Tickling the Real Estate World with a Feather: Andy Larson’s Brain Nuggets on the Multifamily Lease-up Period

• Rockstar of Multifamily Biz: Andy Larson, a renowned expert on multifamily investments, has drifted like a swan into our pool of Inman contributors. I say swan, because let’s face it, who doesn’t like a big-thinking bird analogy?
• The New Romance – Lease-up Period: Larson is swooning over the lease-up period. It’s like he’s spouting poetry about a business strategy. Who knew we’d be hearing sonnets on such a subject?
• Lease, Please: The lease-up period, folks, is when a property owner frantically hunts for tenants after a construction project. It’s kind of like a game of real-life human Tetris, except with people and apartments instead of oddly-shaped blocks.
• The Strategy Sonata: Larson shares his strategies for weathering the lease-up storm. Spoiler alert, they’re about as sensational as a bowl of oatmeal. Basically, know your market, your audience, understand the competition, and bling up your property. Anybody else feeling the déjà vu?
• Timing is Everything: According to our swan Larson, timing is key in the lease-up period. You have to get just the right mix of urgency and patience. Basically, act like you’ve invited a jittery squirrel for a cup of tea.
• Know Thy Renter: Most importantly, understanding your potential renters is key. We’re not talking about asking them their star sign and favorite Color Me Badd song. But knowing their income level, job, family situation, etc. can totally figure into whether they’ll stick around.

Our Hot Take

Well, well! Shaking things up with the calm predictability of an automated percolator, Larson’s basic strategies (know your market, your competition, and your audience) come across eerier than the ghost of Captain Obvious. His whole spiel on the lease-up period reminds us of how they say love is a battlefield: just replace ‘love’ with ‘landlords’ and ‘battlefield’ with ‘dense jungle of red tape and paperwork’.

But let’s remember, folks, we’re dealing with real estate and there’s no room for clowning about – unless you’re us. See, amidst the jargon and industry buzzwords, what Larson is really saying is to approach your prospective renters with care. After all, they’re not just revenue sources, they’re people. Get to know them, cater to their needs, make them feel as special as a limited-edition Beanie Baby from the ’90s. Now that’s the key to a successful lease-up, baby!

Until next time, Property Land!

Original article: https://www.inman.com/2023/11/27/how-to-win-the-multifamily-lease-up-challenge-as-a-property-manager/