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.
Aggressive Corporate
Program Reduces Vacancy Apartment
Community Repositioned to Offer Residents MoreBetter Than
a One Bedroom
with DenCreative
Floor Plan Changes
for Pre-Selling CondosCustomer 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