Case Study 1

Unit 8, 202 South 2nd Street, Williamsburg

Background

The apartment had been a poorly advised two bedroom. There was no living area, sometimes referred to as a “wing two bedroom”. It required 157 days (five months) of vacancy to rent before we managed the building in 2015-16. The leasees then opted to non-renew in 2017.

The photos prior were ineffective and the design did not help either.

Actions Taken

  • We vacated the apartment as late as possible during the off season
  • Managed the conversion to a reasonable one bedroom with a good closet
  • Updated the owners with photos and narrated videos via our Portal, viewable on their schedule

Results

  • Landlord benefited from zero months vacancy, higher rent by $100/month, a 3.8% rent increase (in an off season, down market),
  • The new lease is set to expire during summer. It’s simply smarter management.
  • Our photos of the freshened apartment are higher quality to reduce future vacancy.

Highlights

  • 3.8% increased rent
  • Repositioned lease to prevent vacancies
  • Professional Marketing
  • We updated our client remotely » peace of mind

Case Study 2

Chelsea Building, Apt 4R

Background

Prior management had three of the four largest apartments set to renew on the same, non-seasonal day. That represented 29.5% of the total rent roll.

A renovated, prime location four bedroom apartment was renting for $6,000/mo. That rent is comparable to three bedroom apartments in the same building.

Actions Taken

  • Demonstrated intent to raise rent early by increasing presence at the apartment. No bluffing.
  • We negotiated hard but sensitively for our client.
  • Resolved a potential problem before it ever occurred while lowering future possibilities of similar issues.

Results

A Triple Win!

  1. Our client never went vacant for a single day.
  2. We increased the rent roll in a down market.
  3. Our tenants happily realized they were getting a great deal.

Highlights

  • 13.3% rent increase
  • No $expenses$ to client
  • No Vacancy whatsoever
  • Better future renewal dates

Case Study 3

202 South 2nd Street, Williamsburg

Background

We let tenants know that the days of inflated buyouts were over, taking the air out of that balloon. We then patiently waited for motivated tenants to approach us. This required several seasons.

Actions Taken

  1. Bought tenants out for just $10,000, resetting the market 80-90% lower!!
  2. Managed the project so that owners could focus on higher level activities.
  3. We posted videos regularly to show progress.

Highlights

  • Vacancy Reduced
  • Rent 29% higher
  • Extended lease dates for busy Summer season
  • So good, the owner moved his family in

Before

After