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, Palatine , LEASING MANAGER, Executive , Chicago, Illinois