Blog Post

ORANGE BUNGALOWS APARTMENTS CASE STUDY

Jun 26, 2018

Orange Bungalows Apartments is a six-unit complex located in Costa Mesa’s East Side neighborhood. Our executive team was able to locate the off-market deal thanks to their relationships with local brokers. They also managed the refinancing of the owners’ current assets for the purchase. Paying cash, the owners had a $200,000 renovation budget.

Work Completed

In addition to the deferred maintenance, the property received:

-Helical pier stabilization for three units, two new concrete slabs, and concrete foam injection

-New windows and sliding patio doors for all six units

-Exterior paint and stucco repair

-New garage doors for each unit

-New landscaping, monument-style mailbox structure, irrigation, exterior lighting, and new fencing for each unit

-Interior drywall

-Full interior renovations including granite/quartz countertops, paint, stainless-steel appliances, wood-like flooring, and light/plumbing fixtures

Despite the scope of these repairs, our project management team came in under budget following the year-long remodel. They were instrumental in acquiring excellent vendors and negotiating fair prices for all of the needed projects. In addition, much of the interior remodeling was completed in-house by our professional maintenance team, saving the owners additional labor costs.

The Right Management

As a result of prior mismanagement, rents were approximately 52% under market upon purchase. Following the remodel and leasing efforts, The Management Works doubled net operating income – adding $400,000 in valuation for its owners. The property is now fully leased and cash flow positive. Our professional managers keep a close eye on the area’s market rates for when lease renewals become eligible. We are proud to say that our residents opt to continue renewing with us. They feel the location, amenities, and value of these units are exceptional.

If you are in the market to purchase commercial real estate but don’t know where to start, let The Management Works guide you through the process. Hopefully this case study shows that we are able to acquire, remodel, and manage any size project for you. For more information visit our “Contact Us” page to either email or call our corporate staff. They will help you identify the next steps to acquire a new property or improve the ones you already own. Contact us today and see how we are improving the way our residents and owners live!

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HOW THE MANAGEMENT WORKS IS STAYING VIGILANT AGAINST COVID-19

By Sarah B • 15 Feb, 2021

As COVID cases continue to impact Southern California, The Management Works is staying vigilant and taking all possible precautions through the coming winter months. There are many different measures that The Management Works has implemented since the start of the pandemic to keep residents and team members as safe as possible. All CDC guidelines are followed when interacting with current residents, prospective residents, and vendors. One tool which was previously in place for the convenience of residents turned out to be extremely helpful once the virus hit the United States. The Managements Works utilizes an online portal where residents and owners can easily access online statements, update renter’s insurance, and pay rent. Important maintenance work is also able to be effortlessly requested on the website. All leasing offices are closed to the public to minimize in-person contact, so we have increased our online and phone communication to stay responsive and helpful to residents. To protect our staff and eliminate unnecessary exposure for residents, we have confined our maintenance work to emergency requests only. When our staff does need to enter a unit, a PPE (personal protective equipment) is worn for the entire duration of the project. All maintenance work is completed with the utmost care and precaution. Before entering a unit to begin work, managers will check with residents to ensure they are feeling well and have not been in contact with anyone who tested positive for COVID-19. Work orders can always be rescheduled if necessary. Maintenance work areas are sanitized, and new sanitizing equipment is provided regularly to employees. Face coverings are worn by our staff for the entire workday, both inside and outside, to protect residents and team members. Prospective residents still need to be able to view potential apartments before deciding, so we have many 3D virtual tours available in an attempt to limit the need for in-person viewings. If someone still requests an in-person tour, we provide a lock box code which is changed daily. All units are also disinfected between viewings.

Example of survey response from a resident reading

PRIORITIZING RESIDENT FEEDBACK

By Sarah B • 14 Nov, 2020

At the Management Works, our biggest priority is ensuring that our residents are happy with their homes. We seek to improve wherever we can and foster an environment of open communication with everyone living in a property we manage. One way we facilitate this is by surveying our residents after they move in, after they move out, and following maintenance visits. Using our online platform, residents can easily give a star rating out of 5 and answer a few questions. This provides a straightforward way to track how our residents feel after each important interaction, while simultaneously allowing us to see where we might improve. By providing an almost effortless way for residents to give feedback, we find they are more likely to respond and offer constructive comments. Property managers read through these surveys and track progress over time. We often reach out to individual residents following the surveys if they were not satisfied with any part of the moving or maintenance work process to ensure we fully understand their concerns.