New development leasing
Five new developments. 432 units. A proven system to keep your vacancies short.
Compass new development lease-ups.
- Buildings leased
- 5
- Units in portfolio
- 432
- Turnover goal
- Under 2 weeks
- Market
- Jersey City
The story
Compass Development Marketing Group has leased and sold countless buildings out of New York City. They tasked me with helping them expand into New Jersey, and that work meant leasing five new developments in Jersey City. 413 Summit near the PATH, 345 Baldwin, 39 High Street, 75 Jordan Ave in Journal Square, and 179 Academy. That is 432 units across high-rise, luxury, and boutique buildings, leased with a small partner team. New development lease-up is its own discipline. You are not filling one apartment, you are filling an entire building on a clock, and every empty unit is money you lose.
The goal on every unit is the same, keep the vacancy as short as possible, and we hit it more often than not. You get there by pricing the unit right from day one instead of chasing the market down after it sits. We schedule showings while a unit is still occupied, condense them into tight windows so prospects feel the demand in the room, and answer every inquiry fast enough that the lead never goes cold. Strong relationships with current residents matter more than people think. When a tenant keeps the apartment showing ready and opens the door on short notice, your turnover stays tight.
The right tenant is not just the highest credit score. We screen for people who pay on time and plan to stay. If a prospect is difficult with the leasing office before they have signed anything, they will be difficult for you for the next twelve months. You get the truth about that every time, even when the application looks clean on paper. A bad placement costs you far more than a week of vacancy.
That experience is what I bring to every landlord I work with now, whether you own a single-family home, a condo, or a multifamily building. If you own a unit from out of state, house hack a small building here, or you are buying your first investment property, the goal stays the same. Fill it fast, fill it with someone who protects your investment, and run it on a system instead of hope.
Work with Dominic Rosato