by Theresa Bradley-Banta
Is your multifamily property or apartment building fully leased? That’s great!
Why not put out a “No Vacancy” sign so everyone in the neighborhood knows that you’re doing a fantastic job at your property? And who wants pesky potential residents bothering on-site managers and leasing agents? They’ve got more important things to do right?
Smart multifamily property owners are always ready, willing and happy to talk to potential renters. Take a minute and think about your strategies. What are you trying to do? You want renters. You want income. And you want to keep your property at full occupancy.
A “No Vacancy” sign says, “Go away! We’re full. We don’t need you!”
Here’s an alternative: Invest in a “Now Pre-leasing!” sign.
A pre-leasing sign:
- Delivers the message that your property is full—without turning away interested renters.
- Implies that your property is a desirable place to live. People are getting in line to rent from you!
- Creates a sense of urgency.
- Helps potential new residents plan. They can pre-lease a unit from you while waiting for their current lease to expire.
- Keeps your managers on their toes. There’s nothing worse than a manager who loses contact with the local rental market.
- Builds a pre-qualified waiting list for your upcoming vacancies.
Give it a try the next time your property is at 100% occupancy. You just might be pleased with the results.