How do you eat an elephant? Or, how do you lease A LOT of vacants? | National Apartment Association

How do you eat an elephant? Or, how do you lease A LOT of vacants?

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:

  • Pick one address for each vacant floor plan, with the most in the floor plan with the most available, but no more than 5-7 total
  • Select various floor levels
  • Have varying price points
  • List the actual address, and maybe some of its unique features
  • Put the most expensive at the top!
  • When one leases, don’t redo the list. Instead write: NO LONGER AVAILABLE!
  • If you have a floor plan that is totally leased, list it anyway, with the words, WAITING LIST ONLY!
  • Be diligent about updating the list at least weekly, more frequently if needed, and only giving prospects this list – not a “generic” pricing sheet

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.