Leasing Goals Management

Company Profile : Operator of Student Housing with several thousand beds.

Business Challenge : September is a critical time for student housing because demand for new leases drops off significantly after the school year starts. Leases that commence in September can be signed many months in advance, and there is an urgency to achieve 95%+ Pre-Lease rates by end of July for the upcoming school year. 

The company wanted a way to easily monitor the Pre-Lease percentage of each property, and:

• To keep the property leasing teams informed about progress towards their goals
• To be able to view the “leasing funnel” for each property (prospects, showings, applications, leases signed)
• To view the activity of each employee (phone calls, text messages, follow ups etc.)

(Pre-Lease is calculated as the ratio of Occupied Beds (starting September) divided by Available Beds for each property)

Solution : Metric-X built a “Leasing Goals” dashboard solution using our RentViewer analytics platform. 

The dashboard has several views in it;

1. Portfolio Pre-Lease Status
2. Property Pre-Lease Status
3. Daily Goals View

The Portfolio Pre-Lease Status

This view displays the daily Pre-Lease percentage for each property in the portfolio. It is refreshed daily, and visually displays the gap between the current value the target.

Property Pre-Lease Status

This is a simple, visual chart that shows the latest Pre-Lease percentage, number of leased beds, available beds, and the following leasing activity metrics:

• New Prospects
• Showings
• Applications
• Leases Signed

Daily Goals

This view shows many more detailed metrics related to leasing activities, such as phone calls made, inquiries received, applications, rejected prospects, walk-ins, leases signed etc. The numbers for each day are displayed. An option is to drill down and see the same metrics for each agent.

Benefits :
The Leasing Goals Tracker provides many benefits to the company, including :

• Improves the probability that the company will achieve the pre-lease targets and there will be no surprises come September
• Enables the leasing teams and company executives to be aligned on goals for each property
• The constant visibility of the tool draws attention to a very important metric and motivation to act towards the targets
• Easily highlights bottlenecks and distractions that get in the way of goal achievement (with the ability to drill down to agent-level daily activity, for example number of follow-ups, number of showings etc.)
• Saves time having to run multiple reports daily to see the portfolio level and property level status

Tools:

• RentViewer by Metric-X
• Tableau Online
• Rent Manager API (Market Rent Analysis, Box Score reports)
• Microsoft SQL Azure