April, 2010 — Royal Vista is like a lot of market rate properties in the Carson Valley striving to meet financial obligations due to depressed rental rates, high vacancy and turnover. The rental incentives being offered locally to lure prospective residents to area properties is endless making it a marketing nightmare for inexperienced managers attempting to manage on a shoestring budget. Royal Vista Apartments was built in 1978 and is a 98 unit all one-bedroom apartment community led by onsite Community Manager – Jeff Blundell. The property consists of three two-story buildings, apartment unit doors open onto a common exterior walkway, asphalt roof shingles and brick exterior.
EBMC began managing Royal Vista Apartments in October of 2009. At that time, the property was suffering with a staggering 48% vacancy rate and high turnover. Over the course of several months EBMC developed effective marketing strategies, tenant retention programs, preventative maintenance and collection programs including the addition of Jeff Blundell as Resident Manager. Occupancy at Royal Vista Apartments is steadily improving and by summer's end we expect to have a 85-90% occupancy.
Here are some tips from EBMC to make “positive” change in a down market:
- Knowing what your competition has to offer
- Making the Manager of the Competition your best friend
- Repairing deferred maintenance that prospective residents see as they drive in or through the property
- Making the Office warm and inviting
- Keeping the rental office 24/7
- Professionally dressed staff
- Meticulously clean common areas
- Taking advantage of social media and on-line advertising
- Having a model unit that is clean and all maintenance items have been corrected
- Flags, Banners, Balloons
- A great staff that has a great attitude
- Putting into place tenant retention programs
- Providing the best service the budget can afford
High vacancies coupled with high turnover can be crippling to a property and learning to manage with lower revenue can be challenge for any inexperienced manager. Properties can easily spiral out of control if an effective leadership team is not put in place early on. Lori Burger, Senior VP for EBMC stated that she did not believe that vacancy and rental rates will stabilize in the Carson Valley for sometime which requires paying close personal attention to daily activities.