Navigating Lease-Up Stalls: Strategies for Multifamily Momentum with Janet Rosseth
In this episode of the Multifamily Mix podcast, Barbara Savona sits down with Janet Rosseth, the CEO and founder of Cadence Marketing Solutions, to delve into the intricacies of lease ups and what to do when things don't go as planned. With over 25 years of experience in the industry and expertise in navigating lease ups, Janet brings valuable insights to the table. Let's unpack the conversation and explore actionable strategies to overcome lease up stalls.
UNDERSTANDING COMMON CHALLENGES IN PRE-LEASING
The pre-leasing phase brings so many challenges for leasing and marketing teams, particularly in the delivery of digital assets. It’s not abnormal to have to wait and wait before you ever get just the basic marketing essentials like floor plans and renderings. Talk about having to do more with less! When these delays happen, in steps the importance of creativity and resourcefulness!
Actionable Takeaways:
Anticipate potential delays in asset delivery and proactively explore alternative solutions.
Utilize creative techniques such as collages or lifestyle images to engage prospects while you’re still waiting on finalized assets.
STRATEGIES FOR POST-CERTIFICATE OF OCCUPANCY STALLS
Following the Certificate of Occupancy (CofO), there’s usually a surge in anticipation of really eager prospects, followed by a lull in leasing. This is when it’s so important to take a step back and reassess marketing strategies and ensure all messaging reflects the property's readiness for occupancy.
Actionable Takeaways:
Conduct a thorough evaluation of marketing materials and messaging post-CofO as if you were going through the leasing process.
Update messaging to make sure people know you’re ready for residents, adjust office hours to when potential residents are interested in touring, and clarify next steps for prospects.
EPISODE AT A GLANCE:
00:00 Introducing Janet Rosseth
00:41 Welcome to the Multifamily Mix
01:03 Unraveling Lease-Up Challenges with Janet Rosseth
01:49 Creative Solutions for Lease-Up Stalls
04:32 Evaluating and Adjusting Marketing Strategies
07:19 The Importance of Agility in Lease-Up Strategies
13:21 Leveraging Technology and Human Touch in Leasing
15:27 Janet & Cadence Marketing Solutions
20:32 Wrap Up
NAVIGATING APARTMENT UNIT AVAILABILITY CHALLENGES
Monitoring unit availability, especially when nearing 50-60% leased, is huge in making sure you and your team are prepared for leasing lulls. Identifying fast-moving units versus slower ones allows for strategic pricing adjustments and model unit rotations to drive leasing activity.
Actionable Takeaways:
Regularly assess unit availability and adjust pricing or incentives accordingly.
Implement a rotation schedule for model units to showcase different floor plans and drive interest.
[STUNNING] SITE MAPS + FLOOR PLANS
Our team of professional designers can elevate your site maps and floor plans to make then clean, crisp, and on-brand. You’ll fill those vacancies in no time!
“I have worked with Sprout with all my communities and wouldn’t start a new lease-up or take over without them.”
OPTIMIZING THE PROSPECT EXPERIENCE
The way prospects check out properties is always changing and that means so does our need for a seamless transition from digital interactions to human-led interactions. Streamlining the tech-to-human handoff and minimizing friction points enhance the prospect experience.
Actionable Takeaways:
Conduct regular prospect journey audits to identify and address friction points.
Ensure seamless transitions between automated and human-led interactions to minimize disruptions.
MAINTAINING MOMENTUM AND PLANNING FOR PHASE TWO
As properties approach full lease-up, don’t default to budget cuts! That’s the time to start planning for phase two lease-ups. Strategic pricing adjustments and incentives can help maintain momentum and address remaining unit inventory.
Actionable Takeaways:
Maintain marketing budgets beyond full lease-up to prepare for phase two lease-ups.
Implement targeted pricing adjustments and incentives to address remaining unit inventory effectively.
As frustrating as lease-up stalls can be, by anticipating challenges, optimizing marketing efforts, and prioritizing the prospect experience, multifamily marketers can elevate their lease-up initiatives and drive success in competitive markets.
CONNECT WITH JANET AND CADENCE MARKETING SOLUTIONS
Janet Rosseth is the founder and CMO of Cadence Marketing Solutions, a Minneapolis-based boutique consulting agency specializing in pacing new initiatives and supporting multifamily marketing endeavors.
Her career spans 25+ years serving multifamily developers and operators in senior-level roles directing marketing and leasing strategy. Her expertise lies in assessing needs and deploying both traditional and disruptive solutions that aid in asset performance, optimizing marketing infrastructure, extending the bandwidth of marketing teams, and removing the friction factor in the renter experience. She has extensive experience going to market with new developments, and repositioning assets on acquisition and renovation.
She leads the Cadence Run Club online community for multifamily marketing influencers, connecting and supporting marketers, operators, and vendor partners who challenge the status quo in marketing. She’s also the host of the Optimized podcast on the Multifamily Media Network, and actively involved in her local apartment association both as a speaker, committee member, and former board member. She's a speaker and facilitator for large and small groups, local and national industry events, and is often sought on panels to represent the voice of the marketing teams and clients she serves.
Connect with Janet on LinkedIn here.
DIG INTO DATA WITH CADENCE MARKETING SOLUTIONS
Janet talked about the importance of making sure you’re looking at your assets throughout the lease-up process. Cadence Marketing Solutions makes that a breeze with their asset performance and workshop options. You’ll get detailed, easy to read reports from their marketing professionals that will help you make more informed decisions for your community.
Looking for mentorship or an online mastermind community for those who influence multifamily marketing? The Run Club is for you!
