Stout Management was hired by an owner manager to take over operations and accounting services of their property.
While occupancy was strong, rents were under market, payments were being received late, and record keeping was not sufficient for lender compliance.
Invoices were being process on property by the property resulting in inaccurate financials, bills being paid late, and budget overages. Resident payments were taken exclusively in the office and late fees were not being charged tardy payments.
On-Site Staff was performing all work resulting in high Payroll costs and a lag in work completion. Rents and Auxiliary income sources were not in line with the market and general curb appeal was lacking.
Substantial Administrative and Cashflow improvement was made without any rehabilitation or large capital investments into the property.
Bad Debt Reduction % (YOY)
Auxiliary Income Increase % (YOY)
Rental Income Growth % (YOY)