Fundamentals of Leasing

This document is meant to establish a baseline or minimum requirement for each site to follow. If there is a system you would like to follow that is different than presented, please review and document the process with your regional manager and Training TEAM.

Team Communication:

• Daily Line-Up – All working team members are required to participate in a Daily Line Up meeting, Monday-Friday. The Property Manager, Leasing Manager, Account Manager, and Maintenance Supervisor will provide updates for their department, and notes will be taken and stored in Teams.
• Specials/Pricing – The PM and LM will be responsible for communicating the current specials/pricing changes to the leasing team. These should be documented and stored for consistency and paper trail.
• Goals/Hot Leads (see below)– goal boards and hot leads should be track and posted in a backroom/office. The goal board should result in creating urgency and excitement with the leasing team in knowing which hot leads to focus on and to push velocity with current leasing. 

File Routing/Flow:

• Step 1 – Leasing Agent approves the application, generates/signs lease, prepares the file checklist, and verifies lease information is correct and all required documents are received. Leasing Agent places completed lease file checklist in “completed” bin/binder for Leasing Manager review.
• Step 2 – Leasing Manager will audit the file checklist for accuracy (lease dates, rates, signatures received, documents received, etc.). Leasing Manager places completed lease file checklist in “completed” bin/binder for Account Manager’s review.
• Step 3 – Account Manager will audit the file checklist to verify recurring and one-time scheduled billing and lease dates match Entrata.
• Step 4 – Property Manager and/or Leasing Manager will review the file checklist for accuracy, will place the future resident in the BUA (Bulk Unit Assignment in Entrata), and count the lead in the Lease Tracker and daily/weekly Source report.
• Note – No lease should be reported until it has been countersigned (by designated office person) in Entrata.

Renewals:

Successful renewal campaigns require an organized plan that is understood and executed by all teammates. It is important to prepare for your renewals as early as possible. The Horizon Student Renewal Plan and the steps below will be vital in producing a successful lease-up:

1. Define lease dates.
2. Define renewal percentage goals (stretch goals included) based on property demographics and historical data.
3. Define renewal rates with your Regional Manager.
4. Order renewal marketing materials – All communication must include urgency, expiration dates, a call to action, and must be branded to your property.
5. Banners, Bandits, Flyers, Computer Backgrounds, Window Paint, Package Stickers, etc. (See Price Change/Special Checklist in HRA Answers)
6. Communicate renewal offer details to residents and guarantors (See communication templates in the Horizon Student Renewal Plan).
7. Using Message Center, Text Messages Through CallMax or other text platforms, & After Hours Call Centers hosted by the Leasing Manager and Leasing Team.
8. Anytime changes are made to specials or rates, the resident MUST be contacted multiple times in multiple ways.
9. Yes/No/Maybe Board in Source must be updated with resident responses and outgoing communication from the team.
10. Renewal offers should ALWAYS be active for the residents. Offers should be generated to expire between the 5^th-20^th of the month and be no more than a month out to keep urgency consistent.
11. Walk & Knocks – divide the property between the leasing team for most effective time management.
12. Notice to Vacate must be signed by the non-renewing residents and immediately placed “On Notice” in Entrata.

Reporting:

Daily and weekly reporting are done through the Source. Source logins are connected to your HRA Outlook email. If you have any issues creating an account, please contact helpdesk@horizonra.com.

• Weekly Reporting:

o   Weekly Source Report due by 10 AM (PT) every Monday.

o   Report should provide a summary of activity for the previous week and a snapshot of the daily plan for the current week. (See Weekly Reporting Guidelines on HRA Answers)

o   If you are out of the office, please assign this task to someone on your team.

o   If a Monday falls on a holiday, please make sure you select the correct dates when entering your weekly information.

• Daily Reporting:

o   Daily Reporting is to be done in the Source by 8 PM each day the office is open.

o   Include a summary of traffic for the day and any notable movement regarding lease-up activity in the comments section. This report should be sent even if there were no leases signed for the day. (See Daily Reporting Guidelines in HRA Answers)

• Your weekly leases report should be updated as you are submitting your daily report.
• Leases will not be counted and approved until all required documents, signatures, and payments have been received and screening has come back as approved.
• Historical knowledge of Lease-Up & Renewal % should be studied by each team member. This knowledge will be beneficial for goal setting and pricing changes.
• All team members must know the following:

o   Magic Number, Left to Lease, Target Date, Renewal Drop Date, and Special/Tier Deadlines.

Lease Tracker:

Every property is required to maintain and update the Source Lease Tracker. If your Regional Manager requires the property to update a separate lease tracker, then the team is required to update both Trackers, and the separate tracker is to be stored in the property SharePoint, and not on a desktop.

Rate/Special Tracker:

It is best practice to use a spreadsheet or a section in the site marketing plan to track the rates and specials offered during the term of the lease up.

Before launching your new lease-up, your team should have a pricing/concessions call with Atticus Sicking to set rates.

