Tenant Management and Renovation Strategies
Turn over vacancies quicker. Fast rehab and remarketing.
Analysis of occupants in the units. Are there too many? Are the correct tenants living there?
Zero tolerance policy for late rents, especially on low paying tenants. 3-day notice and straight to eviction or negotiate a move-out.
Negotiate buy-outs with lower paying tenants in rent control property
Rehab for new lease program or relocation of current tenants to rehabbed units in the building.
Cancellation of Section 8 contracts and re-renting at market rate.
Rehab – Research what kind of unit finishes will achieve the highest rent in a sub-market, such as wood flooring in Hollywood.
Rental increase pass thru program from City of LA
Improved tenant screening to reduce evictions
Conversion of non-conforming units to conforming units.
Generate Additional Income
Laundry – Sign laundry lease with bonuses or re-work existing contract.
Storage – Find ways to put storage on the property and charge tenants
Vending – Install machines on bigger buildings
Cable Contracts – Talk to companies about contracts
Parking – Develop ways to add parking/install secure garage doors over existing spaces higher rents.