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Neil Rosen, HCCP Presents:. Often poor occupancy is blamed on the market or the economy Often poor occupancy is blamed on the market or the economy However.

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Presentation on theme: "Neil Rosen, HCCP Presents:. Often poor occupancy is blamed on the market or the economy Often poor occupancy is blamed on the market or the economy However."— Presentation transcript:

1 Neil Rosen, HCCP Presents:

2 Often poor occupancy is blamed on the market or the economy Often poor occupancy is blamed on the market or the economy However there may be other issues at play However there may be other issues at play Curb Appeal Deferred Maintenance On-Site Staff Issues Existing Resident Profile There are warning signs: Increasing Tenants Accounts Receivables Increasing Tenants Accounts Receivables Increasing Accounts Payables Increasing Accounts Payables Overall Property Appearance Overall Property Appearance

3 Key is not to cure the symptoms You need to seek out the root PROBLEM The 4Ps People Property Pricing Promotion

4 Evaluate the entire staff. Determine whether internal changes need to be made. Review your resident profile. People Curb appeal is absolutely critical. Evaluate the property against the competition. Have realistic expectations when comparing. Property How are your units being priced? Use Market Surveys carefully. Price your units accordingly. Pricing What advertising is working and what isnt? Identify areas that are most effective and focus marketing costs there. Promotion

5 Marketing Resident Referrals InternetOutreachNewspaper Rental Guides

6 The most effective advertising of all…

7 Time to prepare and implement a fresh approach or repositioning plan! Make sure your plan has a realistic timeline Review your plan monthly and revise as needed Stay the course & focus on successfully meeting your plan

8 Depending on the depth of the deferred maintenance, the owner must recognize the need to invest funds to correct deficiencies. Need for Investment If the submarket is acceptable, then market directly to it and retain personnel working at the property who can effectively communicate with the residents. Submarket Profile Trend Dont rely on onsite staff for all information necessary to evaluate the situation. They may be part of the problem. Information from Onsite Staff If perception or image of property is part of the problem consider a name change. Consider a Name Change These communities add a further level of complexity. Tax Credit Communities

9 Dont Expect A Quick Fix It Takes Planning, A Smart Diligent Effort and A Commitment to the Plan to Successfully Reposition a Troubled Asset! Diagnose The Problem Develop An Action Plan Measure The Results

10 Presented by Neil Rosen, HCCP V.P., Asset & Property Management Ripley-Heatwole Company, Inc. 808 Newtown Road Virginia Beach, VA 23462 Office: (757) 473-8575 Cell: (757) 407-3879


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