What to do about Small Oklahoma City Apartment Complexes with High Vacancy (apartment property management okc)
The article is about what to do about high vacancy in small Oklahoma City apartment complexes. What is considered to be small? Really, I’d consider property between 4 and 25 units to be a small apartment complex. These are really to small to warrant hiring an on-site manager. Because you can’t really afford an on-site manager, apartment property management okc becomes a very important factor. You really have to hire an OKC property management company to handle the job.
There were three critical steps involved in taking the property from half full to all full. Too many times, I see apartment property management okc companies make a huge mess. You end up with high vacancy and excuses from your property manager. I’ll break down these three steps in this article.
For example, my company once took over management of a 23-unit apartment complex in Oklahoma City that was half empty. It was a decent building. It just didn’t add up that the vacancy numbers should be so high. Within three months, my company filled all the vacant apartments.
The first step was serious house cleaning.
For starters, the outside appearance of the property was not up to par. We started with landscaping to make sure the place had great curb appeal for prospective tenants coming to view the property. We kept the lawn maintenance and bushes well trimmed.
We also set up a system to make sure we got all the trash picked up at least once per week. We made sure the hallways were clean.
In addition, we evicted the non-paying tenants. This drove down the occupancy further at first, but it was obvious that something had to be done.
This attention to detail shows the tenants they will be held to a higher standard.
The second step was to create a desirable living environment for the tenants.
What that means is staying on top of maintenance request. When the tenant feels like they are being respected and cared for, they won’t entertain ideas of moving away. We were showing our respect and care to the tenants in every step we took to clean up the property and make it better. That makes a very strong statement.
What that also means is that the apartments should to be 100% READY TO SHOW. That meant clean, with all the repairs and make ready done. That makes it an easy decision for them to WANT that apartment more than any other property they may have been considering.
Another important guide in our decision making was to rank order the empty units in terms of difficulty and expense in getting ready to rent. When you have ten down units, that adds up to a bunch of money for make ready. Obviously, we got the properties that needed the least amount of work ready to rent first.
Here’s the key: we devoted 100% of our attention to getting one or two units ready as quick as possible to rent. We devoted 0% of your effort on other units until we had those one or two units 100% ready to go unless there was some other compelling reason. We decided to take this approach rather than to have multiple crews going at the same time to expedite the work.
The third stage was getting the word out to the right people.
I’m a big believer in placing large banners on building(s), especially if the complex is on a busy street. We also unleashed our on-line advertising. Click here to read more about how to effectively advertise your Oklahoma City properties.
We made sure we showed the apartments to prospects who called. We were responsive. We found that if we didn’t have a system to handle those requests every single time in a consistent manner, we would drop the ball. Leads fell through the cracks. That makes the property sit vacant longer.
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