Finding an Intuitive Way to Track Leasing Trends
THE CHALLENGE
Tracking absorption rates has always been a primary objective in the apartment world. That mission was no different for Leon Capital Group’s multifamily branch, but Director of Multifamily Operations, Crystal Martin believed there had to be a more intuitive way.
“Back in the old-school days it started with utilizing an Excel color-coded document,” Martin said. “Then it became a heat map that you put together manually, but there wasn’t ever a great solution to determine what particular unit types were leasing faster.”
Martin and her team wanted cutting-edge insights as to why certain homes might lease quicker and others a bit more gradually. While factors such as stellar views were typically apparent enough, it was often smaller nuances that made a significant difference for renters. Operations teams needed these types of advanced data insights to maximize revenue and properly price slow-selling homes.
Martin and her team wanted cutting-edge insights as to why certain homes might lease quicker and others a bit more gradually. While factors such as stellar views were typically apparent enough, it was often smaller nuances that made a significant difference for renters. Operations teams needed these types of advanced data insights to maximize revenue and properly price slow-selling homes.
As one who regularly monitors the steady emergence of tech in the multifamily sector, Martin knew that an innovative solution had to be available. It was just a matter of finding the correct fit.
THE SOLUTION
Adopting Engrain’s SightMap Asset Intelligence Solution
In search of a granular way to price apartment homes based on factors such as views, floor types, types of finishes, proximity to amenities, noise aspects, access to transit and virtually every other potential tiebreaker in a prospect’s leasing decision, Martin first considered Engrain.
Engrain had been assisting Leon Capital with branding and website development, so Martin was familiar with the company’s innovative approach. Upon reviewing a demo of Engrain’s SightMap Asset Intelligence tool, Martin was captivated that property-performance data was accompanied by map-based visualization. The customizable nature of the product also offered immense value. It provided Leon Capital with the ability to tailor the tool on a property-specific basis.
“We wanted to make sure we weren’t just blanketing specials across the board and leaving money on the table. The SightMap AI tool was the first thing that provided us with these capabilities and really started to help with that conversation.””
Cyrstal Martin, Director of Multifamily Operations
Another capability Martin found intuitive was SightMap AI’s ability to filter out certain features. For instance, if a property had a block of short-term rentals but didn’t want to factor them into the unit-absorption analysis, those homes could be marked within SightMap AI as not to be included. The ability to track rentable items, such as storage rooms and attached garages, also added increased insight to property performance.
“Before the SightMap AI tool was available, you had to do a lot of digging into the programs that were available to make those determinations,” Martin said. “With the tool, you can get even more granular with floor types, units and several other factors. If I can price homes with a mountain view $100 more but have to price the building facing the street $50 less, it’s a valuable insight that leads to an extra $50 we never would have had.”
