902 Gribbin Lane, Toledo, Ohio 43612
We took over the management of this 87 unit property in January, 2015 for First Eleven LLC, an ownership group based in Australia. Since they had purchased the distressed property several years prior they had cycled through a series of third party property managers in their attempt to get the property turned around and stabilized. The property continued to struggle and underperform through the management changes. In particular, our immediate predecessor as manager seemed to have reversed the meager gains that had been achieved at the property previous to their engagement. When we were brought on as manager occupancy had fallen to 65%, 31 units were down and uninhabitable and the property was in physical disarray. Further, financial reports had not been completed in six months. The owners were extremely frustrated with the prior manager’s performance and the turn of events at their property in the preceding six to twelve months, all made worse by their distance from the property.
In the initial 45 days of the assignment we poured time and resources into assessing the condition and needs of the property. We dedicated a senior property manager to the project and she spent most of the first 45 days personally on site. Beyond the needs assessment, the initial focus was on tenant engagement to stem the flow of tenants leaving the property due to frustrations with management responsiveness and the property’s condition. We also interviewed the on-site staff to determine which if any should stay with the property. We hired a new on-site leasing manager and began training. An operating budget was produced and the monthly financial report was issued on time at the end of the first month. Finally, a plan and budget was developed for getting vacant units rent ready in time for the spring leasing season.
By the end of the second month on the assignment operations at the property were materially improved and the chaos that we inherited was subsiding. The tenant exodus had abated and we were receiving positive feedback from tenants for the improved attention to their needs and the condition and cleanliness of the property. Much remains to be done to get the property to the level that the client desires but they were very quickly made comfortable that the foundation was being laid for the achievement of their goals as is evidenced by the quote below sent with a bouquet of flowers near the end of our second month on the job.