A Collection of Centralized Leasing Resources in One Place
We gathered all the recent information about centralized leasing and compiled it into one single location for you to digest. Learn what this new model is, what value it can bring to your portfolio and a real-time example of how it’s currently panning out.
Subscribe to our newsletter as we continue to champion how our clients are effectively implementing video for existing and new efforts like centralized leasing. Otherwise, continue reading below for the curated collection of centralized leasing resources.
What Is Centralized Leasing in Multifamily?
Centralized leasing has gained popularity over the past several years and especially as of late. This model moves away from the traditional leasing model—on-site teams leasing and operating at each property in the portfolio—and centralizes them in one or multiple regional locations.
The reason this model has gained popularity is due to several factors, not just the pandemic: the need to operate more efficiently, to be able to scale technology and the fluidity we see happening in the current market conditions such as massive buying and selling of assets. In addition, the workforce demand for more appealing schedules, salaries and the ability to work remotely.
A centralized leasing model makes remote work possible for traditional on-site teams, creates a more holistic approach to apartment shopping for renters and can reduce operating expenses. For this model to be executed effectively, a mix of the right people and the right technology needs to be in place. In fact, a few of our clients have started to use Realync to implement a successful centralized leasing model.
How Does Centralized Leasing Work?
For centralized leasing to work, property management companies have to move leasing activities from multiple properties into one (or a few) operating location(s). Before you question if this means on-site staff is no longer needed or if you’re out of a job, that’s not the goal of centralized leasing. There’s certainly an opportunity for fewer people on-site, but ultimately the goal is for teams to operate more efficiently in flexible working conditions and not feel overwhelmed.
For a list of how centralized leasing benefits prospective renters and property management companies, check out this article as our friends at NurtureBoss did an excellent job discussing those benefits.
Here’s an example of what centralized leasing could look like—let’s say a prospective renter finds your property online but he/she notices the property doesn’t have a pool. Instead of the leasing agent disqualifying this renter, a centralized leasing model would require this leasing agent to be familiar with most if not all the other communities within the portfolio around the designated region. The leasing agent can then lease another property with a pool to the same prospect. This gives renters ease, assistance, and options during their apartment search.
What Are the Benefits of Centralized Leasing?
With fully virtual workforces and the Great Resignation, property management companies realized they needed to stay competitive. One way these companies are doing this is by piloting a centralized leasing model. Here are 10 benefits of centralized leasing versus traditional leasing.
- Eliminate duplicate prospect guest card form fills
- Recruit high-quality employees
- Improve employee retention
- Create more attractive work schedules and hours, with weekends off
- Offer more competitive pay
- Improve the renter experience
- Allow associates to work in more specialized roles
- Eliminate or reduce on-call hours for service teams
- Improve leasing conversion rates (lead to lease or tour to rental)
- Create economies of scale and reduce operating costs
Keep in mind a centralization model will look slightly different for each org, based on their geographical footprint, workforce, tech systems, and other factors.
Our friends over at Knock did a fantastic job explaining other advantages of centralized leasing alongside how their CRM supports it. (Did you know we’re integrated with Knock? See how we’re delighting our mutual clients’ wishes!)
Example of Centralized Leasing in Action
Tricap Residential Group, a Chicago-based multifamily management firm, is dedicated to providing renters incredible customer service by instituting technological advances and adapting to resident preferences, all of which led Tricap to develop and execute a centralized leasing model.
Prior to the pandemic, Tricap had begun plans to transition away from the traditional in-person leasing model and into an entirely virtual workforce. Partnering with Realync, Tricap virtualized its portfolio to allow staff to market their communities, lease apartments, and connect with renters through video communication and self guided tours.
As renters’ preferences evolve, Tricap continues to lead a new way of property management in the modern age. In addition, Tricap is paving the way for how other companies and communities can effectively partner with technology solutions to see success without sacrificing resident satisfaction.
Tricap named Realync as its preferred video partner for virtual leasing and resident engagement!
How Centralized Leasing Is an Advantage for Careers Instead of a Disadvantage
Career pathing with centralized leasing was a topic of conversation for Mike Hogentogler, COO of LCOR. He mentioned how it’s enticing to have their best leasing agents serve as many prospects as possible versus, in a traditional model, property-based agents serve as many prospects as they can until the property is occupied then typically wait to some degree for units to turn. As Mike put it, “a better model would deploy the most successful leasing agents wherever we have exposure within a given submarket.” Read more about Why Centralization Is Good News for Career Paths by Dom Beveridge.
A centralized leasing model is actually an incredible way for on-site associates to level up in their career. A model such as this gives them exposure to multiple asset types, in some cases experience across different geographical markets and gets them heard and seen with multiple leaders within the organization (not just their direct supervisors) — much more so than if they were working on-site at a single property. And, with more specialized roles, a centralized model can really give an associate the ability to shine and succeed, faster.
What's An Objection to Centralized Leasing?
A trending objection we hear to centralized leasing models from the on-site teams is a fear of losing their jobs to technology or a reduction in the workforce. While centralization does allow you to move your best people into specialized roles (where performance then naturally accelerates), most of the time a centralized model also allows core employees to shift into other disciplines within the organization – areas that didn’t have enough manpower or focus via traditional operating models.
Centralization is a win for on-site teams because it actually removes some cumbersome responsibilities (and interruptions) and allows them to do better, more focused work, and gives them time back to do what they’re most passionate about—engaging with renters.
Join the Centralized Leasing Peer Group
Are you curious about centralized leasing models and how others in the industry are tackling this topic and getting results? There’s a peer group to help! Suzanne Hopson (Tricap Residential Partners), Dustin Lacey (Mark-Taylor Residential) and Kristi Fickert (Realync) host a Centralized Leasing Peer Group, where multifamily leaders from various organizations troubleshoot, share resources and strategize about all things centralized leasing. If you want to join the next virtual roundtable convo, message Kristi (firstname.lastname@example.org) that Ashley (👋) sent you.
Ready to Get Real?
Speed Up Lease Up
by providing construction updates and showcase your space without having to do hard hat tours.
PRE-LEASE OCCUPIED UNITS
by ‘showing’ them without having to physically tour the space by sending pre-recorded videos.
CONVERT A HIGHER PERCENTAGE OF YOUR LEADS INTO LEASES
when you receive notifications when prospects are viewing videos to cater your follow up.
SPEND LESS TIME TO CLOSE EACH LEASE
by removing roadblocks and barriers in the leasing process.
INCREASE SIGHT-UNSEEN LEASING
by making it a breeze for out-of-market leads to choose your community.
Improve Community Engagement
PROMOTE YOUR PROGRAMS BETTER
via pre-recorded videos by linking via social media or internal apps.
DECREASE MAINTENANCE REQUESTS
by creating maintenance videos.
REINFORCE COMMUNITY RULES
by receiving notifications when residents are viewing videos to know who has seen a message and who hasn’t.
REDUCE REPETITIVE QUESTIONS
because consumers retain 10% of a message when reading it via text, but 90% of a message when viewed in a video.
More Than Software
is available for every property utilizing Realync.
Make your video efforts consistent
with one set, standardized process and platform.
TRACK ENGAGEMENT And Usage
across your entire portfolio.
Partner with the Realync Team
to create a personalized training program to be rolled out across all properties.
Are you Ready to Get Real?
Talk with us today to see how Realync’s platform can 4X your lead-to-lease conversion!Request a Demo