Mr. Jolayemi was one of our early referrals who was hesitant to meet with us due to a bad previous experience working with property managers. He said that they didn’t address any tenant issues, including the damage tenants were doing to the property, and that all they did was supervise activities like cleaning the compound and making sure water and electricity were available.
We learned from our conversation that he was spending more than N4,000,000 on repairs out of the N10,500,000 in rental income. He had 28 apartments, just three of which were occupied, and he was having trouble finding tenants for the 25 other apartments. He was unsure of the magic we would use in this circumstance because, in his opinion, “Are you not all the same?”
Our Intervention
Renovation financing: To fix and upgrade the apartments to meet the competitive standards of the other apartments in the vicinity, we gave the landlord renovation financing of up to N25 million. This was a crucial step in raising the property’s value and attracting high-end tenants to the property.
Property Management Service: We took over the property’s management and implemented quarterly inspections, which enabled us to identify and address any problems or wear and tear on the property as soon as they arose. This was essential to lowering the cost of repairs made when tenants left the property.
Landlord Dashboard for Property Updates: We provided the landlord with access to our user-friendly landlord app, which gave him frequent updates on the condition of his property. The landlord felt at ease thanks to this very helpful addition.
Rebranding of the Property and Vetted Tenants: We relaunched the property as a community for ambitious professionals. Professionals working for some of the best companies in Nigeria and abroad found the apartments’ amenities to be appealing. These potential tenants were carefully screened to make sure they were suitable for the property.
Increased Rental Revenue: All the upgrades resulted in a 50% increase in rent, yet despite this, we had full occupancy in every apartment since the tenants could see the value in the amount they were paying. Mr. Jolayemi’s estimated N10 million rental income from that property increased to over N15 million in the bank.
Landlord Heaven transformed the landlord from a skeptic into a brand evangelist.
Dear landlord, you no longer have to deal with bad tenants, delayed rent and unnecessary property repair costs. Let’s get you started today.
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