All Forum Posts by: Michael Stewart

Michele, thanks for your feedback! That is a great way to put it, attracting people who are comfortable in the area while not bringing the complex down. I think that’s part of what I’m doing, though I didn’t think to articulate like that. Very helpful. Sant, the first thing I did when I got here was work on getting excellent google reviews from current tenants. Prior management didn’t have a google business page set up, so it was relatively easy to build up positive reviews. This is a luxury most other properties don’t have, but I’ve found that increasing a positive online presence, ESPECIALLY on google, does wonders for leasing. Secondly I make sure that I am on call 24-7, both for my current residents as well as prospects. I will take showings seven days a week at all hours of the day. My conversion ratio is dismal, but I try to compensate for this by increasing the overall volume of people that walk thru my doors.

A little background: I work for a multi-family apartment management company, around 2 years experience in leasing/PM. Worked in five different markets over the past year and a half (I’ve travelled all over the country working different properties). I am currently the property/leasing manager for my current complex. 

Here’s my situation:

I manage a smaller apartment complex (>100 units) that was recently renovated in a competitive college market. My complex is in an undesirable part of town: assaults, drug trafficking and the occasional murder all taking place virtually down the block. I wouldn’t describe the area as a warzone though. 

I took the job about 5 months ago and have increased occupancy by 25%, and believe me, I have fought hard for each and every lease I’ve signed so far. The difficulty is this: The people with great jobs and credit scores go to the other side of town where a TON of new development is happening. The people that are actually from the area don’t qualify (typical denied applications have multiple felonies or evictions).

I am slowly but surely building the occupancy. I will be <90% in the next few months if I continue the current trajectory. But I can’t help but to feel I’m doing something wrong, like I’m missing opportunities to fill this place faster than I am now. 

So my question to all of you is, have you ever managed an underperforming asset in a “bad” part of town? If so, how did you max occupancy while acquiring and retaining an excellent tenant base? Additionally, what are some marketing strategies to entice people with good jobs/credit scores to sign leases? 

**Sorry if some of this vague, please let me know if you’d like me to elaborate on the specifics of the market or my building. I’m trying to stay somewhat anonymous here ;)