BUA:

New leases should be placed in the Bulk Unit Assignment (BUA) in Entrata. This tool allows you to pull Roommate Interest Questions and use a Best Match feature to make placements quick and easy. Once you’ve finalized your placement, it’s recommended that you send the BUA Notification at one time. Your BUA should be finalized by the end of May early June.

Your placement sheet should include the following:

• Apartment Number
• Bed Space (letter/number)
• Building Floor
• Amenity Rent
• Floor Plan
• Resident Name (First Last)
• Email
• Phone Number
• Renewal/New/Transfer
• Lease Start & End Dates
• Charges
• RLIP policy created
• Initial of PM/LM after file review and placement

Lease File Checklist:

Horizon promotes a paperless leasing process; this means that you no longer need to make a pre-lease file with the printed lease agreement. Instead of a file, use a File Checklist for auditing purposes when applications are completed and approved. The file checklist should be organized in a binder that is managed by the Leasing Manager. Please Include the following in your file checklist:

• Future Residents Name
• Leasing Agent’s Name
• Apartment/Placement

o   Floor Plan

• Given Special
• Move-In Date/Lease Expiration
• Base & Amenity Rent
• Roommate/Placement Preferences
• Required Documents

o   Signed lease agreement

o   Proof of Income

o   Proof of Enrollment (if applicable)

o   Photo ID

o   Concessions Addendum

• Source Lease Tracker Updated
• Optional checklist items:

o   Audit scheduled billing (one-time and recurring)

o   RLIP policy created or acquired proof of 3^rd party insurance

• For 3^rd party please verify the following is correct on the policy: Resident Name, Address and Apartment Number, Coverage Amounts ($100,000 minimum in liability), Dates, and POPIC added as additional interest)

See example checklists attached as Fundamentals of a Successful Lease Up below.

Auditing:

Auditing needs to be a routine process during the lease up to verify reporting is accurate. Lease audits should be completed weekly and monthly as part of the AME process. The audits completed need to include the following:

• Scheduled Billing – Entrata, Lease Tracker, Lease all match
• One Time Charges – Entrata, Lease Agreements match
• Lease Dates
• RLIP – create RLIP policy number or acquire proof of insurance
• Number of Installments on lease agreement
• Entrata = Prelease Report/Forecasted Rent Roll = Source Weekly = Source Lease Tracker

Lead Management:

Follow-up is the most important piece of the leasing process. Horizon’s expectation is that all leads are followed up with in a timely manner. HRA requires leads to be followed up with between 48-72-hours using follow-up methods such as phone calls, emails, text messages, and thank you cards. 

24 Hours: When a new guest card is created (walk-in, phone call, email) we follow up with the new prospect AS SOON AS POSSIBLE. With today's technology, our society has become acclimated to immediate response. HRA also requires our leasing agents to send, "Thank you for touring!" Emails within 24 hours of a prospect's visit.

48-72 Hours: HRA standards are to follow up with each prospect every 48-72 hours unless the prospect specific requests otherwise. Follow-ups should be personable and reference the lead's "hot buttons," while also creating urgency. 

It is the Property Manager/Leasing Manager’s responsibility to ensure leads are managed in a timely manner. (Please see Follow-Up Protocol in HRA Answers)

Follow-Up Reminders:

• Outgoing Calls should ALWAYS be our first form of follow-up!
• Create urgency in every touchpoint.
• Quick response times improve your closing ratio.
• Frequent, personalized touchpoints are critical - follow up every 48-72 hours
• Use calls, emails, and texts for best chances at engaging the lead.
• Log detailed notes in Entrata for all follow-ups.

Marketing:

Sites should refer frequently to their Marketing and Renewal Plans for property-specific lease-up strategies.

Marketing sources should include the following but are not limited to:

• Website pop-up/special banner
• Apartments.com
• Off-Campus Housing
• Craigslist
• Facebook Marketplace

All leasing and renewal communication must include:

• Urgency, Call to Action, Expiration/Deadline Date

Opening/Closing Procedures:

At Horizon, perfection is the standard. The Clubhouse SOP and the checklist are to ensure HRA leasing offices, clubhouses, amenities, and models are all in excellent condition.

All sites must have an Opening/Closing Checklist to be completed by the opening and closing team members. The checklist should be turned in to the Property Manager and/or Leasing Manager with a signature identifying the tasks that were completed.

Team Signature: ____________________________ / Date: ________________

I have read and been informed about the content, requirements, and expectations of the Fundamentals of Leasing. I have received a copy of the policy and agree to abide by the policy guidelines as a condition of my employment and my continuing employment with Horizon Realty Advisors.

I understand that if I have questions, at any time, regarding the Fundamentals of Leasing, I will consult with my Regional Manager.

Resources:

• Horzon Student Renewal Plan 
• Fundamentals of a Successful Lease Up
• File Checklist Example
• Clubhouse SOP