Change the Propery Management Company. The property investment turn around starts with a solid commitment from the ownership and property management company. Often times the property got that way by ownership taking all the money out of the property and not wanting to reinvesting it it properly. It also happens when you have a poor property management on the site. You must review and analyze current management to see if they have what is takes for this type of project. Most property management can only see the property for what it was, not what it can be. The physical appearance must be improved, but it's just as important to improve the attitudes of those managing and live in it. Often times a new property management company will bring fresh perspective and a new attitude.
Clean-up The Property, Take Care Of Eye-Soars, And Fix Deferred Maintenance. Immediately upon taking over, the current tenants need to see that someone has changed besides who they give their rent check to. Take care of every visual eye-soars and defferred maintenances immediately.
Impose Strick Rules, Regulations, And Follow Through With Them. Most physically troubled properties are also troubled financially. Often times they have poor quality tenants that have learned bad habits, stopped payning rent all together, or pay rent very late. Teants needs to know the rules right away and stick with them without execption. Need to train tenants for how you are going to operate the property. Tenants will leave, but that's a good thing. Imposing strict rules the good tenants will respect them and stay and you will ween out the bad tenants faster. The quicker tenant are removed, the faster the property turn around.
Partner With Local Government and/or Police Department. Before taking on a trouble property, we will talk with local police department and local government about the property. We want to find out what has been happening on the propery and what type of problems we"re going to walk into. Most policedepartments are thrilled that a new owner and/or property management company is coming in that is going to be responsive.
Change The Name And Re-Brand The Property. Sometimes the property's brand and reputation is too much to overcome. When people hear that name, they think of what might have happened there in the past. Best way to compat this is to change the name, signage, appearance, and rebranding the property.