Arterra, Altus Properties

Kansas City, Missouri
2019
Introduction

During the first five months of opening Arterra’s doors to new residents, Altus experimented with different management solutions, ranging from in-house management to outsourcing to an alternative property management organization. Unsatisfied with the results from previous providers, Altus made a strategic decision to find a new management company. Upon discovering Asset Living, they quickly realized this was the right partner, not only for their new development, but for their entire portfolio of properties. Altus tasked our team with improving Arterra’s occupancy and existing reputation in the market, which suffered as a result of high prices paired with unfinished touches.

Services
Capital Improvements
Talent & Compliance Training
Market Research
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Zimmerman property lounge area with apple computers
The Problem
  • Overcome outstanding warranty issues and unfinished amenities 
  • Ensure competitive pricing of floor plans
  • Navigate staffing changes while enhancing the level of resident service
  • Improve value perception and reputation within the market

Our Solution
Leveraged J Turner Research to establish a baseline of organic resident and prospect feedback

To better understand the pain points of Arterra, Asset collaborated with J Turner Research, a reputation management firm, to create a tailored resident survey and gain feedback on the property, staff, and level of satisfaction from current residents and future prospects. Their survey exposed prospect concerns and resident needs, empowering the Asset team to create a customized plan that would best address past concerns while serving the property moving forward. 

Completed unfinished on-site projects and analyzed unit pricing

One of the first steps in Arterra’s new plan was to perform an extensive market study. The study uncovered discrepancies between pricing trends and the property. Afterwards, we used the findings to ensure each floor plan was priced competitively in a way that both attracted potential prospects and aligned with ownership goals. Asset also worked with a developer and general contractor to oversee the delivery of unfinished amenities and completion of outstanding warranty issues, handling everything from timeline forecasting to budget planning. Through these in-depth measures, Arterra was not only brought back to market standards but was also prepared for a successful reintroduction into the Kansas City market. 

Led comprehensive staff training to create a new, more positive resident experience

Prior to partnering with Asset, Arterra’s multiple transitions of management companies had  resulted in loss of staff. The Asset team took the opportunity to onboard top talent from our network, as well as re-orient existing staff around Asset’s high standard of service. Through extensive Grace Hill staff training and ongoing in-person site visits, Asset helped create new and improved property standards. This included strengthening follow-up procedures for prospects and promoting resident communication through regular newsletters and weekly updates during the first 60 days of takeover, a critical time period for Arterra. 

Translated the enhanced resident experience to superior online reviews 

After outstanding issues were resolved and any concerns unveiled during the survey were addressed, Asset implemented resident referral incentives to encourage online reviews and reinforce Arterra's exceptional level of service. Within the reviews, many referenced great customer service, impressive communication, and prompt attention to resident needs. Asset leveraged these well-earned reviews for ongoing marketing campaigns such as digital and social ads, which increased brand awareness and led to increased leasing and occupancy.

Alexander B.
Altus, Managing Director
"
Resident reviews are extremely critical to today’s consumers. After struggling for a while, Asset has done exactly as they promised –– improving our review standings and, as a result, driving new leasing opportunities."
The Results

Asset took over management five months after Arterra opened its doors for residents. At that time, Arterra was 6.3% occupied and 12.7% preleased. After 120 days under Asset’s management, Arterra was 48.4% occupied and 54.8% preleased. In addition, Asset’s management resulted in: 

A leading online presence, as recognized by:

  • #2 ranking in Kansas City metro area for online presence
  • Elite top 1% for J Turner’s 2019 ORA Score – Online Reputation 
  • Over 50 online reviews, averaging a 4.9 Google rating just two years after opening

A positive word of mouth reputation that earns the property an average of one referral lease per month (10% of the property’s annual leases)

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