The Reflections on the Lake Property was in receivership and in need of professional, experienced property management. Borror Property Management was contracted to analyze, direct and manage all of the organizational, communication, financial, and maintenance needs.
Swift action was taken to gain control of the situation. A tactical plan to rehabilitate the property was instituted and followed. Eventually, the property returned to 90 percent occupancy.
Actions Taken:
- Blitzed the project with a team from all areas of the company; leasing, maintenance, construction and accounting.
- Assessed and realigned the staffing needs.
- Located and analyzed final data.
- Inspected every unoccupied unit by a team and prepared an initial assessment of condition.
- Inventoried all furnishings; equipment, office supplies, and tools.
- Key vendors were contacted to inform them that there was a new management company.
- Tenants were given a 24-hour notice that all units would be inspected.