A story from one of our licensed property managers with years of experience of both good and bad. This one happens to be good!
I took over managing a 4-plex about 4 years ago that was pretty run down as far as the outside of the property. In talking with the owner I agreed to start making improvements to the property to increase the rental value. We gave notice to the tenants that we would be adding a storage shed and that what wasn't placed in the shed would be collected and taken to the dump if left outside the complex. This worked out really well, and the tenants were thrilled to have a safe place to store things. The next improvement was an old fence that looked like it had been patched with three different layers of wood and wouldn't stay upright if it wasn't for all the overgrown bushes and trees. All the other fences surrounding this property were vinyl and in good condition. I approached the owner of the neighboring 4-plex and asked if he would contribute half the cost to replace the fence but he declined. So I moved on to other improvements like replacing the mailbox stand and boxes and improving the interior of each unit with new flooring and paint. During this process the neighboring 4-plex sold to a new owner and management company. We worked it out to each cover half the cost of a new fence, and now there is a new fence and no more over grown bushes and trees. The place looks more livable and rent increased to market value. Persistence and patience pays off!
