From 88% To 98% Occupancy In Just 3 Months – Strategic Asset Management Case Study

I remember, when I was pregnant with my first child (who will be 12 this year – geez, does the time fly!). I spent loads of time researching what to eat while pregnant, learning about what to expect during each trimester, and attending classes to prepare me for the labor and delivery. 

How much time did I spend preparing for the baby actually being here? Next to none, of course. Besides making sure we had the crib, changing table, and diapers ready. You know, the bare basics for survival. 🤦🏻‍♀️

I spent so much time worrying about the labor and delivery that that consumed most of my attention. When it actually came to pass, I realized that labor and delivery are the easy parts when it comes to parenting as a whole. 

When it comes to the world of real estate syndications, there’s similarly often a lot of focus on the initial acquisition phase – finding the right deal, stress testing the deal, conducting due diligence, raising all the capital needed, and more. 

However, just like birthing a human, when you acquire a commercial real estate asset, the true hard work – and the part that will separate a good deal from a great one – is the work of managing that asset (aka, the parenting part).

And when it comes to asset management, you should know that we prepare our systems and teams well in advance so that everyone is ready to hit the ground running starting day 1. 💪

To give you a peek behind the scenes, let’s take Encore Metro at Millenia – the 215-unit class A multifamily asset in Orlando, FL, which we acquired in December 2023, as part of Goodegg Wealth Fund II.

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Behind-The-Scenes: Asset Management At Encore Metro

Our work in managing this asset started well before the deal closed. For several weeks leading up to the acquisition, our team remained in constant communication with the boots-on-the-ground property management team, ensuring that they would be armed with the right information, tools, and strategies to help us meet our goals.

Our philosophy has always been to support the boots-on-the-ground team as much as possible, to give them the tools and guidance to help them be successful in managing the property from the frontlines.

In the first couple of months after acquisition, our team visited the property several times, with a careful eye for detail regarding everything on site. And by everything, we mean everything.

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The “Front Door”

We started by meticulously working to nit-pick and fine-tune every little detail to make the “front door” (aka, leasing to prospective residents) as pleasing and attractive as possible.

When it comes to leasing, all the senses matter – smell, vision, touch, hearing, and even taste. What is the initial impression of the leasing center? Does it smell good, is it neat and enticing, do we have pleasant low volume music playing, and do prospective residents leave the office with something that tastes good (candy, cookies, etc.)? It all matters.

Similarly, with the model and vacant units, how do they affect all the senses? How does the path you take to the model look and affect the senses? Is there dust or a smudge on the furnace? Most prospective residents will open the furnace closet – just like most people buying a car will open the hood. They usually don’t know what they are looking for, but they will know whether its tidy and clean – it all matters.

When we initially took over this asset, our team found a lot of items that had been deferred from the previous owner, due in part because it had taken several months to close on the acquisition. We saw things like trees and bushes up against the buildings that needed to be trimmed, irrigation heads leaking, erosion, and a path worn in the grass leading to the mailbox lockers.

We immediately tackled these larger items, as well as countless other smaller items, bringing everything from the tiniest details to the overall feel of the property up to the highest standards. 

The “Back Door”

As we saw momentum with the front door leasing endeavors, we started working on the “back door” (aka, lease renewals), placing laser focus on everything we could to increase lease renewals in order to bump up our retention rate of existing residents.

A big part of lease renewals is working together with the boots-on-the-ground property management team to show residents that we care. This includes attention to detail at the property, timely communication, patience, and respect – and not just in the weeks leading up to a lease renewal, but all year round.

It’s this careful attention to detail and approaching everything with a level of care and compassion that leads to raving reviews like these:

⭐⭐⭐⭐⭐

The best condominium, very clean and harmonious. I loved the service provided by the rental office, all the consultants are very friendly, and the maintenance service was also very efficient. Thank you so much for working with love! 👏🏻🤩

⭐⭐⭐⭐⭐

I have loved living here for the last two years. The apartments are nice and taken care of, work orders are done quickly, the and assistant manager, and manager are super nice and friendly. 

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Did We Hit Our Goals?

We set a goal of 97% physically occupied by the end of April 2024 (after acquiring the property in December 2023), which would be a big lift, since we had reached a low of 88.4% occupancy in early January, with a 30-day forecast of 88.3% and a 60-day forecast of 87.4%.

These lower numbers are often seen in the months after an acquisition, which is why it’s critical to be ready with a strong asset management plan, leadership, and systems from day 1. 

Because of our diligent work day after day and week after week in managing this asset, we are happy to report that, as of mid-April, we were 98.6% occupied with a 30- and 60-day trend of 98.6% and 97.67%, respectively. Goal eclipsed! 

What This Means For This Asset Moving Forward

This strong momentum allows us to manage from ahead (rather than scramble to try to fill units) as we lean into the busy leasing season ahead, giving us a huge advantage and head start.

On top of that, because we set high standards and put strong systems into place early on in the management of this asset, that means we’ve built a strong foundation that bodes well for our ability to continue to hit our goals and execute on the business plan for the duration of the hold time.

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Our Asset Management Promise

This careful attention and care is not just something we give to select properties. It’s something that we bring to every asset we acquire, and the strategic planning begins well before closing day.

Over the years, we’ve certainly seen our fair share of sticky asset management situations, but here’s our promise to you as an investor. In every asset we manage on your behalf, we will always bring 100% of our focus, dedication, experience, and commitment.

We will maintain high standards, even when things get tough. We will do everything we can to arm ourselves and our teams with the right information and tools to make the best decisions we can for the health of the asset and for your investment.

We can’t promise that we will always meet or exceed projections on every asset, but we promise to give every asset everything we’ve got, to give it the best possible chances to thrive.

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Want to invest alongside us? Take a look at some of our current and upcoming offerings.

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Next Investing Steps

If you’re interested in partnering with us to acquire great assets and have us apply the same asset management principles mentioned above to create strong returns and create a win-win for all, we’d love to have you!

As a first step, we invite you to join the Goodegg Investor Club, so we can keep you in the loop on insights, as well as opportunities to invest alongside us in real estate syndications, if that’s the right fit for you.

You can also check out our open deals page to learn more about our current or upcoming opportunities.

Learn More

If you’re not yet ready to invest but are curious about how all of this works, we invite you to dip your toe in the water with us through our free 7-day email course – Passive Real Estate Investing 101

You can also get a copy of our book – Investing For Good – or check out our Life & Money Show Podcast.

To learn more about us and our experience, be sure to download a copy of our track record, which shows the projected and actual returns we’ve achieved across all the deals we’ve exited to date.

Connect With Us

If there’s ever anything we can do to help you on your journey, feel free to email us at [email protected]or call / text us at (888) 830-1450.

Want To Invest With Us?

You're invited! Join the Goodegg Investor Club to get access to our open investments and to stay in the loop on upcoming opportunities.

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