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Property Management
ASK KARI
“Leasing 101”
Successful Leasing Strategies
By Kari Negri, Chief Executive Officer, SKY Properties
Dear Kari: I could use a refresher course on leasing, like a B“Leasing 101” class. What are some pointers that will help
will be in a much better position to make corrections before an actual, potential renter sees your unit. Find a critic! Make sure you know all relevant information such as price, security deposit, which utilities are included, the parking situation, and laundry, among other things. All needed details should be reviewed before showing a unit, so you know all the information before giving a tour. If you do not know for sure, let the prospective renter know you will get back to them as soon as possible with the answer. Never make promises that you cannot keep or give information that you are not 100% certain about.
Collect All Information on a Prospect to Build Value for Your Property Before Giving a Price
Before giving out your rental rates, make sure prospects have a good feel for all that your property and staff have to offer! Complete a market survey to determine how your rental rates and property features compare with similar properties nearby. This process also opens the door for prequalifying your renter prospects.
Having your vacancy leased quickly is important, but so is getting a qualified renter that will become a good resident. Prequalifying your prospects is an extremely important step. Just as you will want to point out all the great features of your property, you also want to make the right selection and place someone that fits your requirements (e.g., credit check, criminal background, rental history, and income). We at SKY Properties always collect information about what
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me to sharpen my skills?
efore you know it, we will be headed into the busiest time of year for leasing – once “Spring has sprung,” leasing activity will increase at a quickening pace. So, it’s a great time to brush up on your leasing skills and practices at your properties. You work very hard to gain interest in your vacant units, so make sure to turn
that interest into a lease by brushing up on some basics of leasing. Take this quick review and stand out ahead of the competition.
Role Play Example of a Proper Leasing Tour
Just as you might practice a presentation in class or to your colleagues at the office, or even how an actor rehearses for a role, it’s important to do a walk-through with an audience to nail down the features and benefits of your vacancy. Consider having a friend walk-through your vacant unit with you and ask questions you might not have considered. Get that second, objective opinion from a person who can point out discrepancies and keep you from losing out on a leasing opportunity.
If you have a willing friend (your test market) to take a mock tour, practice pointing out features of your unit, rather than an unrehearsed run with a potential renter. This way, you
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