Lease Up Question

Hello Insiders! I need your help with something... I am trying to train our new hires on why a Lease Up is so important... I never worked at a Lease Up that was under construction... can you tell me some details? I know that as an owner you want them to be pre-leased as soon as possible for when you get your certificate of occupancy but what makes it so urgent? Is it just the cash flow of getting the rent asap?

It's not necessarily that the lease up is important but the fact that no one knows about you or the community. You are starting from scratch. You probably aren't even "Google-able" yet. You want to build buzz throughout your submarket and beyond so that people can help you fill up your new and beautiful property through word of mouth. Referrals will be your best friend, but only if you start pre-leasing and getting the buzz out there early enough so that you aren't still leasing when you have your first round of move-outs.