How to Stop Bleeding NOI Between Leases

In the world of multifamily leasing, there’s no bigger ROI killer than unnecessary vacancy. And yet, most teams still treat backfilling units like an afterthought—waiting for a resident to move out, then scrambling to lease the space. That approach isn’t just outdated—it’s expensive.

Backfilling vacancies quickly and consistently is one of the fastest ways to improve asset performance. But it doesn’t happen by accident. It takes a motivated, proactive, and well-trained leasing team that knows how to drive momentum, not wait for it.

Stop Relying on Spreadsheets—Invest in Experienced People Who Can Sell

Too many operators think the market, or worse, the price optimization software, should do the heavy lifting. That’s how you end up with units sitting unrented for six months because the spreadsheet said “hold the price.”

Motivating your leasing team starts with making them more than just processors—they need to be sales professionals. That means:

• Having the confidence and skill to show occupied units

• Understanding how to pre-frame a tour and create urgency

• Knowing how to upsell the premium floorplans

• Responding to leads quickly, consistently, and genuinely

• Taking personal ownership over conversion rates

If you put your newest hire—someone with no experience and no sales training—in charge of leasing, you’re not setting them (or your NOI) up for success. But when you empower leasing specialists with the right tools, training, and expectations, everything changes.

Showing Occupied Units Is the Unlock

Want to motivate your team to move faster and lease smarter? Give them permission—and a clear process—to show occupied units.

There’s a myth that you can’t show units until they’re empty. That thinking alone adds weeks to your vacancy cycle. By setting the expectation with residents from the start that their unit will be shown before move-out—and giving your leasing team the training to handle those showings well—you turn a downtime problem into a revenue opportunity.

Not every unit will be clean. Not every resident will cooperate. But again, it’s a numbers game. If your team gets access to just 7 out of 10 upcoming turns, and leases 5 before they’re vacant, that’s huge ground gained.

This is how you keep 97% and 98% occupancy as your floor, not your ceiling.

Train for Sales, Not Just Process

A motivated leasing team needs more than systems—they need a mission. Their job is not to fill vacancies. Their job is to generate revenue. That mental shift is everything.

Incentivize your team based on early lease-ups, higher rent targets, and faster fill times—not just unit counts. Talk NOI in your one-on-ones. Get them involved in performance tracking. Make them care about the business like an operator would.

And don’t let your best salespeople burn out doing admin work. Lease-ups and stabilized properties alike benefit from functional specialization—let your closers focus on closing.

Measure What Matters—and Make It Visible

You can’t just expect leasing teams to be motivated. You have to give them clear, achievable goals and a scorecard to follow. Track:

• Average time-to-lease

• Number of pre-leased units before move-out

• Conversion rates by agent

• Occupancy performance vs. comp set

Celebrate the wins. Share the leaderboard. Turn leasing into a visible, measurable performance game. Leasing is sales—and sales teams thrive when they’re empowered and recognized.

Final Thought: Leasing Teams Should Think Like Operators

The biggest mistake we make is assuming leasing is entry-level. It’s not. It’s one of the most critical functions tied to your asset’s performance. If you want higher NOI, better backfill rates, and real revenue optimization, you need leasing teams that are coached, trained, and hungry.

Motivate them by showing them the impact they make—then give them the tools and expectations to own that impact.

Backfilling faster isn’t just about reducing vacancy. It’s about changing the culture of leasing to one that values results over routine.