5 Core Property Management Competencies That Drive Leasing Velocity & Profitability

Transcription

1

2 5 Core Property Management Competencies That Drive Leasing Velocity & Profitability JANUARY 21, :00 AM Presenter(s): Jennifer Nevitt Forty-Two, LLC, Plymouth Meeting, PA

3 The Rhythm of the Leasing Business

4 Rhythm of the Leasing Business - Governance Model 1. Live One Season Forward Next Quarter is Your Now 2. Renewal Outreach - Timing and Lease Term Alignment 3. Leasing Velocity Reaching Results by Charting Timed Activity 4. Your Payment is Now Due Proactive Scheduling / Communications 5. Seasonality Mapping Lease Expirations, Preventative Maintenance, Training, Vacations, File Audits, etc.

5 Visibility of Market Signals 1. Trends-to-Date What Should Be Happening Now? 2. When to Where How Often to Watch and What to Watch? 3. Now Trending Is It Real or Not Real? 4. Strategic Inflection Points Did NOT See That Coming? 5. Responding to the Market - Are You Flexible or Agile?

6 Driving Velocity Most companies focus on building the pipeline by asking questions like, How many calls did you make today? Velocity Requires: Increase Deal Value Increase Win Rate Source: The TAS Group Reduced Sales Cycle

7 5 Core Competencies 1. The REAL Cost of Product Readiness - Defining Net Operating Income Opportunity and Avoiding Pitfalls 2. TIME-Based Pricing - Optimizes Income and Reduces Vacancy 3. PRIORITY Waiting List Now The Demand is Real! 4. Property Stabilizers Versus De-Stabilizers - Armed to ACTION, Know Your Direction and Communicate Flawlessly 5. Tenacious Team TENURE Variables that Create Now Impact

8

9 Certified Ready Apartments - The Impact Net Operating Income Source: TheShelbyReport.com Can we afford to turn apartments right now? Is the priority to lease an apartment today or next week? How many leads are lost while I manage this one over time?

10 Assumptions of Automated Pricing That Lack Good Business Sense 1. Relevance of Time 2. Construction Factors 3. Strategic Inflection Points 4. No Pain, No Gain 5. More Effective Hybrid Pricing Strategy

11 Driving Profitability 1.Fiduciary Training on Front Line 2. Daily Revenue-Generated Activities 3. Bonus Structure That Supports the Need of TODAY 4. Friendliness and Etiquette of the Front Line Team 5. Swift, Solid Systems for Monthly Rent Collections

12 Tenant Worthiness Versus Income 1. Define Tenant Worthiness 2. Measure the Impact of Tenant Worthiness on Revenue 3. When and How Often to Measure 4. Application Approval Ratings Relative to Consumer Perceived Value 5. Impact of Denial Ratings and Conditional Approvals on Income

13 Systems 1. Lease Expiration Management - Use in Maximizing Income 2. Dynamic Pricing Daily Eliminate Concessions 3. Apartment Transfers - New Perspective on an Old Habit 4. Reservation Protocol How Applications, Deposits and Other Fees Drive Value Perception 5. Long-Term Leases and Signing Appointments Lock It In

14 Re-Think Your Wait List Strategy 1. Are you waiting to fill up before offering the priority wait list option? 2. Strategies for Early Lock-In 3. Build Value in the Now 4. Swift Apartment Match System 5. Team Mindset Coaching

15 The Importance of Privilege Fees 1. Significant Impact to Bottom Line 2. Value Perception of Client 3. Quality Control Limitations within Systems / Protocols

16 Property Stabilizers Versus De-Stabilizers 1. Lease Violations 2. Community Transfers Current Resident 3. Community Transfers Pending Move-In 4. Lease Termination Clause 5. Payment Plans Current and Moving Residents

17 Tenacious Team Tenure 1. A Great Leader is Not Always the Right Leader 2. Green or Seasoned for Hire 3. Differential Between a Lease Up and Stabilized Asset 4. The Lone Wolf Versus The Team 5. Accountability That Pays Off

18 Strategic Solutions

19 Image

20 Speaker Contacts: Jennifer Nevitt Forty-Two, LLC Head Shot Head Shot E Germantown Pike Suite 42 Plymouth Meeting, PA 19462