Pre-leasing while construction is underway- Tips/Advice Needed

[Ronald Bowser]

Hello BP'ers,

We recently were offered an opportunity to lease-up and manage an apartment complex that is in the works.  It is an old warehouse that is being converted to 70+ units.  We have been tasked with trying to get the units occupied while construction is underway, our target is 80% occupancy (or better)before construction is complete.  I'm hoping members with experience on larger projects such as this can offer insight, specifically regarding the leasing component while construction is in progress.  I am hoping to hear about best practices, challenges, tenant incentives offerings, as well as common deal components between the owners and the management company.  Any advice you may have is welcome and appreciated.  I'll bullet out some of the details below, but if additional information is needed, please let me know.  Thanks in advance to this awesome community!

• Little background, we currently manage just under 700 units in our area.  The majority are 1-4 units, but we do have a couple 10-20 unit buildings.  One of our current investors is branching out in to this and wants us to assist.
• Construction to begin by the end of the year, completion targeted in June, but won't be holding our breath- We're anticipating a solid 6 months of time to getting the building occupied 
• Total of 5 floors, construction will begin on the top level and should provide examples of finished units hopefully by the end of first quarter 2019.  We won't be able to show prospective tenants the units however, but this should allow for marketing at that point.
• Intending to lease a trailer to remain onsite, with unit renderings, sample materials, etc. and of course people can sign up there.  Trying to determine how much time we have our agents actually on location for this, or if it is even worth it, all comments welcome
• Virtual 360 tours of units so interested parties can view online and of course links to sign up
• We will be managing the building going forward, so have discussed "leasing" bonuses up front while reducing our standard management charge for the first few years (thought is it will be challenging 'pre-leasing' the units, but maintenance should be mild since it will be new construction)... Any thoughts/concerns/recommendations on this?
• Any experience by anyone trying to fill units still under construction?  Is it way more difficult than we are thinking?  Is 80% occupancy achievable or is it much more difficult to fill unfinished units than we are expecting?   Anything I haven't even considered?

I don't want to turn this in to a huge first post so I will leave it at that for now, but anyone willing to share your expertise, I am happy to provide additional details if needed.  Again thanks in advance for anyone willing to share and discuss!