Solutions Portfolio
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NEW OWNERS NEED ASSISTANCE
240 unit garden style community
Burtonsville, Maryland

Problem: REIT purchased the community but with no local staff to manage the project. Company hired to manage the project for the first 3 months. Occupancy was in the low 80s, with major renovations beginning on all balconies, landscaping, parking areas.

Solution: The one bedroom with den floor plan accounted for most of the vacancies on the project, despite being priced lower than comparable units in the market. The problem was marketing and the leasing staff had begun to view the floor plan as ”unleasable”. Set up a temporary model to push the one bedroom with den. Staff was instructed to show the model to any customer requesting a one or two bedroom unit. In less than 30 days, all of the one bedroom with den units were leased bringing the project occupancy to 96% leased. Due to the immediate success of the marketing effort, the company retained management of the project for an additional 8 months.

Return to Solutions Portfolio Index

Aggressive Corporate Program Reduces Vacancy Apartment Community Repositioned to Offer Residents MoreBetter Than a One Bedroom
with Den
Creative Floor Plan Changes
for Pre-Selling Condos
Customer Demand Optimized Floor PremiumsDifferent Sales and Marketing Strategy for Subsidiary Company Due Diligence for Water-View Property The High Utility Cost Mystery More than Expected When High Rents Were RequiredNew Owners Need AssistancePersistence Changed Burdensome ADU Requirements Right Customer, Wrong ProductThe Value of Upgrades