Leasing and Marketing
Start with the market
Marketing begins with a competitive survey: what nearby communities charge, what concessions they offer, what utilities are included, and where your property sits in that grid. From it come a positioning statement, a target resident profile, and a marketing plan with budget, channels, and measurable goals. Track traffic sources (walk-in, ILS, referral, website, search, social) so dollars follow results.
The funnel
Leasing is a conversion funnel: leads → tours → applications → approvals → leases. Measure each ratio. A weak step tells you where the problem is - advertising (leads), curb appeal and model presentation (tours), pricing or screening criteria (applications), or closing skill (leases).
Fair housing in advertising
Advertise the property, not the preferred resident. Language suggesting race, color, religion, sex, national origin, familial status, or disability is prohibited, including 'perfect for young professionals,' 'no children,' 'ideal for singles,' 'Christian community,' or exclusionary uses of 'walking distance.' Use the Equal Housing Opportunity logo and statement, and ensure imagery reflects diversity.
Screening
Screen every applicant against written criteria applied consistently: income multiple, credit, rental history, criminal history applied under current HUD guidance, and occupancy standards. FCRA requires notice and an adverse action letter when an application is denied.
Traps
Questions confuse leased percentage (signed leases ÷ total units) with occupancy, or exposure with total vacancy. They also forget to amortize concessions over the lease term when comparing effective rent, and forget that renewals are part of the marketing plan - a renewal costs a fraction of a turn.
Worked example
100 inquiries → 40 tours (40%), 20 applications (50% of tours), 15 leases (75% of applications) = 15% lead-to-lease. If tours are strong but applications lag, check price and screening criteria before blaming marketing.