LEASING MANAGER
Company: Westward360
Location: Chicago
Posted on: October 9, 2024
Job Description:
Westward360 is looking to add a Leasing Manager to join our
growing Chicago team. If you want an opportunity to grow with a
company on the rise, look no further! We pride ourselves in
providing the ultimate experience for our clients.
Objective: To orchestrate the leasing process and ensure the
efficient occupancy of properties while driving income generation
throughout the year. This role is responsible for overseeing
applications, lease signings, and renewals. The primary goal is to
maximize rental income by ensuring rental contracts are at market
price and removing all barriers to receiving rent. Effective
coordination with leasing agents, property managers, and asset
managers is crucial to achieving these goals while maintaining
compliance with legal and company standards.
Scope: This entails managing all aspects of the leasing cycle, from
initial application review to lease renewal. This includes ensuring
accurate and timely application processing, verifying lease
agreements, and guiding the renewal process. The Leasing
Coordinator also plays a key role in setting market-competitive
pricing, and conducting market analyses. Collaboration with the
property and asset management teams is crucial to aligning leasing
strategies with overall property management objectives.
Market Analysis
- Maintain comprehensive data on the supply and demand for rental
properties, broken down by sub-market (location) and property type
(number of bedrooms/bathrooms). Regularly update this data to
reflect current market conditions and inform leasing
strategies.
- Track and analyze absorption rates, measuring the number of
available units versus recently rented ones. Use this information
to gauge market activity and adjust leasing tactics
accordingly.
- Stay well-versed and act as an expert in market conditions.
Monitor market trends, rental rates, and competitor activities to
provide informed property pricing and positioning
recommendations.
- As necessary, seek outside guidance and insights from industry
experts, market reports, and other relevant sources. Leverage this
external information to enhance internal market analyses and ensure
the company remains competitive and well-informed. Marketing &
Listing Management
- Implement strategic marketing plans to ensure properties are
rented at or above market rent. Stay in tune with supply and demand
dynamics by neighborhood and property type to optimize rental
income.
- Oversee the management and weekly review of property listings,
ensuring maximum exposure and minimal vacancy times.
- Develop and manage listing tickets to effectively market
available properties, ensuring all listings are accurate,
appealing, and promptly updated to reflect any changes or new
available listings.
- Conduct CMAs and Turnover (TO) tickets to assess property value
accurately, providing essential data to optimize pricing and
improve property market positioning.
- Monitor and analyze the effectiveness of marketing strategies
and listing performances. Direct leasing agents to make necessary
adjustments based on market trends and property feedback, ensuring
optimal visibility and attractiveness of the listings to
prospective tenants.
- Assess and respond regularly to supply and demand trends by
neighborhood and property type. Use this information to adjust
marketing strategies and pricing to stay competitive and meet
rental income goals. Application Process
- Manage the tenant application process, ensuring that
applications are reviewed, approved, or denied following Fair
Housing Guidelines and company policies. Maintain consistent
application standards across different buildings, which are readily
accessible and documented for all Westward 360 personnel. This
ensures a uniform, transparent process that upholds legal
compliance and company values. Leasing
- Manage lease signings and approvals, verify details, and ensure
accuracy and consistency with company policy and Fair Housing
Guidelines. Conduct secret shopping to stay aware of market trends
and pricing, ensuring competitive and fair leasing practices.
- Monitor year-over-year lease price increases and manage
listings to avoid vacancies.
- Work with agents to set market pricing for properties without
pro forma, ensuring competitive rates, specifically in buildings
with 5 units and under. This ensures pricing strategies are aligned
with local market conditions and property values.
- Monitor agent performance and escalate issues with agents to
the Managing Broker for resolution. Ensure that agent feedback,
particularly concerning issues with the investment department, is
directed to the Managing Broker to facilitate timely and effective
solutions. Renewal Management
- Monitor lease expiration dates diligently to proactively manage
the renewal process, eliminating unplanned vacancies and ensuring
continuous occupancy.
