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Leasing Rewards

In the early days of my leasing career, I was fortunate enough to work for a company that realized the benefits of offering a ‘hefty’ reward for perfect leasing of the property. The goal – 100% leased.  The reward – dinner.  Not just any dinner, but dinner for the entire leasing team, anywhere in St. Louis we selected and we could order anything we wanted.  Shazaam!!  This was a big deal.  Such a big deal that we pushed daily to achieve this goal.  Often the 100% leased status only last a day or two, due to applicants being denied or the inevitable cancellation, but we were still maintaining incredible leasing percentages and occupancy; all on a property with harvest gold appliances and chocolate brown carpet!  The entire team would be talking about where we would go, what we would wear and what we would order and cheering each other on to reach that goal on a daily basis. 

The cost to the owners of this extravaganza?  For a staff of 5-6 team members, at most $1,000.00 and that’s probably on the high end.  Heck, we were dining at places without prices on the menus!

The payoff for owners?  Thousands and thousands of dollars, for years to come.  At an average rent of $500.00 per month on a 400 unit property maintaining an average of 97% occupancy, tip to 100% leased, that’s a lot of revenue. But just for old times’ sake, let’s do the math.  400 units leased/390 units occupied x $500 rent per month x 12 months lease term = $2,340,000.00 annually.  More when they renewed.

The challenge of getting 100% leased and the excitement we shared was contagious.  We encouraged each other, celebrated appointments, rang bells when applications were taken, and then enjoyed a fun filled evening off property; living like rock stars, before it was back to work to again- to again get to 100% leased.  The long and the short of it - it worked.  Worked for the leasing team, worked even better for the owners.

So what does your company do to push leasing and occupancy?  What type of rewards are being offered to bring out the best in your teams leasing efforts and make projected leasing and occupancy goals?  Make rewards worthy of your teams hard work, getting and staying amped up.  The benefits will be a huge payoff for all!

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This comment was minimized by the moderator on the site

First of all, I love this blog. Second, I hope people realize that the value is beyond just money - it's not like they gave everybody a check. Instead, they gave the team an experience, which they will remember for a lot longer!

  Brent Williams
This comment was minimized by the moderator on the site

Great idea. How often would the dinners be available? Every month for occupancy reaching 100%?

  Mark Harlan
This comment was minimized by the moderator on the site

It was a great & successful experience - I remember it well and it was over 20 years ago! Our leasing percentage was reviewed by the corporate office on our weekly reports, but was the reward was offered on a monthly basis. Our property manager even made wallet sized copies of the report we could carry and show off! lol

  Laura Bruyere
This comment was minimized by the moderator on the site

Laura - I love this! I agree with Brent...definitely a memorable experience for the team. One note: the numbers you provide above assume that all prospects who are leasing are also paying. I might add a stipulation calling for a 3% or lower spread between physical and economic occupancy. That way, our leasing associates are not only going after occupancy, but after optimum rents and still focussing on collections. Again, thanks for the great idea! I think our owners would love this, too.

  Dean Boswell
This comment was minimized by the moderator on the site

I do like this blog but would like to speak on behalf of my leasing team. With the hourly rate been a average amount and the cost of gas , food and living continuing to increase. My staff prefers the leasing bonus in $$$.... They get $50.00 per lease and $25.00 per renewal if they maintain set goals they get dinner or team outing, Laser Tag or Bowling, stuff like that ever quarter. If I was to take that away from them I guarantee the moral would go down substantially.

  Tracy Zaccarelli

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