100% Occupied? Yawn, That Don’t Matta.

I don’t care what the occupancy rate is.

You heard that right, tell me a property is 100% occupied and you won’t get a fist bump.

Cause occupancy don’t much matta.

You and I could fill up the worst of the worst apartment community so it’s 100% occupied. Doesn’t mean the people in there will pay.

We are in the rent collection business and occupancy might give us an indication but it doesn’t tell us how much moola we’re bringing in.

Want that fist bump?

Then tell me what your economic occupancy is. If it’s 95% economic occupancy you’ll get a bump.

Economic occupancy tells us how many people living in the community are paying. Now, that is a direct correlation to the bottom line.

If it’s greater than 95% economic occupancy then I’ll dress up in a mascot uniform of your choice and we’ll do one of these little numbers…

So, next time you’re reviewing a deal go straight to the good stuff and immediately ask about economic occupancy.

3 Rental Ad MUSTS

If you’re a landlord finding tenants, there are only three things you need to include in your ad to create a successful real estate ad. I define success by potential tenant taking the action you desire.

And, if you follow my stuff, you’ll know that I ALWAYS use a property mgmt company so this info is based on my experience working with them and doing some first-hand testing for my latest acquisition (a 168-unit apt community).

Here we go:

Big, beautiful pictures – think you’ve got more than enough in the ad already? Add 5 more. Seriously, pictures are the key. A good online program my management company uses is Smore.com. It’s a free online service gives you design templates so you just plug in copy and pics and you’ve got a nice looking online flyer in minutes. I have zero design skills so this was a godsend when I came across it.

Contact info stated multiple times in multiple ways. This is your call-to-action and needs to be stated multiple times. Make sure to give the address, email address and phone number. Everyone likes to communicate in different ways so you’ll want to give them all three options.

Include legitimate scarcity or urgency. If you have an apartment building and only have one 2-bedroom left then say it. People want what others have deemed as valuable. If you have a move-in special program then end it on a holiday weekend so you can have a definitive deadline for the potential tenant.

Go ahead and try this approach. Let me know how these ads do compared to your normal ones. If it’s anything like my properties, you’ll be pleased with the results.