Here is a case study of how we turned a client’s property around:
3615 Keystone Avenue
The owner purchased this building in 1996 for $370,000. He hired Touchstone Properties to begin managing the building at the close of escrow.
The building was in poor condition and the rents were below market. Additionally, the operating expenses were unnecessarily high. The tenants were taking advantage of the seller—whose management was quite weak.
The tenants were slow to pay and quick to complain. Because the seller’s management was so passive, rents were below market and instead of making needed repairs, the seller just gave the tenants rent credits.
The property was clearly mismanaged. Income and value were being lost.