Skip to main content

Increased Leasing Performance Through Holiday Season

Intro & Summary

Client sought REV’s services for portfolio of 3 communities, reporting:

  • negative outlook entering October, an anticipated slow holiday season, at 86% occupancy across 3 property portfolio, well below 93% goal by March for refi in upcoming year
  • trailing 4-month average of -2.5 net move-ins per week as a result of weak leasing velocity below move-out rates
  • unqualified traffic resulting in high cancel and decline rate of lease applications
  • expected constant rate of evictions

Over an 18-week onsite leasing management project, REV:

  • exceeded occupancy goals and achieved 95% occupancy (+9%) across portfolio ahead of refi
  • elevated average leasing velocity to 150% prior rate through the slower traffic season
  • delivered a total of more than 330 gross applications and 200 move-ins, increasing portfolio average by more than 6 net move-ins per week
  • increased monthly revenues across portfolio by more than $100K (+11%) in rental income against a 30% increase in skips and evictions
  • implemented advanced leasing initiatives to more thoroughly and accurately prequalify leasing prospects, decreasing cancel and decline rates by 15%, and capitalize on leasing opportunities with enhanced closing techniques

 

Location – project size

Dallas, TX – ~850 Units

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

Increase Leasing Performance to Turnaround Declining Occupancies Amid Expected Traffic Downturn

In the preceding 4 months to REV’s commencement, from July through October, the portfolio was averaging -2.5 net move-ins per week due to a leasing velocity of 13 applications per week that could not offset move-outs and evictions (2 per week).

Having eclipsed the “busy season,”  REV needed to identify how to better capitalize on leasing opportunities to generate increased move-ins during the expected “slower” winter/holiday months.

 

Our Solution

REV Leasing Professionals and Strategy Drive Leasing Velocity, Decrease Cancellations and Declines

Identifying numerous friction points in the leasing process that was resulting in lost traffic and inefficient prospect conversion, an overhaul to the leasing process was implemented across all 3 properties and REV Leasing Professionals were assigned to drive lease closures of qualified prospects.

From November through February, the portfolio achieved 150% the leasing volume as observed prior to REV’s commencement. Even with a slight increase in evictions, REV Leasing Professionals implemented more thorough pre-qualification and prospect identification tactics to decrease cancellation and decline rates by nearly 15%. Overall, REV was able to turn around the declining occupancy rates and deliver an average of nearly 4 net move-ins per week.

 

 

The Results
11% Increase in Revenue
+$100K, Monthly Rental Income
Outperformed Occupancy Goals
Achieved 95% Occupancy
Increased Leasing Performance
150% Lease Volume thru Winter

REV helped Client increase occupancy by over 9%, to an average occupancy of 95%, and monthly rental income by over $100,000 across 800+ unit portfolio in a span of 16-18 weeks.

As compared to time periods in the summer and fall leading up to project commencement, REV drove performance through the Holiday Seasons to meet client occupancy goals for portfolio refinancing by:

– generating leases at over 150% the prior rate, accumulating portfolio totals of 337 gross leases and 208 move-ins,

– decreasing lease cancellations and denials by 15% through increased pre-qualification and applicant follow-up,

– and achieving an increase of more than 6 net move-ins per week amidst an increase of over 30% in evictions and skips.

 

The Results