Making sure that your rental property remains occupied and is profitable is one of the most important objectives as a landlord. An effective way to track your lease performance is through a lease-up report. This report gives landlords a significant insight into how well your rental units and properties are being rented. It also shows how your marketing efforts are performing as well as whether your rental pricing needs a reevaluation or if they’re effective.
For landlords, understanding a lease-up report can help you not only understand the ins and outs of your rental property, but also help you to evaluate your
property management company, and make informed decisions about your rental property’s future. Today, we’ll go over what a lease-up report is as well as how to use it in your real estate strategy.
While being incredibly important, many landlords may not realize how significant this report can be. A lease-up report is a document that tracks the progress of leasing a rental property. This report refers to the process of marketing and ensuring your rental units reach full occupancy in new developments or significantly renovated properties or buildings with high vacancy rates. The lease-up report provides landlords with data on leasing trends, marketing successes, and the overall efficiency in filling units. Landlords can determine whether their property is performing as expected, or needs an adjustment in their marketing by analyzing the information in the lease-up report.
A lease-up report should include key statistics about both occupancy as well as leasing progress. This includes the percentage of units leased during a specific time frame, and the number of vacant units when compared to occupied units. Additionally, it shows the start dates of new leases and tenant moves in schedules. Knowing these numbers helps landlords understand how quickly a rental property is reaching full occupancy, and whether or not leasing goals were met.
A lease-up report is more than arbitrary numbers, for landlords it's a great tool for assessing the effectiveness of a property management company. As this helps you determine if the property is performing as it is expected, or if you need to speak to your property managers about assessing rental rates, or changing leasing strategies. This data helps landlords reduce their risk of losing potential rental income due to a high number of vacancies, and turnover rates. It also gives you the necessary information to make an infrared decision about your rental property instead of basing it on guesswork or outdated data.
If you want to use your lease-up report for evaluating your property manager, consider comparing the number of leased units with the initial leasing projections. If the leasing is significantly lower than expected, it could signify poor marketing choices, uncompetitive pricing or ineffective leasing strategies. By focusing on these areas, landlords can determine if their rental property is being taken care of effectively by their property manager or if changes need to be made.
A lease-up report is an incredibly valuable tool for landlords who want to track their rental property’s leasing performance while maximizing their rental income. By understanding your occupancy rates,
marketing success and rental assessments, you as a landlord can make decisions based on research and data. Regularly reviewing your property’s lease-up report can help you improve your bottom line while keeping your property managers accountable for their performance. If you would like a breakdown of your lease up report, or you need help managing your Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our
Owner Application online.
