Owner of a 12 unit complex hired Smart Partner to take over management from another firm. Full analysis of the financials and rent rolls revealed rents below market for the prior three years. Owner was also over paying placement services by $600 per tenant placed.
9 units had below market rents, and those rents were increased by $100 a unit. The property continues to perform with market rate rents, low vacancies and significantly reduced placement fees.
$10,800 additional revenue in the first year alone, with a dramatic reduction of tenant placement fees by $3,725 in the first six months.
An out of state owner brought in Smart Partner to audit rent rolls, operating expenses, and vacancies. Analysis of the area revealed rents way below market and prior management was renting to friends at discounted rents.
Even with a modest 3 unit building, Smart Partner delivered astounding profitable results. Rents were quickly adjusted to market rate and the property had an immediate reduction in operating expenses.
Rents increased by $11,700 in the first year alone. Operating expenses were cut by $3,000. Best of all, the property had no vacancies for the next year, so the owner pocketed immediate additional profits.
Smart Partner was hired to audit the financials of the building. A survey of the property revealed 18 of the units had rents far below market.
Rent was boosted by $100 per month on 18 units to reflect current market trends. After completing the financial audit, Smart Partner was hired to manage day to day operations of the property.
Rents increased by $21,600 in the first year. With zero tenant vacancies. Operating expenses over the prior management firm was reduced by 20%. 6 month tenant placement fees fell by $1,500.
Six Single Family Homes in a private, gated, upscale community that took two full months to fill vacancies. Worse, a large portion of rental income was being diverted to unnecessary maintenance. Because of the long vacancies, rents had been priced well below market and resulted in significant lost revenue.
Smart Partner implemented a brand new tenant marketing system targeting affluent clientele for upscale homes. Restructuring maintenance fees and amenities resulted in costs going from a whopping 20% of gross returns to a mere 8%.
Slashed vacancy from two months to just three weeks. While reducing yearly operating expenses. Gaining back a full month of rent from the reduced vacancy rate alone protected the owner from $7,000 in potential losses per unit. Rescuing the properties from $42,000 in potential loses.
Owner hired Smart Partner to analyze rent rolls and find the cause of higher than usual maintenance costs.
Smart Partner discovered rents well below market. The local area had become sought after due to the school districts top rating. Late rent payments were also eating into profits. Research revealed operating expenses were high due to plumbing repairs directly caused by tenant misuse.
Maintenance fees were reduced by 35%. Boosted rents by $12,000 per year to bring them in line with the local market. Best of all, the property has full occupancy and rents are now paid on time.
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