1. Drop your lead cost to under $50/lead
With more prospective renters shifting their apartment research on-line than ever before, it is important to cast a wide digital net to generate qualified leads. Your marketing campaign should target prospective renters everywhere they look including ILS sites, property websites, real estate blogs, social media platforms, directories, review sites, digital ad networks, and more. At Rose Associates, we not only generate cost effective leads, but maximize lead capture and conversion by utilizing a sophisticated CRM system to maximize prospect engagement and increase lead conversions.
2. Maximize rental rates AND occupancy
Don't assume that your multi-family asset is performing well because it boasts a high occupancy rate or high rents. High occupancy rates often mask under-market rents and high rents can be masking excess vacancy. The only way to ensure market driven pricing is to utilize a revenue management tool calibrated to balance rents and occupancy. At Rose Associates, we take that one step further and overlay a revenue team that has decades of NYC real estate experience and is made up of experienced asset managers, data engineers, and leasing professionals to provide real-time analysis of pricing and inventory fueled by extensive market research. The balance of a revenue management tool and an experienced revenue team has consistently helped Rose managed assets outperform the market.
3. Be strategic about unit renovations
Not all units are created equal and neither are renovations. Before you embark upon a renovation plan it's important to analyze the ROI potential of each unit individually. At Rose Associates, the revenue team works in tandem with the Construction team to evaluate the impact of design selections, construction costs, and renovation timelines to provide owners with an accurate forecast of ROI and ensure that the hard work of renovations translates into a substantial increase in leasing velocity and achieved rents.
4. Reduce tenant turnover
Apartment turns cost money: from cleaning, painting, and fixing, to advertising, leasing costs, broker commissions, renter concessions and potential vacancy loss. The best way to reduce or avoid these costs is to use resident events, enhanced service, and perks to create a sense of community and environment that residents don't want to leave. Rose Associates engages residents with the RoseLife program featuring a unique resident app tailored to each property that allows residents to manage their lifestyle from their smartphone. In addition, residents can take advantage of RoseLife programming designed to activate amenities and build community for residents.
5. Decrease Expenses
Be creative about finding ways to run your property more efficiently to reduce expenses. Commissioning energy audits, buying bulk utilities, performing consistent preventative maintenance, right-sizing staff, and reviewing the property's insurance policy so you don't miss out on premium savings and coverage enhancements are just a few potential cost saving locations. Rose Associates' experienced property management teams are diligent about every detail so that cost savings are realized, and owners understand their properties are in good hands.
Case Study: Rose Increased NOI By 12% at Tribeca Rental
Opportunity: When Rose assumed management of this 21 story, 352 unit Tribeca asset in December of 2016, the rent roll was achieving $76.56/sqft and occupancy had dipped to 89%.
Rose Value Creation Strategy: Rose Associates deployed a strategic plan, leveraging its suite of property management services in targeted areas to put the asset on track for higher returns.
Rose Action Plan
- Rose built a custom Amenity-Based Pricing Model quantifying the amenities of each apartment to allow for more accurate pricing and real-time adjustment of pricing by apartment line and type.
- Inventory control was implemented by releasing homes to the market in controlled increments to show scarcity in the market, test pricing, build urgency, and raise prices as the property gained traction in the market.
- All vacant apartments were immediately detail-cleaned, and made show-ready
- Strategically renovated select apartment types which would have the highest ROI
- Introduced Rose's industry-leading resident app
- Enhanced programming to increase service level of building to appeal to target market
- Refreshed the logo
- Built a new modern website to better reflect the product
- Launched targeted advertising campaign to attract qualified renters
- Installed an experienced and well trained leasing team
- Implemented a robust CRM with custom digital brochure and branded email templates to ensure follow up, track lead generation, and increase conversions
- Upgraded finishes were designed and priced for apartments designated for renovation
- Rose project management team managed
Under Rose Associates
Rental income increased 7%
Rent Roll grew to an average $81.92
Occupancy improved from 89% to 96.2%
NOI increased $1.8 Million (12%)