New Construction Lease-Up Strategy to Hit Occupancy Goals Quickly
Continue reading below to learn more about leasing up your new construction. We’ll cover everything you need to know about leasing up a new community — including the benefits, the challenges, plus strategies for hitting your occupancy goals.
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How to Lease Up a Newly Built Apartment
Leasing up a newly built apartment community refers to the process of securing leases for all available units in a newly constructed building. This process can be challenging, as we all know there is competition from other new buildings in the area, as well as existing properties with an established positive reputation. We’ll help you plan and implement a virtual touring strategy that meets your community’s specific needs within a realistic budget.
Before we go further, who is Realync and why are we the experts in new construction lease-ups? Realync is a centralized video engagement platform that connects and converts, and we help fill all available units for newly built apartments through quick and easy virtual tours. We can enable your team to DIY and turn your leasing agents into virtual tour creators. Or, we can send our Realync Studios team to capture the content for you!
Benefits of Leasing Up New Construction
Walk prospective renters through your state-of-the-art community, even while under construction. Learn why you need an apartment lease-up marketing plan.
1. Higher rental rates: Newly built apartments often demand higher rental rates than older properties, which can lead to increased profitability for the building owner or developer. Prove your value with guided virtual videos through your amenities and floor plans!
2. Increased demand: Newly built communities can generate a lot of buzz, especially when they offer modern amenities and are located in desirable areas. We can help you take leasing up a step further by showing you how to host an open house to convert multiple leases in a short period of time!
3. Stronger renter retention: Newer buildings may attract renters who are more likely to renew their leases and stay longer, leading to increased stability and reduced vacancy. The resident engagement capabilities within Realync allow you to stay engaged with residents throughout the life of their lease!
Challenges of Leasing New Construction
Are you feeling the urgency to reach occupancy quickly? Integrate the right video content to your marketing campaigns.
1. Competition: New communities are competing with other new builds in the area, as well as established communities that already have a strong reputation. Use video to set yourself apart with not only the property, but with your teams’ personalities shining through!
2. Lack of awareness: Potential renters may not be aware of the building’s existence, when it is coming online, or they may not have enough information about the property to make a decision. Tourability plays into this too. Limited touring options due to construction presents its own unique challenge as well. Use Live Tours or Live Sessions within Realync to provide virtual access to your community when your prospects can’t actually be there in person!
3. Timing: A quick lease-up is critical in establishing occupancy and working toward stabilization in a new build. It is all hands on deck! With Realync, multiple team members from various locations can host tours for your prospective residents!
Top 3 Strategies for Leasing Up a Newly Built Apartment
Get our top three strategies for leasing up a new build:
1. Pre-leasing: Pre-leasing allows prospective residents to secure a unit in the building before it is officially completed and ready for occupancy. The most effective way to generate interest and secure the renter is through video. Through video, you can showcase construction progress, local neighborhood establishments, and even host a virtual open house!
2. Marketing: New construction marketing ideas are critical in attracting prospective renters. Utilize a variety of marketing channels, including social media, online listings, and put your leasing teams front and center on your website to generate awareness and interest in the community. Even local renters expect optionality, so make sure to offer a variety of ways to tour the apartment community!
3. Incentives: Consider offering incentives, such as waived application fees or reduced rental rates, to attract future residents and encourage them to sign a lease. One idea would be to run a promotion with a deadline to sign a lease. This will drive urgency and help you achieve your pre-lease goal.
Bonus Tips for Getting Your New Apartment Leased Up
Got a couple more strategies for you:
1. Focus on amenities: Highlight the building’s amenities — big or small — such as a fitness center, pool, or community spaces, to attract potential renters who are looking for modern and convenient living spaces. Use Realync’s unique links to send these out to each prospective resident so you know when they are viewing your emails and what their interests are ahead of their in-person tour!
2. Feature the location/neighborhood: Partnering with local businesses, such as restaurants or retail shops, can generate buzz and attract prospective residents to the area. Renters envision their lifestyle when looking for their home so make sure to sell the closest spots — bonus points for walkability. *For less walkable locations, (safely) record a hyperlapsed video in Realync driving to a nearby shopping center and tout the convenience!
Our Multifamily Lease-Up Program for New Apartment Buildings
Leasing up a new community can be a challenging process, but with the right strategies and tactics, it is possible to attract renters and convert leads, and stabilize your community through video. By focusing on effective marketing, using neighborhood resources, and highlighting the new builds’ undoubtedly amazing amenities and unit features, property owners and developers can increase demand and generate interest in their new building.
With Realync in your tech stack, you can do all of that and more at an affordable price. This gives the on-site team the power to best sell the community they know so well while keeping the end-product a match to the professional brand standard that you’ve worked so hard to build!
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