Accelerated Real Estate Investor 256: Josh Cantwell on Getting Your CapEx Team Rolling with Leasing Events
In this episode, I want to share a great strategy to get your CapEx team rolling and get those vacant units filled quickly.
For context, we recently purchased the Forest Ridge Apartments–a 220 unit development on Chevrolet Boulevard in Parma, Ohio.
This building had 39 units being turned over by our capital improvements team, which updated the flooring, kitchens, hardware, bathrooms, paint, and more. We wanted them not just finished but leased.
So, what did we do? We hosted a leasing event, which is essentially an open house. In addition to helping your units turn a profit faster, a leasing event also forces your capital improvement and construction teams to get those units completed and ready for viewing.
In today’s episode, I explain why we took this approach and created a hard deadline and everything we accomplished because of it. You’ll learn how to deploy this strategy to accelerate the turnaround on your projects, get those vacancies filled, and create positive cash flow now instead of weeks from now.
Key Takeaways with Josh Cantwell
- How leasing events force your teams to put in the hours to get your units ready to turn a profit.
- When to set a leasing event date for a building you’re in the process of stabilizing.
- When to drop advertising rates on certain units and why it has only a minimal impact on your bottom line.
- Why it’s more important to fill vacancies than to lease at the top of the market.
- How we dealt with a brutal snowstorm hitting us 24 hours before the event–and how the importance of building great connections and relationships.
Want the Full Show Notes?
To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit https://acceleratedinvestorpodcast.com/256
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