Our guest for this episode, Drew Kniffin, is the president of Nighthawk Equity, a syndication group focused exclusively on buying C plus and B class multifamily assets. The topic today is leasing, and as an expert in this field, Drew shares what a good leasing strategy should look like, including the performance indicators for leases and leasing agents and how they have had to temporarily adjust their approach amid the COVID-19 outbreak. He talks about their trusted formulation and striking the balance between maximum rent versus maximum occupancy, and how they go about getting property managers on the same page. In terms of hiring the right people for your team, he encourages listeners to look for those guys who are adept at selling who will ensure that your properties get leased out.
Key Points From This Episode:
- Learn about our guest’s role at Nighthawk Equity and the asset classes they focus on.
- Drew’s leasing formulation: maximum rent versus maximum occupancy.
- The asset manager’s role in communicating the leasing formulation with property managers.
- Other key performance indicators for leases and leasing agents.
- Nighthawk Equity's target numbers in terms of conversion and closing rates.
- What Drew and his team are doing to optimize their leasing strategy.
- Advice for newbies at the leasing game — spoiler alert — keep track of the data!
- How the COVID-19 crisis has impacted their team’s leasing strategy.
“When we’re looking at leasing, we want to be about 95% occupancy on our properties.” — @DrewKniffin [0:02:05]
“Leasing is the fountainhead of our industry. Everything flows from it and if your leasing is great, mostly everything else will fall into place.” — @DrewKniffin [0:05:25]
Links Mentioned in Today’s Episode: