Reopening Multifamily 2: Establishing New Leasing Practices
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Reopening Multifamily: Strategic Response Series Part 2 – Establishing New Leasing Practices

Posted on May 26, 2020 by Grace Hill


To help multifamily companies balance safety, resident satisfaction, company viability, and legal compliance as they begin to reopen communities, Grace Hill has launched a series of articles and tools that support the reopening response. Part one of the series introduced strategies for reducing liability risk. These strategies should be used to develop all reopening policies and practices.

Part 2 – Establishing New Leasing Practices

The early stages of the COVID-19 pandemic and the initial shutdown in mid-March presented a challenge for traditional leasing practices. Virtual leasing was one of the most universally adopted solutions, as management companies hustled to get virtual content, access new technology, write new policies, and create training around virtual leasing. Some organizations were somewhat ready and quick to pivot early on, and others are still working out the details two months later. 

For those who were able to implement effective new practices, the results have been pleasantly surprising. The market was receptive (willingness to lease virtually more than doubled, increasing from 16% last year to 30% as of April 2020 and 40% in May!). And many have reaped the reward potential of virtual leasing in the form of higher lead-to-lease conversions, shorter sales cycles, faster to market pre-leasing of occupied and under-construction units, and video collateral for more effective advertising.

Virtual Leasing Isn’t Automatically Effective

Virtual leasing could be ideal for relieving some of the pressure to fully reopen leasing offices right away; however, it doesn’t work automatically. The same survey data that revealed an upswing in customer willingness to lease virtually also shows some less positive statistics about customers’ actual virtual leasing experiences:

Virtual Leasing That Converts

For virtual leasing to convert to sales, every step of the process must build the trust, rapport, and confidence customers need to make a final decision. Because virtual leasing is a relatively new practice for most companies, new policies, training, and assessment are needed to ensure the following:

  • Leasing agents are comfortable using virtual leasing technology
  • Expectations regarding video tours and leasing presentations are understood 
  • Customers are receiving a compliant and consistent experience

Adopting a Blended Approach for Reopening

For the foreseeable future, most companies will need to support a combination of in-person and virtual leasing. The focus must be on assessing the customer experience and ensuring your organization is making a positive impression regardless of the leasing approach.  

  • Are your customers having personalized, meaningful interactions with your onsite team members, rather than passive, generic exchanges?  
  • Is your company able to meet your customers where they are, meaning adapt to the situation they find themselves in? 
  • If your community is open, are they still able to accommodate leasing virtually for customers hesitant to come on-site? 
  • Are your onsite teams prepared to create a consistent, meaningful experience either way?

Assessing New Leasing Practices

Surveys and mystery shopping can help ensure a “yes” answer to the critical questions above. Virtual leasing provides an oversight challenge, especially with so many employees working remotely. Having virtual presentations mystery shopped will allow you to gain insight into whether residents are getting the experience you want them to have, and surveys will help you determine resident comfort and satisfaction with that experience.

Flexibility Is Key

There is still much uncertainty ahead, but the one certainty is that a one-size-fits-all solution will not be the best solution. Re-opening will vary by region, social distancing will vary by person, and the waves of increased COVID cases will happen at different times across different cities, potentially causing additional limited shutdowns. Your onsite teams will need to be able to adapt, and also provide a consistent experience, whether the customer is in person or only accessible virtually. 

Follow the Series

Grace Hill’s marketing content team aims to create informative resources that help multifamily and commercial industry professionals elevate their performance. From blog posts and ebooks to infographics, checklists and webinars, the Grace Hill team has a singular focus: creating meaningful and engaging content that resonates with real estate professionals across the industry.  However, what makes Grace Hill so unique is the range of collective experience and collaborative spirit of its marketing content team. A group of talented writers with expertise in the real estate industry, overall management effectiveness, marketing strategy, and operational efficiency, the team provides new ideas to take performance to the next level. As a thought leader, Grace Hill's content team constantly pushes the envelope, experimenting with new resources and tools to keep industry professionals ahead of the curve.  Whether you're a seasoned pro or just starting out in the real estate industry, the content team at Grace Hill is creating resources to help you succeed. Learn more about Grace Hill on LinkedIn.

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