New Manager, New Lease Up, New Perspective Needed

Hi All -

I'm fairly new to the management position, however leasing is in my heart/blood and has been for years. I was a top seller in my previous company for many years and had the leases piling up. I recently took the step into management with a new company. They recently bought an unloved property and are putting the blood, sweat and tears (mainly mine) into a complete rehab. It's an amazing company with great knowledge and support of me and the property. I feel truly grateful and humbled by their faith and confidence in me to run the property and lease it up, however I do feel a little lost at the moment in getting it leased up. I feel like I need some fresh ideas, or inspiration to change my thinking, I feel like fresh air is just not hitting my brain recently.

A little about the property, we are outside of the largest military instillation in the world, easy right? Not so much!! The community has been unloved for many years, previous management was renting out apartments for under $300 per month and most of the residents hadn't renewed in years, month to month, coming and going as they pleased. Of course most left when the new company came in and required renewals, raised rents and really took control/ownership of the property. The rehab is well under way and the changes are amazing!! The insides of the units were given a complete overhaul... new everything. The outsides are no different… I do mean the whole 9 yards on this beautiful property.

I believe in resident retention just as much as prospects. A good word from your residents goes just as far as new marketing. We do the normal online marketing (i.e. craigslist, apartmentguide.com, forrent.com etc..) and outreach to the base, outside community and businesses, but jump starting the lease up and changing the property’s perception in the outside community is a hurdle I have yet to overcome. I really want this property to be successful and really come to the life it was meant to have! I am in need of some fresh perspective!!

What a beautiful story! I'm going to tell you a secret...YOU are the fresh perspective.

Great customer service from people who are excited about the property and really care about the tenants needs are the best asset you have right now. Those poor people have been neglected right along with the community.

I would do an a campaign to invite people in to see what's new. People are nosy and would love a few open houses with door prizes.

Create a mystery. I saw an ad campaign once that was just white space with "It's Coming" and "March 25th It Will Be Here"

Good luck with the new property. Sounds like a challenge you are ready for!

Patience Grasshopper. It will take a while. You might find it beneficial to do some journaling, graphing, or checklists so that you don't lose track of all the changes that are happening. Sometimes it's hard to see them when you are right in the middle of everything. I bet you've already accomplished a lot that you don't realize.

Keep your enthusiasm and you'll make a huge difference!

Best wishes!

I did take the idea of the journal, but in the form of Facebook . Everyone is on social media and on their phones constantly. The property did not have a Facebook until this week. I have taken to a photo journal of sorts showing the progress from day to day on major changes. It makes me excited to take the pictures and I get so excited to upload them. Granted we are on day 3 of Facebook and I'm the only like...lol it will take time and word of mouth to get it up and running more.

Thank you for the advise and support!!!

If anyone wants to follow the photo's you can see them here:

www.facebook.com/baycolonyapartments

It will take some time for your property to be seen from a new perspective. Not just the external or internal elements of change, but the heart of the property's new management in serving your residents and offering great customer service! Be steadfast and persevere. I think a renewal campaign offering a renewal reward for your residents to sign a 12 month lease will not only express gratitude to your residents for renewing with you, it will incentivize them to do so and help you reduce significant turnover expenses. As you consider renewal campaign options to help you in your lease up, consider AIM Cruise Incentives that has a cost-effective renewal campaign with a 5 Day Cruise Vacation for Two with Free Marketing Materials. You can offer your residents a luxury cruise vacation with a $1798 value for around $150 per certificate, with the cost being offset with savings on turnover expenses. This can help you jump that hurdle you are struggling with to market your property in your community. Resident referrals are golden so the cruise will really help during lease up.