6 Stages of the Pre-leasing Process As Told by Baby Yoda
by McKenna Hogan, on Dec 20, 2019 10:07:43 AM
Out of all the jobs in the world, there’s something to be said about those who handle the pre-leasing process in multifamily.
Building and filling an entire community from the bottom up is no easy feat - a job for only the strong-minded, if you will.
So, to show developers we understand and recognize this uphill battle — much like our small green prince — here are 6 stages of the pre-leasing process as told by Baby Yoda, for when you just can’t find the words.
1. The preparation stage
So you have a property in the works, right? Well now it’s time to let the world know it. This stage takes a lot of branding and digital curation.
This process can be pretty gratifying - you get to establish the personality and values of your community. We like to call this stage “The Big Reveal.”
Stress Level: 2/10 (in a good way)
2. The lead generation stage
Now that you have all assets up and running (website, business listing, social media, etc.) it’s time to track engagement, measure analytics, and reach out to inquiries so that you can really meet those lease-up goals.
This can be difficult at times, especially for new developments, but it can really help how your community strategizes in the future.
With that being said, those first few steps are the most essential. Developments don’t slow down for anyone; with strict deadlines, it’s best practice to prioritize the preparation stage.
Stress Level: 4/10
3. The lead conversion stage
This is usually where it starts to get a bit dicey — sales and management think they’re making progress with website dwellers, but it turns out, people just like to press buttons and explore your new property. This is normal though. Prospects are in the early stages of understanding what you offer.
But the worst is when you think you’ve made a real connection with a potential lead — showed them some virtual tours, picked out a unit — but then they suddenly fall off the face of the planet?
It’s good to remember buttons can always be unpressed, so don’t give up!
Stress Level: 8/10
4. That in-between stage of building lease momentum, then suddenly losing it
This doesn’t happen with all developments, but when it does, it can get painful.
After all of your team's hard work, it feels like you’re making good progress. You’re getting signed leases one after the other, but then - poof - it all comes to a halt for no apparent reason.
Stress Level: 10/10
5. The “we’ve almost met occupancy” stage
Almost to the finish line!
Your community is so close to achieving max occupancy (or at least the goal you’ve set for your team), but that essential last 15% of work needs to get done quick before the grand opening.
Unfortunately, arms are just too small for some developments.
Stress Level: 5/10
6. Last, but certainly not least, the grand opening stage
It’s finally here - opening day! After months of hard work and tears (for some), everyone can finally sit back and watch the show. You get to publicly reveal your new community, its features, and show off what sets you apart from local competition.
You’ve accomplished filling vacancies, signed paperwork, built your reputation, and now it’s time to admire your brand-new community.
Stress Level: -5/10
Bonus stage: Post grand opening
Good job, we hope you’re napping as soundly as our green little friend here.