A Metric client achieved his goal of acquiring his first multifamily asset at the end of 2019, and quickly was awarded a second community. The prior management company was never able to stabilize the assets, regularly billing excessive payroll as well as many "surprise" expenses. Metric took charge and within 30 days raised market rents 15%, brought the portfolio from 70% occupied to 100% occupied, while concurrently managing exterior renovations, all while keeping billable payroll at less than $300/unit/year.
Strategic Repositioning Of a Troubled Asset
Metric was tasked with marketing and leasing training and consulting on a newly acquired asset in a tertiary market in the dead of winter, occupied at a dismal 30%. Strategic development of a new brand was executed, with an "artist" theme that complimented the "artist" area of the city where the property was located. A call for artists to incorporate local art in the common areas was picked up by media, resulting in a wildly successful, and quick reputation boost to support re-positioning and leasing efforts. The eager, new investors had aspirations of managing the community first hand, but the efforts made and momentum in place, earned Metric an asset management consulting contract on a permanent basis.