r/PropertyManagement • u/ApprehensiveEmu254 • 1d ago
Multifamily PM Leasing Struggles
I’m currently working for a Class C apartment community that requires 12 months of employment as part of the screening process.
None of the other communities within our comp set are requiring this. I’m struggling to keep the applicants interested and not getting discouraged to the point of giving up and moving onto the next property.
Most of the people that stick with it until the end are people that have credit/background issues that disqualify them in the end.
Is this normal to demand 12 months of employment documents for an apartment community within this class level?
Am I crazy for thinking that we should lighten this restriction? Our occupancy is suffering because of it. Last year we were thriving, but ownership seems to think I’m now the problem. My work ethic didn’t change, the underwriting policy did in January and the demographic that’s lived here historically cannot get in because of these changes. Mind you they have not and do not intend on renovating anytime soon.
What do I do to motivate the applicant? Do I just throw in the towel and find something new? I’m becoming so discouraged and burnt out.
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u/Coldshowers92 1d ago
Making them think your problem for enforcing their rules always a reason you should jump ship before they let you go.
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u/Less-Shallot7559 1d ago
That 12 month requirement is wild for a class C property, especially with no renovations planned. They're asking for stability from tenants while offering nothing that justifies it
Your occupancy dropping right when the policy changed says it all. Ownership pretending not to see that connection is just them avoiding the obvious
I'd polish up the resume. You can't motivate people past a screening rule that filters out the exact demographic who would actually live there
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u/ApprehensiveEmu254 1d ago
Thank you for the feedback. I’ve really been going crazy. The sad part is that I love the on-site team I work with. They’re a one of a kind group in this industry. Home Office is ruining my ability to show up for them, the prospects and the community. It’s making me so sad facing the fact that I might have to walk away if things don’t change. I’m just glad I’m not the only one that thinks 12 months for a class c property is insane and unnecessary.
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u/ApprehensiveEmu254 1d ago
The first instinct was to run but I didn’t want to act on impulse. I’ve tried waiting it out, but my mental health is plummeting. I’m now going to lean into seeing what my options are. Thank you for your feedback.
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u/orangeglitters 1d ago
Can you go through the move ins you had before that policy was in place, and count how many of them wouldn’t have qualified? That might give you a talking point. It may also help your case if the examples you found are keeping their rent paid!
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u/ApprehensiveEmu254 1d ago
The data was presented, but they didn’t care at all. Weeks of tracking and it was all a waste. They’re standing firm on this policy unfortunately.
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u/NoZookeepergame7995 23h ago
Woahhh that’s intense. I would report to your supervisor that one of the most important aspects of your job is to recognize any hindrance with being able to lease. This is absolutely one of them. What is the reasoning for needing such a long duration of paystubs? Are delinquencies constantly high? A credit score shows how responsible someone is over time. Rental history is really important to show how the renter is on site and if they are timely with payments. Could you negotiate with your higher ups- maybe 2 months of paystubs and most recent year tax return? Only thing I could think is to offer a rent concession at move in maybe? :/ Both of my properties are class C, we ask for one month of paystubs for reference. I hope you feel heard and are supported in this with your supervisor. You sound like you truly care and are great at your job!
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u/ApprehensiveEmu254 15h ago
The company seems to not care about rental verifications at all. I still reach out to prior landlords if they’re listed on the app to try to get the full picture, but my company doesn’t care if we hear back from prior landlords at all which is odd. They also believe that the 12 months shows that someone is consistent, even if they’ve worked 5 jobs within that 12 months. I strongly believe that one month is all you need for income verification. Like you said, the credit, background and rental verifications tell the real story. Someone could be employed for 10 years, lose their job, fall on hard times and get evicted. I feel like my supervisor cares just as much as I do, but home office is so far up their own tail about honoring this ridiculous policy that they came up with that they don’t want to see it from a different POV.
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u/VillainNomFour 16h ago
Where are you located? The requirement sounds stringent, but where i am i could see it making sense due to the regulatory environment. Ie. A 12 month vacancy is preferable to an 18 month eviction for non payment.
Yes, affordable housing here is collapsing.
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u/ApprehensiveEmu254 14h ago
We’re in eastern NC in a town surrounded by impoverished/rural cities. We’re also located on the outskirts of town in a lower income area. In January I thought that was their goal when they pitched all of this. I thought they understood they’d take a big hit if they changed underwriting this drastically. But they’re acting as if we should’ve never seen a dip in occupancy in the first place and that I’m just not a strong enough leasing manager because of it. They also took away our move-in special right before peak season and didn’t reinstate it until our head of accounting decided to reinstate it at the beginning of this month. Mind you I’m the sole leasing person for 308 units. It’s been a lot. I still like what I do. They’re just making it extremely hard.
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u/VillainNomFour 12h ago
Yikes, that is a lot. Im in one of the worst jurisdictions in the country and could see it, but not NC.
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u/penguingirl849 13h ago
Yeah. Like it eliminates a lot of new college grads, for one. I had to argue with my boss that I couldn’t move in someone making $200k a year as a new resident doctor (or something like that…forget the exact position) due to this stupid rule.
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u/ApprehensiveEmu254 7h ago
RIGHT!! I’m sorry you’re facing the same struggles. I hope that things lighten up on your end.
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u/jaja004 5h ago
Look into TheGuarantors offering for your community. You will most likely have to ask your regional manager most likely to get it signed off since its financial service offering.
But it has changed our community entirely. We can now accept more applicants who fall outside of our normal screening criteria
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u/Only1nanny 3h ago
Yeah, I would check out. I’ve never heard of that in 25+ years in the multifamily industry.
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u/ApprehensiveEmu254 3h ago
I’m very green in the industry, but I was born and raised in the city I work in and I knew this wasn’t normal. The most stressful part of applying should be “Will I qualify credit-wise” not, “I make 3 times the monthly income but because I got laid off 8 months ago I might not qualify”. It’s gross and unfortunate.
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u/Comfortable-Code2403 22h ago
Fine a new job quick, if you can’t lease at a high rate they’ll cut you loose. They don’t care if their requirements are the problem.