I'll admit, when I first heard the expression, 'turning around a property', I immediately envisioned Dorothy's house spinning in the wild Kansas winds in The Wizard of Oz. I quickly learned that although not completely accurate, I wasn't too far off! We hear this expression often in property management, usually from ownership and or upper management and typically on more challenging properties. But what does it really mean to turn a property around?

Turning around a property is often expressed when the desired revenue isn't being achieved. Lower than projected occupancy rates, prolonged vacant apartments and delinquencies, poor reviews, etc. It would be great to have a magic lamp, rub it a few times and presto! Property is turned around. It's never a 1 stop shop and will take time, money, effort, and commitment from all involved for a successful turnaround.

But for those of us genies in the industry, we know it doesn't happen like that. It involves a deeper discussion and evaluation of the items in decline. Exploring the performance items of where they currently are, how they got there and the individual, small steps and tasks that need to be explored, actions taken, procedures changed and that all of these are supported by upper management to meet the ultimate goals and expectations. Were the original expectations even realistic?

Delinquencies, vacancies, unfavorable activities happening on properties, poor ratings, getting more qualified residents are just some of the items that come to mind when owners talk about a property turn around. These are issues that have happened over time not overnight. And will take time to change. Adjustments on policies, procedures, property improvements, efforts to rebrand the property, possible additional personnel, are all items to be considered. And they all need an investment from owners and upper management to make it happen. Tasks may include reviewing your rental criteria, the verification process, upping your curb appeal, more attention given to maintenance services, connecting with current residents. They may sound minor, but attention to these areas can help in making major improvements in the turnaround process.

Starting small is the best building block for successful turnarounds. An action plan with timelines should be in place along with evaluating the most immediate items that can be remedied is a great starting point. Make it achievable! Monitor the success items and keep working towards the goal. It takes time. Make sure everyone is involved and stays informed along the way, from grounds people to upper management and ownership. Turning around a property isn't always quick and easy, but they are well worth the time, effort and investment to achieve a better performing property for years to come.