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  • Steven Fletcher

How We Keep Units Filled

The lease-up process is one of the most important components of a real estate project but often doesn’t receive the attention it needs.

Longer lease-ups equate to more holding costs and compressed returns.

The length of the process is predicated on 4 items:

1.) Location

2.) Condition

3.) Pricing

4.) Responsiveness of the leasing agents

How do we ensure a smooth leasing process?

-Seek out locations where people want to live and will pay premiums to do so (prime locations make everything easier)

-Provide thoughtfully renovated apartments.

-Ensure our pricing matches the market (anybody can list their units for $500 over market rates, just prepare to have empty apartments as you hold out for that higher price tag)

-Have a killer team of leasing agents with an embedded sense of urgency (they receive a commission based off the rental rate of the unit and are incentivized to fill apartments as fast as possible)

-Take really good care of common areas, walkways, and exteriors (first impressions are important and recurring cleaning/landscaping shows existing residents we care)

-Run a tight tenant-screening process (thorough applications, credit checks, background checks, multiple references)

One bad tenant can affect a whole property, let alone returns.

We have a full checklist for this to ensure every detail is reviewed and that we’re positioning ourselves to avoid evictions.

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