Apartment Leasing

With 2020 firmly behind us, apartment owners and operators have reasons to be optimistic about the road ahead.  To cite just one example, consumers by and large are maintaining healthy credit profiles. The pandemic has undeniably presented major economic challenges for many, but the average credit score in the U.S. increased by 1% (seven points) in 2020, according to Experian. This statistic suggests that many consumers could be well positioned to sign new leases and renew their current ones as 2021 unfolds. And as apartment owners and operators prepare for the recovering economy, it’s critical that they have access to data and tools to navigate the market intelligently, while mitigating as much risk as possible. "Future-Proofing Your Rental Playbook" outlines several ways apartment companies can strike the right balance between meeting the current and future needs of prospective residents while also protecting their portfolios.  The e-book recommends operators take the following three steps as soon as possible:  Implement tools that will allow prospective residents to have a fully digital leasing experience. During the pandemic, prospects undoubtedly grew fond of being able to navigate the leasing process from their homes. Accordingly, apartment owners and managers should think of these capabilities as long-term investments and always seek sensible ways to reduce friction in the leasing process.  Use technologies that reduce risk and prevent fraud. Emerging from the difficulties of the past year, operators understandably will be laser-focused on processes and procedures that build and maintain occupancy rates and mitigate the chance for financial losses.  U......

All industries are increasingly embracing and investing in crisis management planning in case of emergencies (i.e. disasters, crimes, health issues, etc.). It can be hard for on-site teams to know what to do for residents during a crisis. It’s challenging not to get caught up in the what-ifs and what to-dos. While I’m sure you have a crisis communication plan in place, think about the overall tone, flow, and timing for how each message will be perceived and delivered. How can you emphasize and ensure your message is communicated properly? One way is to double down on digital communication efforts - it's the safest, most convenient way to keep on-site staff, current and prospective residents informed and safe. It’s nothing you haven’t heard before that in times of crisis, leasing teams should over-communicate updates to residents. And, video, email, resident portals and a wide range of other CRM/marketing technologies can help communicate information quickly and safely to employees, prospective and current residents so they can fully grasp your message when you need it to be heard. How to Incorporate Video and Email Into Your Crisis Management Plan When preparing how to provide updates and instructions to employees and residents, below are suggestions to make your communication efforts more efficient through video. Communication efforts should be transparent: While preparing communication efforts, be honest with employees and your residents about the situation. This ensures everyone has the most up-to-date information regarding the crisis and what protocols should be followed. Leasing teams can create a video saying ......

Fall is fast approaching and you know what that means. Budget season! As you carefully calculate your property management budget for 2022, it’s a perfect time to consider ways to improve your property and resident experience.   To help you be strategic with your finances, we’ve compiled a list of the top three things to budget for in your 2022 plan:  1. Amenities2. Resident Retention3. Property Technology   Amenities Due to the COVID-19 pandemic, your residents are spending more time at home than ever before. As a result, residents are prioritizing different amenities for 2022. This is a unique opportunity for your property to stand out by including more of what today’s renter is looking for.  Desirable community amenities include: • Coworking space: Accommodate the growing work-from-home trend and foster community at your property by adding a coworking space. • Onsite storage: Over 31% of Americans say they wish they had more storage space. Capitalize on this by turning any underutilized space into storage for rent.• Outdoor amenities: Appeal to renters with upgraded outdoor amenities like rooftop patios, dog parks, and community gardens.• Guest parking: Improve the day-to-day lives of your residents by renovating or expanding your parking to accommodate visitors.    You can also increase your property value with in-unit amenities such as: • Onsite laundry: In-unit washers and dryers are a top priority to renters. Although it requires an upfront investment, your rent revenue can increase up to 20 percent!• Heating and cooling: Improvements to your units such as central air conditioning ......

