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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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