All Forum Posts by: Joe Rinderknecht

@Dennis Johnson can you play a football game and win with no practice, no systems, no strategy, no equipment, and no team? What would be your chance of winning? Not good... The deal is the icing on the cake it is the game. Before you can play you must line up all the pieces needed in order to give yourself the best opportunity to win. Some of these pieces before you look at deals are find investors, property management company, lender, insurance, attorney, syndication attorney (if your taking that approach), etc. Once you've got everything lined up you can talk to brokers and be taken seriously to close deals. You've got one shot to make an impression with a broker (a source that has 90% of the deal flow) make the most of it!  

@Joe Rinderknecht usually an increase like this to the upper limit on rent would demand that units are top of the line.

Ensure that these units look amazing and no deferred maintenance is present.

Usually what works in Bridgeport Connecticut is slightly lower than market rent with a slightly larger deposit amount.

You would have to compare to your local market to see if that works for increasing traffic.  

Also utilize online marketing via Zillow rent manager, Facebook marketplace and Craigslist as well as signs and banners on the property.

Good luck!

Dig into the rental demographic and market directly to them. Do you allow pets? 

Good leasing techniques to help a prospective tenant make the right decision on their own is key, and it's a skill - AKA don't chase them down. 

Offer things like a smaller deposit OAC, free $50 starbucks card, some kind of incentive.

To answer your question about if the owners will put more money into the property. The Executive VP is a stickler with the money. So I would really have to show that whatever the upgrade I proposed would give them a good return on that investment. They don'e like putting a ton of money into the property where they have maxed rents, they are capped on what they can make on the property. 

The owners obviously don't understand that you can lose more money in vacancies than you may make by bringing units up to the market maximum. This has thrown you a curve too as the property manager, so I hope you'll be compensated appropriately for the extra work you'll be taking on.  The owner's timing is also working against them and you. Winter season vacancies... not so good, as you know.

To answer your question...

• I'd focus on who you're marketing to and how the tenants who you are seeking look for places. What are the characteristics of the property and what type of tenants would it attract? Most tenants don't choose a place based just on rent. They seek a lifestyle. Find out what you can promote that will attract tenants who are a good match for the property.
• For the existing tenants, improvements help soften the blow of rent increases. Would the owners consider adding value to the property?  Perhaps there's something the existing tenants have wanted that will improve their living experience. When we raise rents, we try to improve the property or improve the tenant experience to compensate.
• If you're dealing with 80 units, that's 80 households and undoubtedly quite varied. If you can, visit with some of the tenants who have lived there the longest. What's working for them and what's not? What do they wish for?
• Make sure the property is well maintained and the systems in place are working for the tenants. The property must be attractive and welcoming. Your management style makes a difference too. Make sure you are approachable and responsive to the needs of the tenants.
• Use a variety of methods and varied media to advertise. Great photographs are key!
• Even as a "low-income" property, try not to look or feel like a "low-income" property. People of all backgrounds want a place that is safe, clean, and affordable.  People who take pride in where they live stay longer. They are more likely to take good care of the place and settle in to make it their home.

Hello Joe great question. You will first of all need a very strong leasing agent, a personable person, one that will make a resident feel things will get taken care of in a professional yet friendly manner.  For the current residents,do inspections and if minor upgrades are necessary take care of them immediately spending a few dollars to keep a happy resident can help with resident retention. And lastly I would recommend some kind of concessions for new residents signing a long term lease make it just under the competitions rental rate tenants need to save every dollar.