How to Lease During a Down Market
Digested from Multi-Housing News
By following processes and remembering other important basics, managers can navigate lease ups in tough environments.
With the apartment industry’s sustained run of success, some leasing agents and community managers have never worked through a down market. But eventually things change. When they do, that apartment managers leasing new construction need to be ready, according to LMC Regional Marketing Director Megan Mahoney in Multi-Housing News.
“Regardless of market conditions, it’s always advisable to have your website operating about 60 days prior to the delivery of the first home, a leasing manager exclusively dedicated to driving leads and a leasing professional who can assist with lead generation,” Mahoney writes. “All collateral, temporary signage and marketing materials should be ready to go. Weekly team calls that foster timely transitions and a seamless process are a must.”
Mahoney also tells apartment managers to meet with their teams 60 days before a leasing office opens. That should give the onsite team 30 days for outreach marketing, which includes getting to know the surrounding community, local companies and chamber of commerce. At LMC, Mahoney says teams can also develop relationships and start conversations about the community, such as sponsoring pay-it-forward events at local restaurants.
Finally, Mahoney stresses the importance of developing a budget ahead of time, which grants managers a layer of insurance. “Do the work up front to know what the average PPC budget is in certain markets, understand the average lead volume from each ILS in that market and have a good understanding of your potential variables,” she writes. “The work you do ahead of time will help your team avoid budget overages.”