Call us today 1-855-847-6053

alt text

CASE STUDIES

WEST OLIVE ESTATES

Solved the infill challenge, bringing in and selling 77 homes in one year.

 

Background

The 741 site property went into foreclosure and ended up in the hands of a fund that hired a third-party to operate the community.  For three years, the fund attempted, unsuccessfully, to materially grow occupancy. Their plan involved purchasing 15-20 homes, mostly singlewides, at the beginning of every year and offer them for rent. 95% of the units were singlewides. Unfortunately, continued poaching of private homes in the community, coupled with continued escalation of rental turnover, left occupancies relatively flat at 50%.  Without occupancy momentum, the original 5-star amenity community slipped into disrepair with a 3-star status.

 

Challenge

To transition to a market-focused new home ownership-based program and invest in infrastructure and amenity improvements to create a more attractive offering.   Community upgrades and focus on double-wide homes were aimed a higher-quality, more stable customer.  In short, the goal was to stop the bleeding and restart growth of residents and property value.

 

Strategy

  • Upgrade the home quality – all doublewide
  • Invest $400K in new playground, new park pavilions, renovated office/community space
  • Move to an exclusive ‘ownership’ model, including onsite financing for all new homes
  • Communicate the need for stability, safety, concern for neighbors, care
  • Build momentum from within – resident referrals
  • Execute a very aggressive digital marketing campaign to generate awareness and excitement around the community lifestyle and homes

 

What was done

  • Brought in six doublewide model homes – all fully furnished
  • Executed a digital marketing plan aimed at converting apartment dwellers and young families away from rentership
  • Created a “buzz” – new and old residents serving as advocates
  • Invested in the community; engaged with residents to advocate for the changes in the culture

 

Results

  • 77 sales in the first year
  • 69 new homes sold – 65 doublewides
  • Achieved more occupancy gain in one year than was achieved in the previous 4 years (under previous owners)
  • Dramatically increased value of the property

 

BELLEVILLA MEADOWS

Converted a rental community to a home ownership community.

 

Background

The Property had been previously owned by nationally-recognized operator that ran into difficulty selling homes through outside finance companies. Turnover within over 200 company-owned homes started to accelerate, and with ongoing challenges of getting customers approved for outside financing (timing, logistics, unattractive terms), the company abandoned the ownership model altogether and transitioned to straight rental.

 

Challenge

The surge in number of rentals started to deteriorate the close-knit culture within the community. Owners became more resentful of less vested residents.  Quality of homesites started to deteriorate. Rental units hit an all-time high of 150, which created huge financial and personnel strain. At peak, the property was getting 6 work order requests per day. Overall, the financial strain led to less investment in the property, resident turnover increased under the rental model, and home owners started to leave to seek more stable environment.

 

Strategy

Executed a strategy to convert all renters to ownership.

 

What was done

A marketing effort was launched inside the community involving multiple touch point ownership offers to residents via phone, email and chat. Conversions were executed with limited impact financially – reinforced with great pricing that guaranteed equity at closing. Point of sale signage was used extensively (“Did you build equity today”; “Proud New Owner”) to reinforce the message across the community. Offered embedded financing through First Choice, mortgage loan originator which simplified the process and allowed almost seamless transition.

 

Additionally, new homes were brought into community infill lots. Residents became excited about the ownership culture and how that would impact the community and their home values.

 

Results

Converted over 100 renters to ownership in under 2 years. Achieved 80% reduction in work orders for rental units.   Stemmed the tide of losses in the community and, as ownership culture took hold, the property saw a tremendous uptick in new home sales. While converting the 100 units, the property also increased occupancy by 15 net units per year.

 

 

COMING SOON / WINCHESTER TRAILS

 

contact us today / 1.855.847.6053

 

four Leaf Properties offers family-friendly living, with Beautiful and affordable homes in Safe and secure communities.

 

Privacy Policy

 

Copyright © 2018, Four Leaf Properties.  All rights reserved.

Mobile home interior 1
Mobile home interior 2
Mobile home interior 3
Mobile home interior 4
alt text
Mobile home interior 4