This is a great tool given to me by my Asset Manager to better manage my lease expirations with my traffic trends. This idea took some getting used to because I was trained that we only offer 6 and 12-month lease terms. Those were the options no matter what month you leased an apartment home. With the Lease Expiration Board and your Traffic Trend numbers you determine how many leases you’d like to expire in any given month according the number of traffic expected. As long as the lease term is at least six months the new resident can choose the month they would like their lease to expire according to the availability of expirations for that month. It’s a great tool to manage turnover and I have even shown the board to residents to help explain the reason why the lease may be able to expire in August but not September.
You can make a Lease Expiration Board out of a large magnet board and magnets that represent each apartment. The reason I use the board instead of a “Report” is to have it out in the open where the staff can see it and to be able to physically move the apartment numbers around the board from month to month.
Contributed by Michelle Whiting, Property Manager
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