TOPIC: The do's and don'ts of lease ups

The do's and don'ts of lease ups 2 months 2 days ago #52963

Absolutely this!!! I just completed a lease up that didn’t have parking established and it became a nightmare once we hit 100%.
  • Nicki Johnson
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The do's and don'ts of lease ups 2 months 2 days ago #52964

There are no firm dates of when a brand new apt will be ready.
  • Leandra Rocafort
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The do's and don'ts of lease ups 2 months 2 days ago #52965

Don’t get ahead of yourself. The owner always wants to push leasing even if they know the dates are unreasonable for completion. Be ready to overcome objections - even though it’s new construction, prices still need to be competitive. I usually shop the competition to see exactly what I’m up against and real prices (market surveys aren’t reliable). Basically look at the 5 P’s of property management, smile big, and be prepared to close every prospect. Ask for the sale (are you ready to submit your application today?) and follow up with everyone who doesn’t apply at least 3 times (twice via email and the final contact should be phone). I did 2 lease ups last year in Raleigh and since I was prepared, all units were occupied within 45 days. All leases were signed within the month. 22 units at one property and 64 at the other. I love leasing - always have - and with the added challenges of covid I felt even more accomplished when I approved the final application and completed their move in. Good luck
  • Stacey Pichette
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The do's and don'ts of lease ups 2 months 2 days ago #52966

Don’t offer upfront concessions…
  • Jamie Bentley
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The do's and don'ts of lease ups 2 months 2 days ago #52967

Do your best to build a working relationship with the construction supervisor before/ during the turnover(he can be your best friend or enemy). Ask for the vendor list. When you receive keys, walk all your units as they are turned over to management! I would suggest making a walk sheet for every unit (turn on all facets sinks /tubs, appliances, etc.) Feel free to message me anytime!
  • Shonda Lloyd
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The do's and don'ts of lease ups 2 months 2 days ago #52968

Excel notes excel notes excel notes
  • Stacey Wilson
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The do's and don'ts of lease ups 2 months 2 days ago #52969

Yeah do one mock up final walk as the standard and leave it at that. Utilize maintenance as much as possible instead of construction team. Get maintenance to coordinate with construction team in final turnovers for faster smoother process.
  • Richard Stone
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The do's and don'ts of lease ups 2 months 2 days ago #52970

When managing your leasing targets and actuals keep a keen eye on the inventory, ensure its all moving at the same pace (relative to delivery of units). I.e. By bedroom size, floor level, the posh locations vs the dog locations... If not you'll be left with all the less appealing homes or the most expensive options at the end and struggle to acheive stabalization. Also management of lease experations!! Year two and beyond can be just as hard as lease up if your not looking at the long term impacts.
  • Charla Neta
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The do's and don'ts of lease ups 2 months 2 days ago #52971

Definitely agree with giving a window of dates instead of firm completion dates too far in advance. It avoids so much headache (for the staff AND new residents) of scrambling to rearrange move ins and schedule new dates. Also, it can be really overwhelming to have too many move ins scheduled on the first day a building or set of apartments is delivered. Yes, everyone wants to move in ASAP, but not only will you be stressed on the day of, you could be kicking yourself down the road if, for some reason, they do not renew. Then you have multiple move outs on the same day a year later and a big drop in occupancy % all at once.

Also, we did a lot of move in specials and leasing incentives to increase leasing numbers. We had **amazing** owners that would spend money left and right for us to do exciting events, giveaways, etc. And yes, everyone loves it and it’s so much fun at the time. But it’s important to keep in mind that you won’t (realistically) be able to keep up that elaborate momentum forever. Especially when the property stabilizes and you potentially go through a sale and change in management/ownership groups. You could possibly have residents who are there from the beginning end up saying, “well, with XYZ Management they did blah blah blah for us”. I got hired by the new management company when my property sold after stabilization in January. I hear it All. The. Time. No, the other management and ownership groups weren’t necessarily “better”. We just had more monetary resources with them in lease up to be able to do more things.
  • Abby Jennings
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Last edit: by Amanda HIll.

The do's and don'ts of lease ups 2 months 2 days ago #52972

Call center. Yes, I work for one and would be biased. However, there is no time where a call center makes more sense. You are leasing non-stop, your staff is running around with more tours and people they can handle. You will miss 75% of your inbound phone calls.

They can start the interest list before tours start, and set lots of appointments for you when the staff is ready.
  • Jaime Conde
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