Urbandoor partner, LaSalle, is an investment management company with $59.5B under management that invests exclusively in real estate. Today, LaSalle operates in 17 countries with 24 offices worldwide, and is keenly focused on how they can add value to their investments and property operating partners.
From an investment perspective, LaSalle wanted a way to help their properties access new demand from businesses and relocation agencies who were looking to put their employees in furnished apartments for relocations or extended projects. They were not interested, however, in additional lead management or extra work for their property management teams.
Another key consideration for LaSalle and their property operators, such as Lincoln Property Management, was the ability to control the number of leases they received from Urbandoor. To generate the right demand and control expirations, they wanted to control lease lengths and set unit caps at their communities.
As a global marketplace for furnished apartments built specifically for professionals, Urbandoor provided direct access to the incrementally new demand LaSalle was interested in. Urbandoor helped increase occupancy for their apartments with the controls they desired, including unit caps and minimum lease length requirements. Additionally, there was no additional burden on the onsite teams. Leveraging Urbandoor’s end to end booking platform and its Partner Program to satisfy a temporary resident’s hospitality needs, the onsite teams did not have to manage leads and their lease was signed and unit set up. All while earning a 68% premium on the 2 month rent term during a historically slow time of year for leases.
“Urbandoor ensured us that the set up and lease process was simple and it was! They also were very helpful and attentive to our needs. I look forward to working with them again.”
-Connie M., Property Manager at JeffJack (Chicago)
Unlike some short-term rental arrangements, LaSalle and Lincoln also had full transparency into who was staying in their building and had renter’s insurance, which is provided by Urbandoor.
Perhaps best of all, the person who booked the furnished apartment is an agent for a large financial firm who books on behalf of hundreds of people a year. Now, the property is in the view of a powerful repeat leaser and they have a chance to earn her preference and loyalty.
“We recognized that Urbandoor is a way to take advantage of under-utilized vacant space and support our current market rent while receiving a premium for taking on the additional risk of a short-term lease. This has an added benefit of opening our properties to large financial companies as well as search firms that maybe repeat customers as well as generally being excellent tenants without adding burden to our property staff. Urbandoor was very accommodating and informative during the setup process and especially now that we have seen the leasing begun at our properties, it is apparent that they are a great partner for LaSalle, ensuring our clients will get the best return on investment possible.”
-Kelly Soljacich, Vice President of Asset Management at LaSalle
To hear more about how Urbandoor can increase occupancy at your apartments, visit our Provider page. We look forward to connecting with you.
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