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​Genesis Properties Inc.


Genesis​ Properties was founded in 1977.  It has redeveloped and managed hundreds of single family homes and apartment complexes in Richmond and the surrounding areas.

Since its inception, Genesis Properties mission has been to manage and develop real estate for the benefit of the resident, employee and investor in an environment based on trust, excellence, integrity and teamwork.  Genesis now manages approximately 1500 luxury apartment homes, 625 moderately priced apartments in addition to 100 plus single family homes.

Genesis is privately owned and operated affording quick real-time decision making and a personal touch with its residents.  Today, Genesis Properties is a fully integrated Real Estate company specializing in third party fee management of multifamily apartments homes.  Our goal is to increase maximum value for its clients and investors.




​FEE MANAGEMENT


Eight reasons to select Genesis Properties Inc. to manage your property



1.  Good property management is about solving owner’s problems. When Genesis starts with a new owner the first thing we do is look at the property from the owner’s perspective so that we can understand exactly what we need to do to make the property more profitable. In addition to being a great property management company, we are also great problem solvers.  

2. Every property that we manage has its own website. It is custom designed with the owner so that our website attracts new residents. We do this through search engine optimization (SEO) based on popular industry terms and the owners geographic location.  All the websites are designed to be professional and it easy to find the right apartment quickly for the web user.  We constantly update the information and we specialize in quick search functionality.

3. We have built a great online reputation and have one a number of awards for being a leader in the apartment management industry.  See what other property owners say about our service and reliability.  

4. Every owner is provided with access to an owner portal to see up-to-date owner statements online and verify the status of their properties. This can be obtained 24 hours a day.  No waiting for monthly reports with Genesis Properties.

5. We offer all of the modern payment options to our residents so that we can quickly receive an owners monies which results in a higher rate of timely payments. Today's residents want options and convenience of paying online. In addition when Genesis employees are not having to spend time manually processing paper checks and money orders they can spend more time marketing and filling  owner’s vacancies.

6. We protect our owner’s investment by requiring residents to provide liability insurance.  Accidents happen more often then we prefer, and Genesis makes sure our owners are protected.

7.  Genesis uses web based property management software using the most modern software tools which streamlines owner processes. The less time we spend shuffling through paperwork, filing, and mailing paper statements the more time we have to concentrate on maintaining and marketing an owner’s property. A good example of this is that all maintenance personnel have smart phones and/or tablets whereby they receive, process, and report progress on all work orders. This saves them a tremendous amount of time so they can spend more effort in keeping the property in great repair to attract more qualified residents.

8. We use the latest pricing so we can help owners price their properties for maximum revenue. Rent comparison tools help us analyze rental prices with comparable units across markets and geographical regions. This puts us ahead of the competition by maximizing revenue and displaying the properties premium status to the marketplace.  This definitely assists us in capturing the most rental revenue for our owners.  We maximize the value of the owner’s investment so when it is sold the owner reaps greater profits.




WHAT TO EXPECT:​​


Home Case Studies:



First Case Study:


​The Task or Challenge


An adaptive rehab of an old tobacco plant in Petersburg into 149 upscale one and two bedroom apartment homes was floundering.  For three years after the property was converted into apartments under the guidance of two management​ companies, the occupancies were very low and the investors were having to pour cash​ into the investment to meet obligations.  When Genesis took over the management, the occupancy was 49%, vendor accounts were seriously delinquent, services were not being performed and the property was in near default.​

The Solution and Approach


​​​​​After a serious review Genesis changed the staff and hired the best seasoned professionals to manage and promote the property.  After considerable study of the market, we began a new marketing and promotional campaign to reposition the asset to appeal to a new target market.  Traffic increased immediately.  We than changed the APR by increasing the rents so the owners would be paying all of the utilities.  We than restructured vendor accounts so services would be satisfactory performed and finally we had to re-make the many vacant apartments that had not been turned so they would appeal to our new clientele.  We moved the Leasing Office so new residents coming through would see the most beautiful aspects of the building.​


The Result​


Genesis increased occupancy from 49% to 85% in five months and within eight months had achieved 95% occupancy.  Even with the i​ncrease in utility expenses, Genesis reduced overall expenses by over $1000 per unit and increased NOI significantly​ turning a struggling property into a financial success.



Second Case Study:


The Task or Challenge


An adaptive rehab of a 1903 ten story historic office building that had floundered for years was converted by the developer into 57 high end luxury apartments, offices on the first floor of the building and retail in the balance of the building and in the lower levels. It was strategically located and easily assessable to local businesses, restaurants, and interstate but had no parking for residents and street parking was very limited. It also had few amenities to appeal to upscale sophisticated residents who wanted more than just a place to live.  Genesis was hired to lease up the new apartments at rents above what the market was getting at the time of construction.

The Solution and Approach

Genesis developed a comprehensive marketing plan with brochures, huge banners and balloons on A-frames promoting the buildings history and its grand opening date.  A comprehensive marketing plan was developed with brochures and flyers to reach out to area churches, local and national businesses, and city and state government employees.  Parking garages in the area were contacted and parking deals were negotiated which was crucial to the success of the property.

The Result​



Genesis reached 92% occupancy within six months of completion despite the fact that it was marketed during traditionally the slow leasing season of the year.  Even though some concessions were given to residents  the overall Net Operating income was above projections because rents acheieved were greater than projections.  This ensured the owners of an excellent return on their investment.


Third Case Study:



The Task or Challenge



Genesis was hired to manage a 214 low income housing project that had been renovated earlier unsing low income housing tax credits for reseidents making no more that 50% of the median income.  Crime and safety was a tremendous problem which caused vandalism and safety issues for the residents and their children  It was an excellent property in an undesirable location. A notorious public housing project backed up to property and it had been foreclosed and boarded up.  The owner was receiving no  return on his investment. In fact he was having to heavily supplement the property to keep it afloat. . Many of the units had not turned and were not ready to show or rent.  The outside was not being attended to and had a very unattractive curb appeal.  Our challenge was to keep the existing residents happy so they would occupy the property even though rents had to be increased by 30% for all new residents


The Solution and Approach


Immediately Genesis personnel made an assessment of the units in the complex and the surrounding community.  They spruced up the property, turned all the units within 30 days, applied paint and other cosmetic improvements. They also evicted trouble residents and hired a private firm to temporarily police the property to create an environment of safety and security.  The Genesis Team than developed a successful marketing plan immediately, revised and updated the website and begin an extensive target marketing campaign

The Result​



Within six months Genesis had turned the property around. The occupancy was 94% and the property was producing a Net Operating Income that gave the owner a reasonable return on his investment. Because of this result Genesis is now managing two of this owners other properties.​



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