In the multifamily industry, peak leasing season presents unique opportunities. For wealth managers, family offices, REITs and other owners of multiple multifamily communities, partnering with property management companies to optimize leasing strategies is crucial for maximizing occupancy rates, tenant satisfaction, and ultimately, investment returns. Here are some actionable tips on how owners can partner and collaborate effectively with their PMCs to achieve these goals during the busiest leasing time of the year.
1. Build strong relationships with PMCs
The foundation of effective property management and leasing strategies lies in the strength of the relationship between owners and PMCs. Open, honest communication, regular feedback, and a collaborative approach to problem-solving can significantly enhance the effectiveness of your strategies during the peak leasing season.
2. Set clear goals and expectations
Before the onset of the peak season, property owners and PMCs should come together to align on clear, achievable goals. These should include specific occupancy targets, tenant retention rates, and desired levels of tenant satisfaction. Establishing these goals early on provides a clear direction and sets the stage for a strategic approach to leasing.
3. Optimize the leasing process
The leasing process should be as streamlined and renter-friendly as possible. This means ensuring the application process is straightforward, response times are quick, and all renter queries are addressed promptly and professionally. Most PMCs now leverage digital solutions, such as online applications and e-signatures, to facilitate a smoother leasing process.
4. Don’t lose focus on resident retention
Attracting new residents is important but should not be the only focus during peak season. Retaining existing residents is all the more cost-effective and stabilizes occupancy rates. Remember, current residents may be considering a move during the peak season. Offering lease renewal incentives can also be a strategic move at this time. Additionally, owners and PMCs should discuss resident retention programs that focus on resident satisfaction, such as timely maintenance, community events, and responsive communication.
5. Regularly review performance metrics
Another best practice for owners is regular check-ins with PMCs to review performance metrics against the set goals. This includes analyzing occupancy rates, resident retention rates, average time to fill vacancies, and resident satisfaction scores. These metrics will provide insight into the effectiveness of the leasing and management strategies and highlight areas for improvement.
6. Encourage continuous improvement
The multifamily industry is dynamic, and what worked one season may not be as effective the next. Owners should encourage PMCs to stay informed about industry trends and resident preferences. This includes exploring new technologies for property management, adopting innovative leasing strategies, and continuously improving the resident experience.
7. Invest in marketing and advertising
An effective marketing and advertising strategy is key to attracting potential tenants. Owners should work with PMCs to ensure that marketing efforts are not only robust but also targeted. This includes leveraging digital marketing channels such as social media, email marketing, and SEO optimized property websites. High-quality visuals, virtual tours, and compelling property descriptions can significantly enhance the appeal of your communities to prospective tenants.
Rent. is the Multifamily industry’s all-in-one marketing platform. 100% focused on multifamily and offering solutions across every major marketing channel.
For more information on how Rent. can help you and your PMC crush your leasing goals this peak season, reach out!
Related Posts
