A property’s performance is measured by two components. The ability to generate revenue and the ability to control expenses, resulting in the Net Operating Revenue. Revenue is the product of rent collection. Rental revenue generated by occupancy and related fees are the driving forces for revenue generation. Without effective rent collection, achieving an occupancy goal […]
Again and again we see referrals as a top contributor in our source of traffic to our property. We monitor the reviews and encourage satisfied customers to share their experience. Even with a growing range of virtual advertising providers, the leading influencer in not only sending visitors to the property, but also visitors that make […]
Many property management reports focus on occupancy. Every week we analyze the number of move ins and the pending preleases. But our progress is undermined by the number of move outs and the pending move out notices. Here’s the value of our lease renewals. The number of lease renewals is every bit as important as […]
Understanding the places where prospects learn about our property is key to influencing our advertising dollars are spent. We have an opportunity to increase the occupancy at our community simply by the conversations we have with local businesses. We can create referrals. Referrals are a growing contributor to the sources of traffic at an apartment community. […]
Imagine a leasing consultant returning from an apartment tour. It’s an apartment with a less than great view, it’s been vacant for 45 days. It’s on this weeks focus “hot” list. The manager asks, “How did it go, did you get a deposit?” The leasing response, “Great, they didn’t even comment on the view! They’re […]
Every manager and leasing person has experienced the frustration when a new resident challenges a policy or clause in their lease. I didn’t know: -The non-smoking policy would apply to my guests. -I had to have management approval to have a pet. -There would be a penalty if I moved outt before my lease is […]
Does your property offer “Just Right” pricing? If its an affordable property, it probably does. This unique perspective is often overlooked. Leasing presentations usually focus on regulations and the administration of the policies in the affordable program. Instead we can place the focus on the applicant, offering personalized service. Not unlike a sales person in a clothing or shoe store. […]
Leasing apartments involves a series of “first impressions.” What does the prospect think: -on their first drive through of the property. -meeting with the leasing team. -touring a furnished or unfurnished model. -lastly, their first visit to their new apartment home. Anyone with much property management experience will tell you; the memory of a bad […]
Some of the most dreaded words from a prospect in a leasing conversation are, “I’m not planning to move right away, maybe in a month or two, or six months…” We want to create urgency. Our apartments are vacant now! We need move ins now! Leases signed! Commitments today! Too often, the reference for a future […]