How Do I Get.My.Code.To Sccess A House Rently A Case Study – Del Val Turnaround of 47 Rental Units

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A Case Study – Del Val Turnaround of 47 Rental Units

Del Val Realty & Property Management (“Del Val”) took over property management duties for a group of 47 rental units in Philadelphia and New Jersey in 4 separate buildings in August 2015. At the time Del Val took over , the buildings are managed by a real estate agent with little or no support.

Buildings have many collections and maintenance issues. When we took over, the buildings were 81% occupied and had over $150,000 in unpaid rent. Additionally, it takes months and even years to realize that buildings have extensive deferred maintenance and almost every unit needs new paint, carpet/flooring, new/upgraded kitchens and more. general upgrades. Common hallways also need work to make them welcoming to tenants. Basements are full of years of junk left behind and need several clean outs. The exteriors were also damaged, and the landscaping needed to be redone.

Del Val took over and began upgrading the vacant units with paint, carpet and other improvements. We also spend a lot of time and effort to get all buildings up to code from local city and state regulators. We cleaned the outdoor areas and did extensive clearing of trash from basements and storage areas. This allows tenants to have access to their storage areas and reduces the risk of fire.

We will then raised the rent $25 to $50 on any unit we rent. We also give existing tenants a new 2 year lease with rent increases every 3 months to bring the rent up to market rates. We also increase the rent on each anniversary of the lease.

This process has been going on for over 3 years now and here are the results.

FY2016 FY2017 FY2018

Income $351,000 $385,000 $400,000

Net Income $114,000 $198,000 $270,000

Living % 81% 98%

Average Rent $700 $780

As you can see above, revenue has increased every year, but the real improvement is the bottom line of net income. Net income more than doubled from $114,000 to $270,000. This is a result of occupancy percentage from 81% to 98% and increasing the average rent by more than $80 per unit in the last 3 years. We have also completed many deferred maintenance items and now maintenance costs are down by over 50% with money falling to the bottom line.

The improved net profit more than doubled the value of the buildings to the owners.

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