Asset Management, Sale Preparation, 84 Units, Tax Credit Dane County, WI

The owners had been trying to sell this building off and on for, unsuccessfully, for years. When Vy took over, the owners were using bank loans to cover the expenses. At one point, they had Vy shoveling snow and unclogging toilets because there was no money to hire vendors. In just 6 months, Vy had it turning a profit and the owners had secured a buyer.

• 26 past due recertifications, some almost a year old, caught up in 30 days
• 70% occupancy increased to 100%, increasing revenue
• Evictions filed on delinquent tenants, negotiated stipulations to catch up delinquencies
• Lowered overhead cost with comprehensive spending analysis
• Renegotiated vendor contracts, increasing revenue
• Implemented security deposits, decreasing unit turn over costs
• 5-day notices for all lease violations were posted regularly and strictly enforced, curbing overall compliance issues
• Pest control infestation cured with proper protocols & better vendors allowing occupancy to rise
• Implemented new tenant charge backs to lower costs and address tenant complaints
• Implemented new policies in order to incentivize residents to pay delinquent balances and pay rent on time.
• Refinished leasing office for better customer experience
• Addressed curb appeal and dumpster crisis by implementing schedule and goals to maintenance staff, lowering junk removal fees
• Addressed complaints of noise and marijuana in hallways by monitoring closely, issued non-renewal to all guilty parties to increase resident retention, lowering turnover costs
• Reduced turnover costs with cost-effective materials and different vendors
• Successfully improved tenant-management relations
• Strict lease renewal policies put in place, lowering delinquency
• Neglected capital projects planned, organized and executed
• Ultimately created a desirable investment property leading to sale