Redevelopment partners with Operations to reimagine possibilities, redesign living spaces redevelop communities, provide more value to our residents (and therefore drive higher rents).

Roles, Goals, and Objectives

• Redevelopment is the easiest source of embedded growth within the portfolio
• When the redevelopment process is not proceeding as set forth in the spreadsheet, it is critical that feedback is escalated per the flow set forth in the spreadsheet.
• Each step within the redevelopment process (unit turns, major redevelopments, amenity upgrades, patio extensions, etc.) requires multiple parties—those who provide input and feedback (green boxes) and those that have the ultimate responsibility and authority to make decisions (red boxes).
• Redevelopment production has increased 3X in the last three years, meaning that communication among groups and clarity or roles, responsibilities and authority are critical.

Job Aids and Internal Communication Templates

• The success of the renovation depends on effective communications.
• Templates make communicating with Project Managers easy.
• Weekly meetings are critical.

Marketing

• Remember to update photos and marketing collateral throughout your community's makeover.
• Order notices, banners, and invitations that attract attention and build excitement.
• Feedback matters. Use J. Turner and Kingsley surveys to connect with current and prospective residents.
• Keep in touch with residents through social media. Monitor your online reputation.
• Put your best foot forward. Model in box, crisp grounds, and clean amenities are all part of what makes your makeover extraordinary.

Resident Communications

• Set expectations so resident complaints do not go viral
• Keep current residents informed with project updates.

Pricing    

• Ops drives Pricing  
• After adding amenity codes remember to email Revenue Management to Recalibrate Pricing
• During renovations keep an eye on Sustainable Capacity Settings to prevent large negative price fluctuations
• Yieldstar staleness settings impact renovation pricing. Keep make ready dates updated.
• Feedback is valuable. Record comments of prospective and current residents and report back during pricing calls.

FileMakerPro

• FileMaker is crucial to the success of the Renovation Program and Asset Management
• Accurate and real-time updates are essential to the success of FileMaker
• If something seems wrong or there is uncertainty with FileMaker then email (filemakerhelp@essex.com)
• FileMaker is meant to be a database of renovation information, a reporting tool and a line of communication between Operations and Redevelopment