Getting a Takeover Back on It's Feet

What are your best ideas for getting a property with a poor reputation, new owners and new management back on it's feet and making money again?

What would be some of the first things you would do?

Listen to the owner or the lender and the tenants. Start there.

While I'm not sure of the class of apartment you are talking about or the avarege rents, this is my hit list for a solid b or c product that has had bad management and bad reputation issues:

Make sure your on site team is fully on board. They need to be motivated and have the excuses out of their system, no 'poor us - nobody likes us' attitudes allowed! They have to be in it to win it!

Start with office attire - take it up a notch, look more professional and better than before and better than your comps - if you look better - you feel better and the residents and new clients will give you much more respect

Set up a compliment system for your residents and clients to tell you how great you are doing and how different things are with you there - it may be slow in coming but the positive thoughts from people will keep your team motivated

Change up the specials completely - no more $99 move in's or reduced rents - try a you pick your special or you are in charge theme so people have a choice in their discount and they don't see the same old signs and specials.

Paint up the curbs and KEEP it clean - this may mean you put someone on grounds non stop for the first month or so but if you make it clear that is must stay clean the residents will begin respecting there they live more and pitch in. (you may even have the kids help in the summer time and offer free pizza on Fridays for those that participate!)

Have a community meeting... URG.. I said it - you have to figure out who the mother hen of the community is and get her/him on your side to spread the word that things
are changing

Finally, institute a pretty aggressive resident referral plan and offer free parking spaces or drawings for electronics as additional incentives

These are just a few things that I think will get you on the right track. Most importatly keep your team motivated. The property didn't fall into the abyss overnight and it won't be lifted from the ashes overnight either but a great attitude will be a great start! Good luck!!! :woohoo:

I agree with Stephanie, she has an awesome approach. We recently took a property over with a bad reputation and with a shooting just days after we took over. What has helped us is our strong onsite manager, and the constant communication from our team with the residents. Enforcing the rules and regulations of the community and lease agreement, and simply cleaning up the community. Pressure wash, landscaping (adding colors), side walk paint, remake of office, etc. The other thing that really showed new ownership/management was the change of name. We changed the name of the community to reflect a real change, new management team, new owner, new community! It really hit home and received great feedback. So, I would suggest for you to recommend a change of name to really drive the change of management and ownership home! Good luck!!!