Gelt Inc. Vernon Vista Remodel





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Uploaded on Jan 31, 2010

At Gelt Inc. we strive to create a paperless, technologically innovative, and more transparent real estate investment company that provides safe and affordable housing for our tenants.

Yesterday we had a piece about us come out in the San Fernando Valley Business Journal. We would like to thank Eric Billingsley for covering our story. Click here to view the article in its entirety.

Since our acquisition of the 78 unit property called "Vernon Vista" in Bakersfield we have been keeping extremely busy getting bids and preparing for all the work that has already started and will continue on the property.

Model Unit

We created a beautiful model unit to show to prospective tenants because the property did not ever have one before. A potential tenant will immediately know how handsome their home will look like when fully furnished. There is a much deeper emotional connection walking into a nice smelling warm home rather than a stark, bleak, and empty unit.

Rebranding the Property's Image

We believe the property needs an entire makeover to improve the quality of tenants we attract. The first step in doing this is by improving all the deferred maintenance issues such as the wood rot on the outside panels of the building. We will be making the buildings "pop" with incredible street presence by painting the paneling, fascia, doors, fences, light posts, carports, and other items on the property. We have been working with a couple of designers to pick the best colors that will cater to our target demographic.

Removing deadbeat tenants was an immediate first step we took. The other day we finally were able to get the sheriff to perform the lockouts which were the culmination of the eviction process to get two units vacated.

Overhaul of Existing Laundry Facilities

Having working laundry rooms is a must on any property. When we took over Vernon Vista there were many machines that were inoperable. Tenants were getting really fed up with the poor service that they were receiving. We immediately signed a contract with a local laundry vendor that will be supplying brand new "green" washers and dryers. We are redoing the original thirty year old flooring that had holes in it, replacing counters used to fold laundry on, and adding other amenities in the facilities.

Safety of Our Tenants is a Top Priority

Security is extremely important for us and our tenants. Trespassers have been kicking in the laundry room doors and vandalizing the laundry units. We have now installed a much sturdier door jam and motion detectors in these laundry units and the leasing office to prevent these break ins.

Remodel of the Management Office

The management office was in poor shape. It has white walls that are filthy, carpet that is dated, and little else. We will be doing a complete overhaul of this office. We are installing vinyl plank wood floors, adding new tract lighting, adding French glass doors, removing the ugly "popcorn" textured ceiling, painting the walls, and adding all new furniture. We are also adding a computer, fax, wireless Internet, and a copy machine to create a space where tenants can come and use it as a business center. We also bought the onsite manager a computer so she can communicate with us via email and scan all rent checks with a direct deposit check scanner we are receiving from City National Bank.

Signage is Vital in Attracting New Tenants

To attract new tenants we have added colorful 17 foot banners, signage, balloons, Craigslist ads, newspaper adds, and some good old fashioned guerrilla marketing. We have been posting "special coupons" in local retailers and business offices in the area to give the employees in the community an additional rent allowance if they move in. Going door to door has been extremely effective and our hard work has already paid off. We have peppered the area with our new colorful brochures that have our professionally designed new logo for the complex. This is part of the re-branding strategy.

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