No longer a far-fetched concept reserved to sci-fi movie plots, artificial intelligence is now an indispensable tool in your prospects’ daily routines. Think about it: Chances are you’ve posed a question or two to your favorite AI assistant today, whether that’s Google, Siri, Alexa, or else. Maybe you needed directions to a meeting, store hours for the nearest pharmacy, or a rundown of your calendar appointments — and you had no time or desire to read through a website, call customer support, or click through a handful of dashboards. You wanted answers in seconds, and AI delivered it.  Likewise, the tenants you’re trying to attract have a serious digital addiction and craving for instant answers. It’s why AI leasing assistants are no-brainers in delivering measurable improvements in conversions, engagement, and revenue.     Below are five ways an AI Leasing Assistant will bring more tenants to your properties: 1. Satisfy consumers’ craving for easy self-service and instant gratification Today’s consumers expect the same ease, immediacy, and anytime/anywhere access they enjoy from online retailers and media platforms. Fail to deliver those experiences and they’ll jump ship to a more responsive website, sinking your profits. Astute multifamily property marketers understand that to remain relevant and profitable, they must compete on the battlefield of user experiences, often measured against the ease and speed of Siri or Google. AI Leasing Assistants make that possible.   Speaking of speed and ease, todays’ consumers also don’t want to talk to a sales rep until they’ve completed some basic research, narrowed thei......

    Pre-leasing can make or break the success of a new apartment community, especially in today’s competitive multi-family market. Adding assets like 3D modeling, virtual tours, and interior renderings allow developers, property managers, and real estate marketing leaders to create more interest in their properties before the construction process is complete.   By using these tools in your marketing plans and content you are able to connect with future renters and give them the visual information they need to make a decision on whether or not your property is the right fit for them at an extremely pivotal time in their buying journey.    1) Why Would I Want a Virtual Tour or Interior Rendering? The obvious answer here is that it is literally impossible to showcase what your spaces will look like without these assets while your property is being built.  3D floor plans, virtual tours, and interior renderings give you access to digital assets that can accurately and effectively present your property's key features when it is physically impossible to show them.   2) What Makes a Good Virtual Tour or Interior Rendering? Accuracy. The purpose behind creating these assets while your property is still in the construction or developmental phase is to accurately present what the interiors and exteriors of your spaces and units will look like. The idea here is to be as close to a real photo or video as possible. Having photo-realistic visuals ensures that what future renters are seeing matches what they wil......

As everyone knows, the property management industry is constantly shifting and evolving to accommodate new technologies helping to make the lives of property managers a lot easier. Over the last few years, leasing automation has quickly become one of the most valuable additions to the industry, specifically within the multi-family community.    For those who haven’t yet experienced true leasing automation, it gives your prospective residents what they want - real-time responses and tour scheduling at their convenience. It gives your leasing staff what they need - dramatically less time on the phone and responding to e-mails, tours efficiently scheduled based on their real availability, and high-touch automated follow-ups throughout the leasing process. Multi-family property managers wear so many hats that the more time that can be saved, the better. Leasing automation is re-envisioning how prospects and management companies interact and it’s time to get on board.   It is important to understand that not every company that offers what they consider to be “leasing automation” actually has true end-to-end leasing automation. True end-to-end leasing automation doesn’t need to be regularly touched or fed information. A fully automated platform empowers the individual prospect to self-conduct the entire leasing process within constraints and guidelines pre-set by the property manager or owner. On the management side, a fully automated platform allows for tremendous cost savings, serious growth without additional staff, a significantly better experience for prospective renters, reduced on-market times, and a happier leasing staff who is more likely to stay with the company. ......

One thing that residents will always want in an apartment is as much space as possible for a rental price that they see as justified. However, many multifamily apartment homes are not known for offering a ton of features that increase storage capacity, so when a renter finds a hidden space gem, they’ll pay more for it.    Renters are very familiar with having clutter that easily piles up because of limited storage options; a main drawback of apartment living. When renters feel the need to fill up their floorspace with extra dressers and other storage containers, the livable footage of the apartment becomes smaller and smaller and their frustration grows bigger and bigger.    Providing your renters with increased closet storage capabilities in your multifamily apartment units will not only help you attract more renters, but also make your units more valuable and keep renters leased longer.   If you are looking for an easy renovation project that will increase space and storage in the apartments you own or manage, the best way is to start optimizing your closets.  Optimizing Your Multifamily Closet Space Most closets in multifamily housing units are severely underutilized with sometimes less than 50% of the functional space available being used for storage. Master bedroom closets are where the largest waste of space usually occurs. Many apartment complexes tout walk-in closets as one of the draws to rent from them; however, these closets are not used in a way that actually maximizes storage and space.   T......

