Taking Over a 3-Star Property and 5 Tips to Help Turn It Around
Taking over a property with a mediocre reputation (think 3-stars) can be tough as they usually have occupancy challenges as well. Here are five tips to help turn it around and make it successful.
#1 – Takeover Party
I highly recommend this. Throw a party like Western Wealth Capital.
“Residents at the Halifax Apartment Homes were welcomed with a food truck and live music on takeover day. Drawing a crowd for a resident event as soon as we acquire the property is a great opportunity for residents to meet new on-site staff members and view plans for property upgrades.”
#2 – Address Reviews with New Management Language
Invest time in the negative reviews on Google and Yelp. Create “New Management” language that comes across as genuine and heartfelt. Use ChatGPT, paste all negative reviews, and ask it to find “Common Themes.” This will give you valuable insight as to what needs to be addressed as a whole.
#3 – Add New Management Language on the Property Website
Spend time crafting “The Perfect Copy” for your website. Since the property has a mediocre reputation, address the changes and enhancements you are making in this copy.
Consider creating a “Resident Satisfaction” plan that you can add to the website as a new page. Check out what Friedman is doing with their 5-Star Guarantee.
#4 – On-Site Team Awareness
The on-site team needs to be fully aware of any negative reviews/press surrounding the property. They should be armed with “New Management” language to help turn new prospects that call/email/tour into lifelong residents.
#5 – Turn On the Review Machine
There is no better way to combat negative reviews than to get a bunch of positive ones. Make it a team effort to ask, ask, and ask again. A prospect toured the property and had an enjoyable time—ask for a review. A new resident is handed their keys—ask for a review. Send a survey out for the positive ones—ask for a review. You get the picture. Just keep asking!
Written by Josh Grillo
Josh Grillo is a #1 Best Selling Author, Speaker and Co-Founder of Resident360.
