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The saying goes… "build it and they will come". But in real estate, there are no guarantees. That's why a great lease up marketing strategy is integral to the success of leasing your new development and creating a thriving community. In this constantly changing landscape we're living in, effectively marketing your new build is the key to hitting your optimal occupancy within your given timelines. However, many property owners and operators often wonder what the true value of an end-to-end lease up marketing strategy is, and what it entails.
We'll cover three key areas to help you and your team better understand the benefits of investing in a comprehensive lease up marketing program:
Let's get started...
Before we get into the details around the value of launching a robust lease up marketing strategy, let's quickly review: What is a lease up?
A lease up is the time period for a newly available property to attract tenants and reach stabilized occupancy.
In other words, a lease up is the critical time when communities work on signing as many leases as possible to fill vacancies in a new building before construction is complete.
Having an effective lease up marketing plan during this period can be the lynchpin of success for longevity and NOI (Net Operating Income: A calculation used to analyze the profitability of income-generating real estate investments) of your community. During the pre-construction phase, a lease up marketing strategy is how you will generate leads. If you can't generate inbound leads and interest in your community, you won't be able to fill it with qualified residents.
This is one of the many reasons why having an experienced lease up marketing partner that caters to your team, your community, and your desired demographic is so important.
Although each project is unique, there are a few major themes to consider before rolling out your lease up marketing program.
Lease ups are a complex business, and it's difficult enough to sign a lease before unit delivery, which is why having a dedicated team to ensure your marketing is in lock step at every stage of the process is critical to your success.
A good lease up marketing plan can be one of the most important ways to ensure your property is appealing to and reaching the proper audience. By hiring a dedicated lease up marketing partner you can trust that when renters are looking online for apartments, not only are you at the top of search engine results and ILS (Internet Listing Sites), but through consistent branding and messaging, your project stands out from the competition.
A sound lease up marketing partner knows that for you to maximize net operating income (NOI), your branding and advertising must be impactful in order to attract and convert high quality leads, and interest in your project. In turn, greater demand will allow you to maximize your rent rates and your overall NOI.
Here are some of the key reasons why investing in an end-to-end lease up marketing partner can help you maximize NOI:
To see some of the specific tactics we use to support our lease up client programs, check out, "The Key Components of a Sound Lease Up Marketing Strategy."
There's no one-size fits all template for executing a successful lease up marketing program, but by beginning the process early, and consulting with knowledgeable lease up marketing experts, you can ensure that your branding and messaging are tailored to your specific audience. Additionally, as we enter a hyper digital-era in rentals and leasing, it's more important than ever to have a distinct online presence to meet your lease up marketing goals. By investing in a lease up marketing partner, you can ensure that you are on track and hitting your goals every step of the way.
September, 14 2023
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