Case Study
Maximising Rental Income on Gloucester Street
Project Scope
The property on Gloucester Street, managed by another company, was in average condition, leading to inadequate rental income.
Solutions Applied
- Proposal to Owner: Suggested renovations to improve property quality, including paint, carpets, kitchen work, and compliance upgrades.
- Comprehensive Quotes: Provided detailed cost estimates and potential rent increase projections to the owner.
- Renovation Execution: Managed the renovation process, ensuring the property met "Healthy Homes" standards with new heat pumps, curtains, etc.
Positive Outcomes
- Increased Rent: Successfully raised the rent from $300 to $420-$425, marking a significant income boost for the owner.
- Quick Tenant Placement: Secured a new tenant within weeks, even before renovation completion.
- Owner Satisfaction: The owner, upon visiting the renovated property, was extremely satisfied with the improvements and management.
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