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14-Week Stagnant Occupancy, Construction, Underreported Traffic

Intro & Summary

Client sought REV’s services for community, reporting:

  • unable to increase distressed occupancy above 78%
  • trailing 3-month average leasing velocity of 4.4 leases/wk
  • operational dysfunction and construction project inhibiting leasing performance
  • insufficient traffic not increasing with increased marketing and ad-spend

Over a 14-week onsite leasing management project, REV delivered:

  • increased occupancy to 90% (+12% absolute, +15% relative) with a positive forward-trend
  • elevated average leasing velocity at 184% prior rate, more than 8 leases/wk
  • +22% revenue growth in monthly rental income, outpacing relative occupancy, to achieve a net +7% economic occupancy above physical occupancy growth, reflecting rental rate increases per unit
  • identification and improvement of leasing deficiencies in the workflow and management of inbound traffic that wasn’t reflected in the CRM to increase capture, conversion, and tour rate of inbound leads and prospects
  • successful leasing initiatives and techniques to mitigate and overcome rental objections, better utilize adjusted tour path, and capitalize on high-value leasing opportunities
Location – project size

Dallas, TX – 350 Units

Services
  • Onsite Leasing Professional(s)
  • Leasing Management Services
The Challenge

Remedy Deficient Leasing Operations, Improve Leasing Experience and Overcome Construction Objections, and Increase 14-Week Stagnant Occupancy

Initial analysis of client leasing operations revealed disparity between volume of inbound traffic and reported new leads and prospects within the property CRM. Furthermore, leasing team consistently reporting prospects’ reasons for not leasing due to construction project.

Client felt helpless as increased marketing-spend yielded marginal benefit in leasing traffic, as per CRM generated reports, and had all but conceded that increasing occupancy was unobtainable due to consistent prospect objections to construction project.

Our Solution

Remodeled Leasing Process, Objection Oriented Training and Initiatives

REV identified that inbound traffic was not being captured and registered in the CRM due to deficient leasing behaviors related to the capture and conversion of inbound leads and prospects.

Implementing more efficient processes to handle inbound leasing traffic, REV Leasing Professionals generated higher rates of property tours. By utilizing adjusted tour routes and objection handling techniques, REV effectively tempered prospect concerns regarding construction and provided more positive leasing experiences to increase lease closings.

 

The Results
Increased Leasing Performance
184% Leasing Velocity with REV
Increased Revenues
+$75,000+ in Monthly Revenue
Overcame Distress
90%+ Occupancy in 14 weeks

Over a 14-week project, REV drove leasing velocity to an average of 8.1 leases/wk — 184% the rate produced before project commencement. At conclusion of the 14-week project, REV attained 90%+ Occupancy and an increase of over $75,000 in monthly rental income.

The Results