have that space.”


REAL ESTATE’S NEW MANTRA: “THREE TIMES THE FOLLOW-UP” Another big change has come in what prospective residents


have been doing once the tour is over. Whereas real estate’s tradi- tional thrice-uttered mantra about location still rings true, for mul- tifamily housing professionals on the front lines of virtual leasing, another truism has entered their lexicons: Follow up, follow up, follow up. “We’ve increased our follow-ups with prospects,” says Barry


Saywitz, President of the Newport Beach, Calif.-based Saywitz Co., which operates 1,000 apartments. “With our serious pros- pects, we’re being diligent with staying in touch to try to make deals as quickly as possible. That means processing of their appli- cations and running credit expeditiously to avoid any opportunity for them to look at other options or change their mind.” At Bainbridge, Caudell encourages her team to use any fol-


low-up contact as an opportunity not only to close the lease but to show prospective residents the attention they’ll get once they move in. “It’s so competitive right now, it’s critical to not only fol-


low-up with prospects and build those relationships, but also to make clear that you’re there for them every step of the way,” says Caudell. “Virtual or not, it’s about the connection that prospect feels. Being attentive to their questions and proactively addressing common concerns makes all the difference.” Caudell’s team has been leveraging email follow-ups with a


link to the actual recorded virtual tour they went on so they can easily review it again. For Campbell at Crescent, it comes down to providing what


she calls “extreme customer service” after the tour. “Our teams are spending a significant amount of time on follow-up with each individual tour,” she says. “The most significant trend we’ve seen among prospects since COVID is an actual craving for connection. They want empathy. They want reassurance. They want individu- alized attention. We are really trying to show them the onsite team is going to go the extra mile.”


But most of all, they need personal contact. “There are just some things that can’t be replicated through


a virtual experience,” says JoLynn Scotch, Managing Director of Operations at Greenbelt, Md.-based Bozzuto Management Co., which operates 71,000 apartments. So, onsite teams must commu- nicate more than ever with prospective residents to answer ques- tions like, “How far is my apartment from the elevator?” “There’s just more follow-up required in virtual leasing, which is ultimately a good thing,” adds Scotch.


GETTING TO CLOSE Once you’ve given prospective residents everything they need


to make a decision, it’s still up to you to make sure their next move is signing a lease—with you. To get to that goal, operators say you really need to tell them why the community is a good fit for them. Of course, to do that, you need to have engaged with them and heard their specific needs from the start. “Closing techniques that acknowledge that prospect’s specific


needs and how the community effectively meets them are what’s most effective now,” says Washington. “You can’t just recap what the community offers, because that leaves a chance for uncertainty.


34 MAY 2021 8


You want to reassure them it’s a good fit.” But you can’t just focus on relationship building and your


staff’s individual interaction with prospective residents either. Online reputation management was already critical to successfully operating an apartment portfolio. Now it’s even more important. “Since a precedent for apartment hunting and leasing in a


pandemic does not exist, prospects are trusting and relying on the recent experiences of other individuals in similar circumstances even more,” Washington says. “Reviews really shine a light on your community—or dim your chances.” Savvy operators recommend managing your community’s


reputation online by addressing any negative comments in a con- structive way, and doing what you can to encourage current resi- dents to carry the online torch for you in the form of positive re- views.


INCREASED MOMENTUM FROM DIGITAL INTERACTION One of the positives to come out of COVID, operators say, is


that even though the new environment demands more from leasing staff in order to close, the implementation of so many digital tools across the industry has actually sped up the pace of leasing for some apartment operators. “We’ve had a lot of success offering a completely digital


process, from viewings to contracts, that has actually allowed us to accelerate closings,” says Ron Melendez, Vice President of Development at the Miami-based Related Group, which has built and manages over 100,000 residential apartments. “New residents have a completely digital experience when processing their leasing documents, payment and contract.” For Boland at Morgan Properties, that’s one of the bright spots


to come out of the chaos of 2020. “Even though the pandemic has significantly changed the leasing environment, this has only en- couraged property managers to prioritize the use of technology,” she says. “That was already happening, of course, but the pan- demic really expedited it.”


STILL KEEPING AN EYE ON SCREENING None of this means that pros are renting to just anyone today.


Indeed, with some operators reporting more instances of applica- tion fraud since the start of the pandemic, the more background information you have on prospective residents, the better. It’s im- portant to keep the fundamentals of leasing in mind—by attracting and building rapport with well-qualified renters. Don’t avoid the increased challenges of leasing today by kicking the can further down the road and accepting residents who will create a collection problem later on. “With the combination of new rent-control laws, moratorium


on evictions and higher concern for the spread of COVID, you need to make sure you’re renting to new residents who can actu- ally qualify and pay the rent,” says Saywitz. “It’s become increas- ingly difficult to remove problem tenants, so you’ve really got to be careful with your decisions on the front end.” By engaging with prospective residents where they are, giving them the options they want for tours and paying attention to their unique needs, multifamily housing operators can succeed when navigating today’s leasing environment.


Joe Bousquin is a freelance writer.


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