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Updated over 4 years ago,
A-Class Building. How do we keep them full during a pandemic?
What are you doing to keep your A-class apartment building full during the pandemic? I am located in Los Angeles, California and we are still not fully open. As a result, people are working remotely and relocating to wherever they prefer to be. There is a ton of turnover. I am a property manager and may have an opportunity to manage an A-Class 34 unit apartment building that has 8 vacancies. All moved out within the last 180 days and are sitting with little activity. My goal would be to get the building leased to qualified tenants quickly. Besides lowering the rents (no owner wants to hear that), any tips on what can be done to get the units leased fast and any tips on keeping occupancy at 100%?
My first thought is to focus on retention by hosting fun but "social-distancing" community events such as a complimentary fitness class via Zoom (since gyms are still closed). And, also doing Instacart grocery raffle giveaways since people are trying to avoid entering grocery stores. 2) Offer 6-month lease terms to prospective renters that do not want to commit long-term due to uncertainty, 3) Propose furnishing two units and offering short-term corporate rentals, 4) in place of lowering the rents offer a two-month free rent concession on an 18-month lease term.
In addition to the pandemic being a hurdle to leasing these luxury units, there is construction next door to the building that will not be finished for another year.
They already have virtual tours in place and cool perks like Amazon and dry cleaning lockers. Besides capturing every lead by getting them to tour, what can be done from a management standpoint to maximize occupancy?
This market is tough, and if I am going to take on this building, with a great action plan, I can turn it around and have it perform to its full potential. In advance, thanks for any tips!