direction.....

For those that have followed my posts, I have finally passed 92% occupancy at my property.....


In October last year, I stepped foot into this property of 66 units, that had 16 vacancies and $13k in unpaid rent.

Between October and March, I ADDED 13 more vacancies, but whittled delinquencies down to less than $2k. I ended up with 13 vacancies then.

At the end of February, the owner fired the company that brought me in and brought in a new company the first of March that chose to keep me because they could not ignore the fact that I had the property in a better position than when I stepped in. I learned since then that this was in process before my foot stepped in the door. In the time between October and February, I debated calling the owner and wanting to have a meeting with them off the record and tell them what I could only guess they were not being told about the day to day operations of the property. My maintenance guy and I even discussed the possibility of leaving if things did not change. Ultimately I decided against both, but not before seeking advice of those I trusted. We presented a plan to the owner that established a goal of 92% occupancy by mid-June; among other milestones along the way.

Since March, I ADDED another 10 vacancies. For those keeping score, that gave me a total of 39 net vacancies to fill.

I am pleased to report that at the end of the day today, I have 5 vacancies left! This means that, in 8 1/2 (roughly) months, I filled more than 50% of my property. It also means that I have exceeded the occupancy goal a week or so ahead of schedule. I have 61 out of 66 units occupied, which gives me 92.4% occupancy.

I also learned this last week that the vending machine we have on property was delivered without an agreement that includes a percentage of the revenue. When I was finally able to get in touch with someone at the company to find out why I have not received any revenue from this; I immediately proceeded with renegotiating the bonehead deal that one of my predecessors made. I am trying to determine if I can make the agreement retroactive to the date the machine was delivered.

So this is what is like to have the support I need to do a job right...... And not have to be told to do a job without the tools and support. I joked that I felt at times that it was like trying to order an omelete and telling them to hold the eggs.

OK.. an update...

Last week; I moved in TWO more new households, giving me 63 out of 66 units occupied, with 1 application working (however the unit is NOT ready and he CANNOT move in until after the 4th when he meets my age minimum)... 95% occupancy! The remaining units are the model (ADA modified unit with roll in shower), and 2 non rent ready units (one of them is a HEAVY turn as the prior resident had been in the unit for 20 years and we transferred him across the hall; but he is a heavy smoker and there is a lot of damage as a result. This forgets about the flooring we have to replace and the subflooring we have to repair and seal). We tilted the building over for this resident to allow him to move his stuff across the hall..... Had I not lost one to a skip; I would only have 2 vacant units. The skip had a reinfestation of bedbugs (they went into a dormant state when the property was treated last year, and just came out; as a result of this finding, our pest control company has been instructed to look for bedbugs whenever they enter a unit)

I am almost ready to start a waitlist.

For those keeping count, I have moved in 39 households since I walked in the door in October last year. 33 makes 50%.

I do have 2 households in legal, and 1 more pending for lease violations (1 for housekeeping and noise, the other for violating the crime free addendum for being arrested and convicted of a felony possession charge; the pending one is for noise violations and harrassing other residents and staff). 2 of these units should be easy to turn.

I also survived a walk with the owner and the bank (back in April, when the new company started March 1), an inspection / audit by the local housing authority (last month), and an inspection / audit by the TCAC (last week).

Since occupancy has been a more pressing matter, I am now better able to focus on details that have needed to take a back seat (parking/towing, housekeeping issues, lease violations for other than noise complaints, recertifications, unit inspections, preventive maintenance).

Keep it rolling!