Institute of Real Estate Management President • Barry Blanton VP Finance • Mark Grey
Past President • Faye Crow
VP Membership • Glen Bachman
VP Communications • Christy Mays
Building Local Relationships to Increase Leasing By Mary Girsch-Bock in Business from PropertyManager.com a Service of AppFolio
T
he number one job of the property manager is to lease. Whether it’s a unit in a multifamily complex or a single family home; the success of the property manager lies in large part in how quickly and how effectively they lease empty space. Today, there are more leasing tools available to property managers than ever before. But there’s also more competition than ever before. While some managers may find it relatively easy to lease quickly, depending on market conditions and location, leasing effectively means that the property manager is not just filling those spaces, but filling them with quality tenants who will most likely pay their rent on time, take care of the unit appropriately, and likely not skip out on a lease. Wouldn’t it be great if you could have
a steady stream of quality applicants simply show up at your doorstep? Well, you can – if you know where to look. As a matter of fact, it’s likely they’re right next door, a few blocks over, or less than a mile away. They’re the employees of local businesses, and quite possibly, your future tenants! While online marketing, local ads and even a Facebook page can help drive traffic to your leasing office, building long-term relationships with area employers can help drive those quality applicants to your doorstep. Here are some suggestions on how to establish these relationships and why building these relationships will help keep your vacancies low: Offer local business a rental discount. Even a 5% discount will be sig-
nificant. By offering reduced rental rates or perhaps flexible leasing terms, you’re making a commitment to the company, who in turn, can help drive their employees your way. Don’t think of the partnership just in terms of leasing. These same companies can also be your partner in community events such as a local food drive or a coat drive in the winter. Partnering with area businesses will help raise your visibility in the community – a great strategy for lease-up or recently rehabbed properties. Rather than approaching businesses individually, consider having a community open house that provides property tours and additional information on the property. Once this is done, approaching the area businesses will likely yield better leasing results.
By partnering with area businesses, property managers will not only increase qualified applicant traffic, but will also gain a stronger presence in the community for the foreseeable future.
See You at TRENDS Dec. 10, 2013
ON-SITE
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Serving the Portland/VancouverMultifamily Housing Industry More than 17,000 Distributed Monthly www.rentalhousingjournal.com
The statements and representations made in advertising and news articles contained in this publication are those of the advertiser and authors and as such do not necessarily reflect the views or opinions of Professional Publishing, Inc. The inclusion of advertising in this publications does not, in any way, comport an endorsement of or support for the products or services offered. Metro Apartment Manager is produced monthly and is published by Professional Publishing Inc. An Oregon Corporation. PO Box 30327 Portland, OR 97294-3327. (503) 221-1260 • (800) 3986751 Copyright 2013. All rights reserved.
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On-Site Northwest • November 2011