Optimize your marketing budget. See how much can be saved through rapid leasing.
Multifamily operators approach the Lease Engine team all the time with Lease Up challenges. Oftentimes, the lack of a comprehensive marketing plan is one of the root causes to a long lease up.
This planning spreadsheet is designed to give a high level outlook at the opportunity cost of a long lease up.
How do I use this spreadsheet?
Just fill out the fields on left side of the spreadsheet.
You’ll enter information such as number of vacancies, average rental rates, current lead volume per month, marketing budget, and a few other pieces of information. We have some assumptions entered for cost per click, click to lead conversion, and lead to lease conversion, but you can adjust these if you have the information on hand (every market is different). With all of your info added, the spreadsheet will calculate everything else, giving you marketing ROI, and leasing opportunity cost.
Why do I need to fill out the information requested?
We will always keep your personal information safe.
We ask for your information in exchange for a valuable resource in order to (a) send information to you that we think may be of interest to you by email or other means; (b) send you marketing communications that we think may be of value to you. You can unsubscribe at any time.
Is this really free?
Yes, this is free.
We’re just sharing some a free tool that we hope you’ll find useful. Keep us in mind next time you have marketing questions!
What is the opportunity cost to a lease up?
The opportunity cost to a lease up is:
The relationship between lost rental revenue less marketing income over time (throughout the duration of your lease up). If you have 100 vacancies and a 2,500 monthly rent, your opportunity cost is $250,000 / month. Over time, as you lease up more units, that opportunity cost goes down as you capture rental income.
What insights can be gained from this exercise?
This exercise will help you:
Understand how various factors such as budget, cost per lead, and lead to lease conversion rate will ultimately affect the pace of your lease up, the cost of marketing your lease up, and the rental income opportunity cost of a longer or shorter lease up.
Integrated Digital Marketing for multifamily and apartment businesses.