Developers Are Hiring Property Managers During Construction

Developers are bringing property managers into the fold earlier. The emerging trend is an effect of the massive amount of multifamily product under construction. With several thousand units per year coming to market, developers are leveraging property managers earlier to help curb competition. Property managers are also requesting that developers hire them early on in the development cycle to better prepare for leasing.

“We engage with developers at various stages of a property’s development. However, the earlier we can be brought on board, the more value we can deliver as we prepare for a lease-up,” Cindy Wick, regional VP at Western National Property Management, tells GlobeSt.com.

Analyzing both existing apartment stock and the construction pipeline is integral to developing a leasing strategy. “The most important aspect of preparing to lease a new community is analysis of what is currently working combined with research on what is coming to market, both locally and on a national level,” says Wick.