Here is my 5 step process to help fix occupancy issues:
Marketing Assessment - Of the last 90 days, where did all of your executed leases come from? What marketing channel were they associated with? Which ones should we terminate, and which ones should we turn up?
How are the property reviews and what does that reveal about the quality of the maintenance staff? Is an appointment setting call center required?
Leasing Agent Assessment - Over the last 30 days, how many people showed up to the property and of those who showed how many applied? Of those who applied which were denied and why? What processes do they have in place to help maximize conversion leveraging automation?
This can help reveal if your leasing agent needs additional training/replacement or they are not receiving qualified enough traffic. How many times are they following up and who is QCing the calls?
Develop Pivot Plan - Review findings of the first 2 steps and decide if additional marketing channels are needed to supplement existing traffic.
What additional qualification methods can we use before these people book an appointment to show the property? Every property is different and may cater to a different demographic, requiring different outreach.
Execution - Through regular sessions, review the marketing KPIs on an ongoing basis and identify and address problem areas. Have a CRM system in place to keep the train on the track.
Optimize and Add Value - With the property trending in the correct direction, identify other potential sources of revenue to supplement the income and increase the property value and develop/implement a plan of action to test them.
Most operators didn't have to worry about this during the run up because they were relying on strong market characteristics to bail them out. Even a turkey can fly in a hurricane.
Your PM is supposed to have a handle on this but many are overworked or stretched too thin. I'm still bullish on multifamily, this just needs to be addressed if it comes up.
Please let me know if you need assistance with this through our Tenant Magnet Program.