That time of the year is quickly approaching — multifamily budget season! Multifamily communities and corporate teams are busy planning next year’s budget. That means marketing and onsite teams are eager to learn what existing tools made the cut, what new tools they will leverage, and what tools are no longer needed. Instead of waiting to hear from corporate teams on what tools or platforms are recommended, leasing teams could advocate for their favorite or desired tech-enabled tools. After all, leasing and management teams are or will be the ones using those tools on a daily basis. While corporate teams could comb the internet for ideas and tips, it’s always recommended that onsite teams share what really matters to them with their corporate teams. To take that a step further, prospective and current residents’ preferences also matter, which you, as a leasing professional, are the one capturing and experiencing firsthand. So let’s dive into what we feel are two of the important topics that leasing professionals can and should focus on when advocating for tech-enabled tools in their 2022 budgets. Data Doesn’t Lie If you’re looking to advocate for a technology that you either want to keep or want to get for your team, equipping yourself and your team with data is a way to move the needle on the likelihood of getting / keeping that platform. Here are a few statistics onsite teams can use to showcase why video is an integral part of the leasing process to corporate teams: Videos are s......

Apartment residents, like people everywhere, are absolutely crazy about their pets. Although it may sound cliché, renters feel like their dogs and cats truly are members of their families. The bond between owner and pet is unmistakable.   And a new report highlights the considerable financial benefits owners and operators can reap by being truly pet-inclusive.   According to the 2021 Pet-Inclusive Housing Report from the Michelson Found Animals Foundation and the Human Animal Bond Research Institute, residents in pet-friendly housing stay 21% longer than those in non-pet-friendly housing. This means operators can reduce their turn costs as well as their marketing spends because they're not having to fill vacated units as frequently. Similarly, 83% of owner/operators say pet-friendly vacancies are filled faster, and 79% say the vacancies are easier to fill.   Among the study's other notable findings:   ●      24% of residents say their pet has been a reason for needing to move. ●      14% have surrendered their pet as a result of their housing situation. ●      35% of non-pet-owning residents say they would get a pet if restrictions on their rental housing were lifted.   To better attract and retain pet-owning residents, the report recommends that owners and operators consider the following steps:   ●      Offer a free month of pet rent. ●      Waive pet deposits and instead rely on regular security deposits to cover the minimal damage that pets may cause. ●      Create an easy-to-follow screening process and pet agreement that focuses on well-behaved pets and owners. ●      Formalize the types of p......

An interesting thread caught my eye last week on the always-engaging Multifamily Insiders website. The chat, entitled: "Am I alone in thinking that the 1 per 100 rule in onsite staffing needs to change and change quickly?" stopped me in my tracks as it represented the exact opposite view that the title first suggested to me. Let me explain. It has always been the case that an average, 300ish unit community would have an onsite management team of three full-time equivalents (FTEs), usually a community manager, an assistant manager and a leasing agent. Add or subtract an FTE for each 100 more or fewer units, and you have an assumption about staffing that has been a consistent feature of multifamily operations since time immemorial. Technology and the 1:100 Ratio A conversation has been afoot in our industry for some time about how technology can break the 1:100 staffing ratio. But it's a different conversation from the one that took place last week on MFI. The participants in that thread spoke of the need to increase staffing levels to avoid burnout of onsite teams. It represented a counterpoint to the current conversation about operations and technology. For the last few years in our annual 20 for '20 white paper (where we interview 20 senior leaders in operations and technology), we have talked about a group of technologies that are radically changing multifamily operations. Smart building technology, and in particular, access control - makes operations more efficient and is an important enabler for self-guided tours.   AI leasing agents provide 24/7 on-demand handling of inbound......