Topic: From student housing to conventional

I have been a leasing consultant for almost four years (I'm 23). I started college full-time during my first year. My first properties were a "C" (462 spaces) property with a "D" (72 unit) sister property in student housing; both properties were over 30 years old.

I stayed for two turns and leased + renewed very close to 40% of the "C", only 13% of the D (however, their emphasis was always on the "C" property since it was bigger and a little nicer) during my first 4-6 months. My first week there, the other two leasing consultants quit. We were budgeted for four maintenance technicians', had three, two quit but thank god the maintenance supervisor was the one who did not quit.

It probably stayed this short staffed for 2 1/2 months with leasing and a little more time for maintenance. I scheduled, called delinquents, leased, put my files together correctly, executed marketing ideas that lead to more leases,scheduled make readies and strived extremely hard for long lasting resident retention. I eventually left because I felt confident enough to be able to leave and receive higher pay for my knowledge at a better property with higher pay. I left and went to an A+ student housing property:
-862 unit
-Less than two years old
-Beautiful, barely any maintenance requests
-A full sized gym, one large pool and three smaller
-Blah, blah, you already know. I could go on and on

We used Onesite's RealPage at my first properties and we used that + LeaseHawk at the A+ - a pain but a great way to keep up with every piece of traffic that comes through and records phone calls that are easily accessible. Very good training tool at the very least. I stayed for about 5 months and at the end of the day, I wasn't as happy as I was with the lower class properties. And it was also a big company with well over 100 acquisitions and developments. The property was so easy to lease and I didn't feel like I was busy enough. I liked feeling pressured and actually executing what everyone was holding their breath for - I felt very accomplished and I missed that feeling. I did gain VERY good training and techniques I will always remember at the A+ property. I hope to become a "floater" with my current company and experience A,B,C,D properties on a regular basis in order to experience different management styles, training techniques, cliental, etc,.

I started at a new company at a class "C" (312 units) and it's sister a "D" property (103 units) in multifamily housing two weeks ago. I'm having a hard time pumping myself up to lease these properties. My first properties I worked for were right by Louisiana State University (geaux tigers), so there had always been the selling point to students that tailgating is right across the street, and the most popular student bars are near by - this was actually the case for the C/D properties; the upgraded units were VERY DECENT for amazing prices. The A+ was a bit further away but it had the whistles/safety features to fill in the tour time with the students and their parent(s).

I really need help with selling points asap for those of you with familiar with C or below multifamily housing. I really want to impress this new company who is relatively small but growing rapidly.
A few things:
-The rent is flat rate
-We are located in the district that intercepts with three of the best schools in town and they are are elementary, middle, and high school. Pretty good luck.
-D property was section 8 two years ago
-$30-$75 monthly discounts
-Units randomly have washer and dryer hook ups, don't have washer and dryer hookups, and a few have washer and dryer hookups with stack ables in the units.
-The person who has been there the longest (four years) and literally knows everything about each unit is leaving in two days
-Delinquency is over 50K or more a month
-The accountant giggled today when I asked it was more than 50k a month with both properties combined, so I'm guessing that means it's a LOT more than 50k

I appreciate the responses.

Thanks,
r_u_n_

Hey! I actually started at Commons/Crescent by LSU (Geaux Tigers). If you're willing to share (or message) the property info, I would be willing to look at the website to help.

Also hopefully you tried to soak up a ton of knowledge from the person that just left. As much as you could!

Hi

I wanted to clarify your current job title and responsibilities.

How is the manager?

Do you utilize reviews websites?

Have you looked at your property reviews yelp Apartment Ratings etc?

Do you guys out source market with anyone? With who?

What is the current demographic like?

You mentioned Sect 8.. do you still have some on property? How many?

Whats the competition like?

When touring, what objections do you recieve?

How does the market window look?


I have a ton of experience with multi-family C & D properties as well as A+ properties... I would love to help!

Im in California, however I know marketing very well. And took over a property, that had 80k delinquency, 90% on month to month leases, average loss to lease was between $400- $500, occupancy was extremely low sitting at low 80's, and still had Sect. 8 residents. All surrounding market was A & B properties 20 to 15 minutes away.

Our property was in a bad area with a not so good school district.

They let go of previous manager and owners wanted to sell. I had to do a complete turn around in 7 months yo8 make it sellable.

What is your property info? I would like to look it up...