Centralized Leasing

Leasing centralization had been on the industry’s “next wave” radar and became more prominent because of the pandemic. Operators learned about its potential efficiencies in 2020 and 2021, and it has since become a staple of the modern-day operations of many organizations.

Centralization quickly became one of the biggest post-pandemic buzzwords in the multifamily industry, but explaining it can be a challenge. That’s because it can mean different things to different organizations and can be implemented in a multitude of ways.

The top storylines in multifamily this week are tenant satisfaction and renewal rates, electrical issues, proactive leasing, the customer experience, income verification, centralized leasing, the constitutionality of rent stabilization, apartment maintenance expenses and Montana blocks rent control.

Whichever approach a company chooses, there are three main ingredients to a centralization project: self-guided tours, flexible labor and task automation. As with all recipes, each ingredient can be used to a different degree, depending on individual company preferences.

With so many changes occurring in multifamily leasing and management, owner/operators are seeking ways to meet the challenges of shifting consumer tastes, ongoing hiring and retention issues and maximizing revenues. Centralization is the next step.

Most operators agree it means moving tasks and processes from onsite to other people, regardless of location, that are specialized in specific processes or customer touchpoints. This allows operators to free up resources to focus on tasks that require an onsite presence and provide better customer service.