Case Studies
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Three Willows Townhomes
- The Need
- Thalhimer identified an under-occupied but well maintained Luxury Townhome Community. Market data gave all indications that the property should be able to support additional rental income for the investors through increase occupancy and rental rates.
- The Approach
- All current leases were audited and analyzed to determine which residents were consistently late payers and which residents were paying well below market rental rates. Many of the late payers' leases were not renewed and renewal rates were brought closer to market rent. A new manager specializing in marketing and closing techniques was hired and a new marketing plan was initiated, including outreach marketing to local businesses and aggressively marketing our competitors' existing residents and prospects.
- The Results
- Coordinated a complete lease-up of the property, becoming 100% leased AND occupied within 120 days. Increased renewal rental rates, replacing poor paying tenants with paying ones and all units being occupied, substantially increasing the revenue the property generated for the owner. A greater emphasis was placed on resident retention for those residents that had good payment history, reducing turn costs.
