Anaheim Multifamily Transformation: An Example of Modernizing Property Management for Optimal Returns
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The Challenge
In 2023, Primior took on a compelling project: the modernization of a multifamily property in Anaheim, California that hadn’t seen a rent increase or substantial maintenance for over a decade. Moreover, none of the tenants were on leases. The owner, an elderly lady who had been managing the property by herself, was finding the process increasingly challenging, especially due to her reliance on traditional pen-and-paper record keeping.
Primior saw a great opportunity to enhance the value of the property and immediately developed a comprehensive plan to do so.
The Approach
Primior began by digitizing all existing records, a move that not only modernized the management system but also increased efficiency and accuracy. Next, they streamlined the vendor system to ensure more effective and timely services. Finally, they drafted leases and made sure all tenants signed a lease wherein both parties interested were protected.
Simultaneously, they conducted a detailed assessment of the property, which revealed a dire need for maintenance and upgrading. Primior proposed a minimal property maintenance plan that was both cost-effective and impactful, involving aesthetic and functional upgrades to attract higher-paying tenants.
Understanding local market trends, Primior also implemented a gradual rent increase strategy, ensuring it was balanced to be affordable for tenants, yet profitable for the owner.
The Outcome
Within a year, Primior signed new leases with all existing tenants and managed to increase the overall rent by an impressive 10%, significantly raising the property’s revenue. Moreover, repairs to the property’s units and common areas led to higher demand from potential tenants, thereby reducing vacancies.
This case study exemplifies Primior’s ability to transform outdated property management systems into efficient, digital platforms that enhance performance and profitability. With a keen eye for detail and a commitment to efficiency, Primior continues to maximize the value of properties for owners, even when they have been untouched for a long time, ensuring the best possible returns.
