Why are leasing agents incentivized to acquire new renters but not to keep existing ones? I’ve never really understood this strategy from an operator perspective.
Also, why are existing residents not offered similar concessions to renew leases as new residents are to move in?
Would love insight here.
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Ecoclearsolutions.net
At EcoClear Solutions, we pride ourselves on providing reliable
valet trash services
for apartments across the Dallas Metroplex. With years of experience in the waste management industry, we specialize in eco-friendly valet trash solutions designed to enhance convenience...
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Waffle House is a favorite guilty pleasure for many of us. (I love a sausage, egg, and cheese grit bowl. Drop your favorite dish in the comments.)They have iconic subway tile on the walls with a black and white checkerboard border as decor. I have it seared in my brain from the many visits I have across multiple states to the "awful waffle" over the years. Can you picture it? So in your rental units many a customer has served up t ...
Anyone work at a non smoking community where management/ owners-refuse to enforce policy? We have received photos of residents smoking thru out the property yet they don’t want us to send violation letter or fine and won’t change policy to a smoking accepted community.
Good morning wonderful professionals, I hope everyone is well. Now that the tariffs are live, let’s dive in the real estate components that will be effected.
New tariffs on essential construction materials are expected to drive up costs for both residential and commercial projects. Materials such as aluminum conduit, structural steel, lumber, and steel decking have already been experiencing inflationary pressures, with price increases of up to 12.5%...
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Everyone seems to be talking about Work Place Cultures and how bad they are. A broken workplace culture can be challenging, however it's necessary for the well-being of the team to fix it! By openly acknowledging the issues & working together to find solutions, we can improve morale, trust, productivity, & retention.If you're looking to change the culture, here are some tried and true methods that can help you make a positi ...
Social media has never been more powerful. With its unparalleled reach, it connects, entertains, informs, and builds relationships. As the world changes, so does the way people interact online. If you want your social media content to remain relevant, you need to understand the shifts in user behavior and tailor your content to meet today's needs. Whether you're a property manager, owner or developer, here are some tips for connecting with renter ...
Revenue-Generating IPTV for Multifamily: Harnessing Bulk Stream Technology in 2025As the demand for seamless, high-quality entertainment continues to rise, multifamily property owners are discovering a golden opportunity to enhance resident experiences while boosting their bottom line. Enter Revenue-Generating IPTV for Multifamily—a cutting-edge solution leveraging the latest bulk streaming technology to deliver premium television services across ...
Boost Occupancy and Retention with One Simple...
Struggling with low occupancy, resident retention, or expense management in multifamily? It’s time to rethink your approach. In this video, Steven from Chasing Tomorrow reveals why focusing on process—not outcomes—is the key to sustainable success and great teams. Learn how the words you use shape your team’s focus and how a simple language shift can transform your KPIs. Here’s what you’ll discover: Why obsessing over outcomes like leases and...
Asking for a friend. What would be your best advice to someone who is starting a new lease up as a Manager with no lease up experience?
Hire Zest and train the rest!
If you have a resident event budget- use it. Get your residents connected to each other so that they help you to "sell" the building.
Utilize all tools and technology available to you to their fullest as they will help you in the long run even if they take up a little more time in the beginning (ex.- Realync for apartment level video tours to add to your website. Customers can "self-tour" before coming in which should cut down on the number of apartments your leasing team has to show). There's so much more I could go into (I'm in marketing and have done the marketing for over 20,000 units worth of lease up over my career). I will share... Show more
Curious: are you seeing a higher demand for luxury living in multifamily or a more simple - efficient workforce housing within your local market? What sector do you prefer as you are building your company's portfolio?
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On today’s episode of property management…. 😂
Good morning wonderful professionals, I hope everyone is well. The latest maturity data from MBA recently shows $4.8 trillion in outstanding commercial real estate mortgages, nearly $1 trillion is set to mature in 2025, with majority including MF and office loans.
Last year’s report indicated that $575 billion in loans were set to mature in 2025, whereas this year’s report shows $960 billion—an increase of $385 billion. This suggests that a...
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Let's talk challenges with converting leads. 🗣️ What challenge do you find yourself constantly facing? Vote on the poll below for a chance to win a $50 gift card from our friends at
BetterBot
! 🤖
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Strategic planning, excellent systems, successful marketing, and a growth-oriented mindset are all necessary for scaling a real estate brokerage business. The following thorough guide will assist you in growing your brokerage:Create a clear strategy and visionEstablishing a clear vision of your current state and desired future state for your brokerage, as well as the course (strategies) you will follow, is essential before beginning any scaling a ...
When California law Assembly Bill (AB) 2801 goes into effect this spring, onsite and maintenance teams will face additional complexity regarding move-ins, move-outs, and security deposits.The mandate requires landlords to take photos of rental units before and after a tenant moves in. The law also requires landlords to provide these photos to tenants along with any itemized deductions.As we in the industry know, what starts in California often qu ...
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For those of us that have been in the industry for years, you’d never think concessions on a renewal however, if you have someone paying above any market rate that you’ve been able to achieve recently, then it makes complete sense to offer a concession to stay and also make them feel valued.
Much or the time new move in lease rents are often much higher than renewal rents . So guving a concession for someone to renew may not make much sense to an owner who can spend a little money to turn and release at a higher rate. However there is more to this complex equation as sometimes it takes several thousand to flip or even have vacancy.
Renewals are complex and should not be handled nonchalantly. There should be a lot of training and sales skill put into the art kf the renewal strategy. Which js why many large companies are centralizing this function in an effort to retain as best as possible for the maximum amount that works.
And retention rates are usually budgeted at about 50%.
Our company offers renewal commissions that are then split between the staff, so there is some incentive for the leasing staff.
We also will offer renewal incentives to tenants on a property need or case by case basis. The incentive depends on how well the property is doing and how bad renewals are needed. We do anything from a Costco membership with a shopping gift card or a carpet clean and apartment clean, sometimes even $300-$500 off rent if they sign a renewal by a certain time!
General rule, shave off your bottom 10% every year. Your lowest rents by unit type, etc. Some folks just gotta go, or pay up.
It’s not an easy job.