Changing Leasing Trends in Multifamily Real Estate

Описание: Value Add Mike is back to discuss how leasing trends have changed over the past year in commercial real estate, specifically in the multifamily sector. With a 94% occupancy across the whole portfolio, he breaks down the new challenges, especially in three properties below 90% occupancy. Learn about the shift from record rents to customer service, and discover the strategies for staying competitive. Don't forget to Like, Comment, and Subscribe! Weekly newsletter in the description.

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Transcript:
Everyone value add Mike here today to discuss leasing and how it changed from a year ago to today. For those who don't know, my name is Mike Taravella. Value Add Mike and me and my business partners manage over $100 million in commercial real estate specifically in the multifamily sector. And today I want to share what we're experiencing with leasing. So overall, our whole portfolio has been is 94% occupied, but we have three properties that are below 90% occupancy. And I think the biggest reason for that is leasing. So leasing a year ago, I felt like everyone's having record rents, high occupancy, but at the market is quickly changed in the in the time period since then, before you could have people just show the door or even pictures and people, at least the units, but now we're getting back to fundamentals in terms of operations. So resident prospective residents want a smooth, easy process to lease units, they want clean units, they want safe units. Obviously, those are the bare minimum when we look at a property, but more importantly, they're now more than ever, they're relying on customer service, the ability to answer questions quickly, frictionless leasing. And so we've just been really honing in on those day to day operations and making sure our leasing team is doing what they're supposed to. So anyone can look at pictures and whatnot to show a unit. But we're really grounding grounding into is, does our leasing team have the same customer service level than it does a higher end experience? Because we know when prospects are touring units, the availability, the ability to answer questions, having high great amenities is super critical when leasing units, because we're just in a much more competitive space. So for our properties, we want to make sure we come in as owners and make sure what is the highlight of the property who's going to lease these units? And how do we make sure we're in the right space, because our in terms of marketing, because property managers are quickly to go cut rents lower rents, but I think it's important to understand your value proposition in the housing market. Because for one example, one of our properties is night below 90% occupancy. And we're one of the only dog parks with our facilities with a dog park. So we're really just making sure that we're being optimize understanding our value proposition to our residents, and just making sure our property management team is doing it. So as owners, what does that mean for us on the general partner side, we're cold call, we're secret shopping our units, we're doing site visits we're having, we're having secret agents come in and check and see what their feedback is. And the biggest thing we found is that leasing agents now are not asking if they're applying, or making sure that they're even, they're just showing the units and you can apply in line. Because as Grant Cardone says, If you never ask, you'll never get the sale. And so we're really grounding in those fundamental things and making sure our leasing agents know our property management team knows. Because if you get a lot of lead flow, but no one's applying, there's definitely an error in the process. And that's my jam is to find that problem and make sure we're fixing it as quick as possible. So pleasing, a little bit different, you know, there's a lot more options for residents. And so we just want to make sure that we're handling that problems problem systematically. And just seeing where that problem is in the chain. And so this video got you make sure you Like Comment, subscribe to the channel. We have our weekly newsletter in the description, so make sure you subscribe to that and until then we'll see you next time.