- Enter data into the Renewal Tracker for RTMs to send out
renewals based on pro forma rent roll/renewal pricing provided by
the Asset Manager.
- Conduct thorough market rent analyses ensuring that proposed
rent increases are justified by current market conditions and align
with company policies.
- Verify renewal details, including start and end dates,
year-over-year increase, and compliance with the renewal
tracker.
- Issue lease renewals and conduct diligent follow-ups to ensure
timely tenant responses and lease executions.
- Guide the property renewal and rent increase processes,
ensuring smooth tenant transitions.
- Provide detailed market rent analyses and historical rental
data to assist the property manager in implementing rent increase
processes. This includes compiling comparative market analyses,
tenant occupancy histories, and economic trends to support the
rationale for rent adjustments. Ensure all documentation and data
provided are comprehensive and accurate to facilitate informed
decision-making regarding rent increases, helping to optimize
revenue while maintaining tenant retention.
- Issue lease renewal notices to tenants efficiently, ensuring
all communications are clear and comprehensive.
- Oversee diligent follow-ups with tenants to ensure timely
responses to renewal offers and secure lease executions. This
oversight helps maintain high occupancy rates and enhance tenant
retention, ensuring the process aligns with organizational
goals
- Prepare detailed reports on local market trends to support
data-driven decisions for lease renewals and rent adjustments.
Leadership
- Mentor and guide RTMs and other team members in leasing
processes and best practices.
- Foster a collaborative work environment, encouraging teamwork
and communication among leasing agents, property managers, and key
team members.
- Lead by example, provide exceptional customer service, and
resolve prospect issues promptly and effectively. Business Metrics
- Monitor and report on key leasing performance indicators,
including vacancy rates, lease renewal rates, average
time-to-lease, and rent growth YOY. Ensure comprehensive tracking
of late payments to provide insights into collection effectiveness
and financial impacts on property owners.
- Track global leasing KPIs, such as available units, and conduct
Comparative Market Analysis (CMAs) for new properties.
- Analyze market trends and competitor pricing to inform leasing
strategies and pricing adjustments.
- Evaluate the effectiveness of leasing campaigns and
initiatives, making data-driven recommendations for improvement.
About Westward360:
Westward360 is dedicated to providing exceptional community
management, rental management and brokerage services. Serving
multiple markets throughout the United States, we have the systems,
strategies, and expertise to meet the specialized needs of even the
most demanding client. With more than 50,000 homes under
management, we're your all-in-one real estate solution.
*Disability Notice: Disclosure is divulging or giving out personal
information about a disability. It is important for the employee to
provide information about the nature of the disability, the
limitations involved, and how the disability affects the ability to
learn and /or perform the job effectively. The employer has a right
to know if a disability is involved when an employee asks for
accommodations. Deciding if, when, and how to share
disability-related information with a prospective or current
employer can be overwhelming but we ask to please request a
required accommodation prior to your first date of work. *Please
note, a doctor's note may be requested by Human Resources,
depending on the accommodation being requested, on a case-by-case
basis.
Requirements
- A valid real estate license is preferred .
- Proven experience in leasing coordination or a similar role
within property management.
- A comprehensive understanding of laws and statutes related to
property management.
- Ability to work collaboratively with leasing agents, property
managers, and other team members.
- Demonstrate leadership and critical thinking skills.
- Excellent verbal and written communication skills, strong
customer service orientation, and negotiation abilities.
- The capacity to manage multiple projects and tasks
effectively.
- Proficiency in property management software, such as
Propertyware.
- M-F 8-5 pm, or as necessary to complete job
responsibilities
- Available after hours/evenings as needed
- Office / In-Field position
- Travel required
- Possess and maintain a valid driver's license
- Possess proper auto insurance
- Background check required
Salary Description
$52,000-$67,000
Keywords: Westward360, West Allis , LEASING MANAGER, Executive , Chicago, Wisconsin
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