Los Angeles Lease-Up Experts
In the world of property management, lease-ups are opportunities for residential and commercial property owners to increase the value of their investments. For over 30 years, RTI Properties, Inc. has built relationships with landlords throughout the Greater Los Angeles Area–providing the resources and support that make property management easy for everyone involved. We’ve helped property investors and owners grow their portfolios in the following Los Angeles County cities and suburbs:
- Culver City
- Marina Del Ray
- Santa Monica
- Long Beach
- Redondo Beach
- Hermosa Beach
- Los Angeles
- San Pedro
Are you a Los Angeles residential or commercial property owner in need of assistance with a lease-up or other property management services? Feel free to contact the experts at RTI Properties, Inc. for your free property management quote today at 310.532.9122.
To learn more about lease-ups and how to make the most of them for your property, keep reading to learn tips and hacks straight from real estate experts and property management specialists!
Most typical for multi-family residential properties and new construction, a lease-up refers to the duration between pre-leasing (leasing prior to building delivery) and stabilization (when a residential property reaches a stabilized occupancy percentage at 95%). This simply means that a lease-up is the critical time when new or renovated residential properties work on signing as many leases as possible in a short amount of time. When leasing up a new construction property, this timeline can last anywhere from 6 to 15 months, depending on the size of the building and/or community.
Why Are Lease-Ups So Crucial For Property Owners?
Lease-ups are not only crucial from a marketing standpoint, they also remain important opportunities for a property owner and property manager to establish brand value within a competitive rental market. Targeting and securing ideal tenants and generating positive reviews and impressions during a lease-up are key to the overall success of your property when it comes to:
Read on to learn more about the steps you can take to make your property’s lease-up prosperous–so you can reap the returns!
The Challenges Of A Successful Lease-Up
For property owners and property management teams alike, lease-ups come with a set of unique hurdles that pertain to stabilizing the initial vacancy rate and brand authority that will set the tone for a property’s long-term reputation.
Here are some of the aspects of a lease-up that can be stressful for a property owner to handle on their own. Keep in mind that local real estate experts and property management professionals can help ease the burden when it comes to meeting deadlines and completing a successful lease-up for a new property.
Digital Marketing + Advertising
A common problem that new construction properties run into is their initial lack of domain authority and digital content for marketing and advertising efforts. Many established residential and commercial properties will have galleries of photos (or videos), tenant or lessee testimonials, and other positive reviews to showcase on their website or social media platforms. These sorts of digital assets allow potential tenants to experience your property before they even set foot on it, which proves to be a selling advantage in the Digital Age. Thus, during a lease-up, it will be important to prepare digital content and assets (websites, landing pages, photo galleries, virtual tours, etc.) that are equal parts enticing, functional, and transparent for prospective rent and lease payers.
The entire process of a lease-up for a new construction property is highly sensitive to timing. Not only do property owners and property management teams need to build excitement around residential/commercial units that are not even finished being built, but it is also crucial that showings, tours, and move-ins remain organized. Even after your property has reached a stabilized or maximum rate of occupancy, maintaining tenant satisfaction will be the ultimate factor that contributes to a successful lease-up. Simplifying workflow and communication will be necessary for maintaining an organized calendar throughout the hectic process.
Budget + Costs
Because lease-ups are such huge opportunities for setting the tone of a property’s value and growth, increased spending is very common. More often than not, a lease-up’s budget will reflect three times that of a stabilized property’s budget. This is usually meant to cover a spike in marketing and advertising spending as well as a temporary increase in staff and labor. Managing costs and tracking spending efficiently and accurately will be necessary in order to ensure that your lease-up is profitable with big spending reflected in even bigger pay-offs.
Lease-Up Tips + Hacks From Property Management Experts
Are you wondering how you can navigate the lease-up process and its challenges seamlessly and successfully? Here are some pointers from premier property management professionals throughout Los Angeles County!
From the get-go, it’s important to partner up with experts in your local market. Working with the right property management team and/or company for your particular property will make a huge difference when it comes to organizing and carrying out all the tasks that come along with a new construction lease-up. Besides looking for a property management team with extensive lease-up experience, you can ask the following questions when looking for the right team and staff for your investment property.
With increased spending and expenditures comes increased labor. Not only will a successful lease-up require a larger team, the entire process may also demand more hours from key players in the form of overtime. It will be important to make sure that everyone contributing to the lease-up is deadline-driven for meeting goals and completing projects in a time crunch.
Setting Realistic Goals + Expectations
As much as hard work tends to pay off, it’s also important to not just work harder but smarter. From the beginning of the lease-up process, be sure to set realistic goals and expectations not just for your staff, but also any potential investment partners. Market research at this stage in your property’s lifespan is critical for generating those anticipated profits and returns.
From construction and marketing to investors, it is absolutely necessary that communication is open and clear among all staff for your lease-up to not just run smoothly but successfully. Making sure everyone is on the same page is not just crucial for meeting deadlines but also adapting to any market conditions or changes that pop up along the way. Remember: you want everything to align in order to anchor the right tenant for the right apartment at the right price.
A Little Community Involvement Goes A Long Way
Keep in mind that as important as digital visibility is important for your property and lease-up, grassroots marketing and partnering up with local nearby retailers can generate even more powerful buzz via traditional word-of-mouth. This kind of cross-promotion also builds positive relationships and creates community, which is especially helpful for residential lease-ups.
Courting local media can generate extra exposure for your property and lease-up that is respected within members of the surrounding community. Consider offering a local business or lifestyle reporter in your area exclusive access to your property before construction completed to increase public awareness and hype that attracts potential tenants.
Focusing On What Makes Your Property Unique
Currently, the real estate and rental markets are flooded with generic terms such as “luxury” and “modern.” When promoting and advertising your lease-up, focus on what sets your property apart from others in the local area. Something unique will stick better in a potential tenant’s mind rather than a bunch of fancy words.
Creating A Customer Experience
First impressions are a thing of the past. Consumers and tenants seek out experiences, and it will be up to you and your property management team to create a cohesive one–down to signage, interior design, and even indoor temperature.
Social Media As A Useful Tool
Up to the preleasing of your new construction residential property and/or community, you’ll want to make sure that your digital social presence has its ducks in its row. This means that all pertinent details about your property ought to be easily accessible via your property’s website, including image galleries, floor plans, and pricing. Also, a social media campaign in the form of a photo contest or referral campaign can build even more excitement and buzz surrounding the launch of your property.
Why RTI Properties, Inc.?
If you’re looking for the right property management team to help with your next lease-up or current responsibilities as a property owner and investor, look no further than RTI Properties, Inc. In addition to our vast experience and expertise within Los Angeles County real estate markets, we also offer the following benefits that enhance the experience of landlords and tenants alike:
- Savvy Property Management Software
- Competitive Rental Rates
- Quality Tenant Screening
- Quick Distribution Payments
- Online Payment Options
- Real-Time Access To Information + Reports
- Electronic Work Orders For Property Maintenance
- State-Of-The-Art Data Center
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