Ledcor Development is a real estate development and property management company that focuses on improving, furnishing, and occupying residential rental properties for potential buyers. The Grand is a beautiful and unmatched East Bay experience property held by Ledcor Development that was experiencing slowed leasing velocity, largely due to the challenges COVID-19 introduced to the leased housing market. To bring The Grand to full occupancy before finding a buyer, Ledcor Development began exploring short-term leases with several companies, but none were the right fit for a myriad of reasons.
But then they found Barsala. Since leasing velocity was less than anticipated, Ledcor Development decided to work with Barsala as a test case to prove the viability of filling occupancy at The Grand with monthly rentals.
When Barsala began working with The Grand, occupancy was only at about 20%. The Grand provided 62 units designated for 30 days plus rental occupancy and partnered with Barsala to prove the concept of using monthly rentals to increase leasing velocity at The Grand.
Barsala was able to begin filling occupancy at The Grand quickly, filling 35 of the 62 units in the first month. Due to the momentum Barsala generated in that first month, The Grand had already begun generating revenue benefits from the units filled in the short amount of time it took Barsala to bring guests into the community on short-term leases.
“We have struggled with our leasing velocity. The last couple of years have been challenging for everyone with COVID. There certainly has been a slower recovery in the East Bay….Given that our leasing velocity was a bit less than we had anticipated on The Grand, we did have some capacity in the building that we thought would be a good building to use as our test case for a company like Barsala”
“The biggest advantage of working with Barsala is the fact that they have the hospitality manager on site. We already have a great connection with the hospitality manager on site right now, so when we have an issue with their residents, they’re able to work it out immediately. And for us, that’s a big, big thing. I’ve worked with other short-term companies before and they didn’t provide that service.”
