Leasing up a new-construction property is among the most challenging tasks in property management. And with supply at record highs, you may be especially daunted by the prospect of filling your new property with residents in your allotted timeframe.
But with the right plan and tools, you can turn an empty building into a thriving community. Here’s how to make your next lease-up a success.
1. Understand your competition
As in sports, you can’t build the right game plan without knowing what you’re up against. Research your local rental market carefully to understand the asking rents within your neighborhood and building class.
If you’re an Apartments.com client, ask your sales representative for rent comparables reports. You’ll gain insights into your competition’s asking rents, vacancy rates, occupancy levels, and more.
When you know what your competition is doing, not only will you be able to price your units appropriately, but you’ll also be better positioned to highlight your strengths relative to the other properties in the area.
2. Develop a strong brand identity
Stand out from the competition by showing renters who you are and what you stand for. With a clear brand identity, you can tell your target audience a compelling story about your community life and values.
For example, if you want to attract renters interested in your fitness-related amenities, emphasize wellness and an active lifestyle in your messaging. If your operations include eco-friendly practices like green building design and recycling, highlight sustainability as a key value. Other values might include convenience, luxury, or pet inclusivity.
Reflect your brand identity throughout your marketing efforts. This may include your property name, logo, brand fonts and colors, website, community description, and apartment tour talking points.
3. Highlight your top amenities
Amenities can make or break a renter’s decision to sign a lease. So, whether you have an Olympic-size pool or stainless-steel appliances, show off the best perks your residents will enjoy! If your amenities vary by apartment, use your Apartments.com listing to showcase the unit-specific amenities in each available unit.
To target your marketing to your local market, ask your sales rep for local insights reports. These quarterly reports about renter search activity show you the top amenities renters in your area are looking for.
4. Offer virtual tours and videos
Did you know that over 40 percent of renters look for an apartment outside their metropolitan area? Give renters access to as much information as possible from the comfort of their own home. Virtual tours and videos let renters explore your apartments from their computer or phone.
That’s essential whether they live out of town or just don’t have the time to tour every community they’re considering.
The more renters know about your community, the more likely they’re going to be serious about leasing when they do reach out to you for more information.
5. Upgrade your advertising package
When you’re leasing up a property, you need to get residents in the door — fast. To meet your occupancy goals, advertising is key.
Consider selecting a higher-level advertising package during the lease-up period to gain access to increased exposure, targeted ads, and unique features like unit-level detail that help your units stand out.
When you don’t have much time to fill your empty units, you need to get the highest return on your advertising dollars.
6. Actively manage your online reputation
Curb appeal isn’t just about a fresh coat of paint and immaculate landscaping. Your digital curb appeal can be just as, if not more, important.
With overwhelming 98 percent of consumers saying that reviews are essential to their purchasing decision, make sure that your property has positive reviews.
While this may seem challenging in the case of a lease-up, it’s not impossible. Reviews should be part of your broader marketing strategy. Make sure your leasing staff is actively soliciting reviews, including during the leasing process, and don’t forget to respond to any reviews you receive to help build credibility.
7. Prioritize customer service
Make your future residents feel welcome from their very first interaction with your team. Completing a lease-up can be stressful for leasing staff, so train your team on how to consistently provide a high level of customer service. Welcome renters in with warm smiles, a friendly demeanor, and prompt responses to their questions.
A roadmap to occupancy
With a strategic marketing plan, you can successfully meet your occupancy goals — a win for property owners and residents alike. Remember, when you execute a lease-up successfully, you’re not just filling units. You’re also creating a thriving community that will continue to build a positive reputation and draw in new residents.
Looking for personalized help with your lease-up? Reach out to your local sales representative from Apartments.com to assist you in the process.
What is Apartmentology?
Your source for multifamily insights, Apartmentology brings you the latest data and analysis from industry experts.
