When Leasing Professionals have a lot of apartments to lease, it can feel a little like eating an elephant. That availability list can feel like it goes on for pages, and even deciding what to show and what to rent can be overwhelming.
So how do you eat an elephant? One bite at a time. Overwhelmed leasing teams will focus on what’s been vacant the longest. And since it has been vacant the longest, something must be wrong with it so we should lower the price, right? And TA DAA! All of a sudden that “longest days vacant” apartment leases!
Is it the lower price that caused it to lease? Maybe.
Is it also taking the list of a lot of vacants, targeting just one particular apartment home, setting a goal, and focusing on that one? Probably!
It’s taking that great big elephant and eating it one bite at a time.
The best way to eat that leasing elephant and still maintain the integrity of pricing is to come up with a “pick list” of 5-7 specific addresses that are the targets for leasing that week. Some best practices include:
The pick list helps the leasing team lease, taking the daunting number that’s available and breaking it down into chewable bites, giving them something specific to target and sell. It increases the sense of urgency for both the leasing crew and prospects. That helps maintain the integrity of your pricing, while it spurs leasing!
Need to lease a lot of apartment homes? Take it one bite at a time!
Mary Gwyn, CPM, is the Chief Innovator at Apartment Dynamics. Learn more at the Apartment Dynamics website.