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As the regional real estate market has been quite volatile recently a very detailed analysis of the market at the specific location is fundamental. We generally create a task force for all management projects we are about to take on (consisting of employees from the Vista Venture AG). This task force carries out a detailed analysis of the administration transfer process and determines short term goals based on the specific type of real estate and in collaboration with the owner/real estate investor
We have consciously refrained from only including pictures from property administrated by us at this point, as we feel that the main thing is the performance in numbers and not just the “mere management” of the property.

The error process analysis of previous administration assignments allows us to determine at the start (as early as the offer phase), which regulation mechanisms have to be implemented to give the real estate investment a kick start – that is, create a position on the market with a lot of future potential. Our general in-house approach can be found under the menu heading “Investor”

There follow a number of case studies / references from recently carried out administration assignments.

Case study Berlin-Hellersdorf

Residential and commercial complex with around 1,600 rental units.

Administration as part of insolvency administration.

In the first few days of administration the specially created Vista Venture AG “task force” analysed the baseline situation (current state). In December 2009 it was as follows:

  • 5-6 storey concrete building, mostly in an unrenovated state
  • approx. 20 % of units without tenants
  • Loss of rent amounting to around 8 % of yearly rental income
  • Very difficult tenants
  • No assessment of the development of the property

We then coordinated all measures that needed to be implemented immediately to ensure the improvement of the administrative situation of the property with the asset manager responsible for administrating the insolvency process. As a result all a goal-oriented management of payments and rents as well as business and budget plan for the medium term were immediately set up, approved by the owner and implemented by us in the following months.

The first results came in after only one year. By January 2011 we could determine that

  • The number of empty apartments had been reduced by 10 % in one year to 9 %
  • Loss of rent had been reduced to below 1 % p.a.; of these many critical cases were still in legal proceedings (and therefore could not be derecognises at that time)
  • Considerable amount of the outstanding payments from previous years had been processed
  • “Bad apples” had been exchanged for paying tenants

In the following year the on-going measures were strengthened, so that the number of empty units was reduced to 5 %, while the average rent (minus extra costs) was stabilised and expanded, resulting in a clear increase in profits.

Progress regarding units without tenants

Due to the reduction of the number of tenant-less units and a stricter organisation of payment management profits increased by around 20 %.

Increasing potential yields

Please contact the asset manager responsible for the insolvency administration as a reference:

Marburger Strasse 2
10789 Berlin
phone: +49 30 236 313 7-0
fax: +49 30 236 313 7-1

Case study Berlin Steglitz

This case study involves a residential and commercial building with around 90 units. Our administrative goal here was to analyse the following problems and find a solution:

  • Lack of transparency by the previous administration, particularly concerning tenant relations and rental deposits
  • Dealing with a considerable lack of maintenance (putting the property at risk)
  • Setting up a so far non-existent reporting system

After assessing the baseline condition we gave the owner some suggestions for dealing with the abovementioned critical issues. This included:

  • Introducing the Vista Venture AG standard reporting system with some necessary modifications
  • Creating a maintenance and service plan for the medium term

Please contact the following address for references:

Siepert IPM GmbH
Mrs. Regine Siepert
Angermünder Str. 1
10119 Berlin
Tel.: +49 30 939 361 69

Case study Berlin-Marzahn

This property containing around 1,900 rental units has been managed by Vista Venture AG since 1st January 2009 on behalf of the insolvency administrator.

  • An average of 0.4 % of units without tenants subject to fluctuations
  • Continuously monitored and increased rent that currently lies at around 5.43 EUR/m2/month (basic rent without heating)

By consistently applying our rental, maintenance and business management approach, this property has been practically “fully rented” for years, with a outstanding payments making up only around 0.3 % p.a. of the yearly expected total rent.

Please contact the asset manager responsible for the insolvency administration as a reference:

Marburger Strasse 2
10789 Berlin
phone: +49 30 236 313 7-0
fax: +49 30 236 313 7-1

Case study Schwerin

Administration of a large residential property in Schwerin with:
1,050 rental units

In this case we also spent the first days analysing the baseline situation (current state):

  • 27 % of units without tenants
  • No attempt by the previous administration to reduce the number of tenant-less units, to assert warranty claims as well as reduce the number of receivables

After the intensively carried out baseline analysis we determined a reasonable budget for new rental contrasts in collaboration with the owner as well as a strategy to reduce outstanding payments. After a year the results were clear:

  • Reduction of the number of tenant-less units by 12 % in a year
  • Processing of outstanding payments from previous years
  • Processing outstanding warranty claims

Please contact the following address for references:

Kondert & Mainka GmbH
Mrs. Mainka, Mrs. Noerenberg
Pfalzburger Straße 72a
10719 Berlin
Telefon: +49 30 887 151-0
Telefax: +49 30 887 151-10