Week 8 Results & Grand Prize Winners!

The team with the most leases this week is Tenley’s Team, with a total of 36 leases!  They are the winners of Movie Tickets!

Scott’s Team landed on “Lease Break” and had to move back one space.

Brian’s Team and Nick’s Team landed on “Open House” and moved ahead 1 space.

Debbie’s Team landed on “Pay Day” and receive a $20 AMEX Gift Card.

And the moment you have all been waiting for….Our Grand Prize Winners who receive one of the following prizes ($100 value):

• One day “Paid Time Off”
• Spa services
• Round of golf
• Sporting event tickets
• Gift certificate to restaurant of your choice
• VISA Gift card
• iTunes gift card

Grand Prize Team: 

Debbie’s Team with 245 leases!

Grand Prize Tiers:

Tier 1: Emerson Place with 50 leases!

Tier 2: Pine Brook Place with 37 leases!

Tier 3: Hilltop with 57 leases!

The Importance of Resident Retention

Resident retention is a critical aspect to any successful property. However, at times it can take a back seat to your ongoing leasing efforts due to time and money constraints. This should not be the case though as it is just as important as marketing and leasing to new residents. Happy residents are a property's best ambassadors and they can be critical to your ongoing leasing efforts. With the increasing reach of social media in the apartment industry positive online reviews from current residents are a very powerful tool to capture new rentals. Would you rather rent at a property with 95% positive reviews from residents or a property with one bad review after another?

Maintaining happy residents is also good for your property's bottom line. High resident retention reduces ongoing turnover expenses as well as renting expenses. It also results in less vacancy loss throughout the year. Reducing your property's annual turnover by even 5% can result in tremendous increases in NOI over the course of the year! On a 200 unit property that is 10 less units you have to turn, market and re-rent through out the year which not only saves a lot of money but it also frees up a lot of the property's staffs time as well. So dig in this week and think of so new and exciting ways to improve upon your property's resident retention! Below are some ideas to get you started!

An important aspect of resident retention is creating a sense of community.  One way to do this is by hosting resident events.  Some popular resident events include cookouts, pool parties, holiday parties, and yard sales.  These events give residents the important opportunity to meet their neighbors.  Another way to create a strong sense of community is by keeping up with community common area upkeep.  When residents have guests visit and the grounds are spotless and the path to their home clean and fresh, it creates a sense of pride and ownership.  They will want to continue to show off their community to their friends and families. 

Another aspect of resident retention is renewal incentives, which can help sway a resident to stay longer at your community.  Whether it is something as small as a gift card to their favorite eatery or something as large as a new carpet or fresh coat of paint, renewal incentives can help keep the residents who are on the fence about whether or not they want to continue to live at your property.   

Maintenance is also a very important important part of managing resident retention, and a quick response and solid maintenance skills will keep your community running smoothly and your residents happy. Respond promptly to any and all maintenance requests. Follow up with your residents after any work is completed to get feedback and see if there is anything you can improve upon. Fulfill any promises you make. If you have promised a new dishwasher or new carpeting, be true to your word and follow-through to completion.

When residents call in complaints, be sure to take their concerns seriously. If your resident takes the time to complain about anything, it is an issue that is important to them. Take prompt action and make sure that you advise them of both the action and the outcome; don’t make them call you for an update.

Also, take the time to get to know your resident’s names and acknowledge them personally whenever you see them. Feeling welcomed and showing a genuine interest goes a long way with making residents feel special!

Jeff's team

Week 7 Results are in!

The team with the most leases this week is Debbie’s Team, with a total of 29 leases!  They are the winners of a $15 Dunkin Donuts or Starbucks gift card. Debbie’s Team and Nick’s Team landed on “Move-Out Day” and had a peg removed from their car. Tim’s Team landed on “Move-In Day” so a peg was added to their car. Jeff’s Team landed on “Open House” so they advanced one space.

Team Standings

1^st Place: Debbie’s Team with 214 leases

2^nd Place: Scott’s Team with 181 leases

3^rd Place: Tenley’s Team with 167 leases

Tier Standings

Tier 1: Emerson Place with 43 leases

Tier 2: Crofton Village with 35 leases

Tier 3: Hilltop with 50 leases

Closing Techniques

CLOSING TECHNIQUES  

“The difference between try and triumph is just a little umph! “- Marvin Phillips

Being in Property Management means we wear a lot of different hats.  We are responsible for work orders, typing leases, signing contracts, resident concerns, and so many more things on a daily basis.  All of this starts with us turning a prospect into a resident.  To do this, we need to get the “yes” while on tour.  Sometimes, the stars align and this is an easy process; other times, it feels like the tour never ends.  Below are some tips and tricks to help you get the application and welcome a new member to the Dolben family.

Techniques to consider:

In addition to the traditional Property Management closing techniques, here are few more to include in your “tool box.” 

·       Best Time Close - Emphasize how the best time to rent is NOW.  “We are heading into the busy season when the apartments get rented as soon as they go on the market!”

·       Future Close - Close on a future date.  Let prospects know if they like the community, they should lock in an apartment that is becoming available for their desired move date.

·       Humor Close - Relax them with humor.  Once you establish a rapport with your prospect, bring up a humorous story that you think they’d enjoy.  Self-deprecation humanizes you in the eye of the renter.

·       Quality Close - Sell on quality, not on price.  This is where knowing your product is key.  Use unique, descriptive words that will help your prospect envision themselves living at your community.

·       Yes-Set Close - Get them saying “yes” and they'll keep saying “yes”.  Try to gather a set of 3 questions that you know will garner a “yes” response.

Tips and suggested phrases from fellow Dolben team members:

• Count how many hangers can comfortably fit in the closets and mention it on the tour
• Know what size bed each bedroom accommodates.
•  “Let’s go see your new apartment!”
• Ask what their favorite type of food is and then describe the restaurants in the area.
• Know the cost of gym memberships in the area and emphasize the annual savings of not needing an outside membership.
•  If you have retail, emphasize the convenience factor and savings on time, gas and vehicle wear and tear.
•  If they are in need of transportation to work, talk about how short of walk it will be to the MARC train or other mass transit, depending upon the community location.
• “What is your favorite color? That would be a great accent wall!”
• “Welcome Home!! Let’s take this apartment off the market!”
• “Do you love to shop? You are going to love the walk in closet!”
• Carefully listen to the wants and needs of the potential resident. Make sure to emphasize aspects of the apartment, or surrounding area, that would fit their lifestyle. For example, if they express a want/need for fitness, say, “When you move into our community on June 27, 2015 (or whatever their desired move in date is), you can walk to the beautiful hiking/biking trail down the street.”  If they enjoy cooking, emphasize the great kitchens you have, or the ample space for ingredients in the pantry. Expressing an interest and genuine care in the interests of your prospect will make all the difference.
• Be knowledgeable on what furniture would fit where. If you see a potential resident inspecting a room, ask what furniture they are thinking about for their apartment. Let them know what sizes fit where, and help them to picture what their pieces would look like in the apartment.
• The direct approach by just asking for the money.  We let them know this is the only one “like” this here and they need to put the application in immediately or they risk losing the apartment to the “appointment” coming in when they leave. 
• Depending on the prospect I sometimes use an assumptive approach upon returning to the office after a tour and will say “Let me go ahead and get the application so we can begin the process.”  If they say they are not yet ready, I will look disappointed and say “Well what didn’t I do to answer all of your questions because I was truly under the impression that you were making us your new home?”

Overall, the goal is to make the prospect feel comfortable with both their new apartment home/community and you!  Have fun on tour, and be knowledgeable about your community.  If you have that foundation, with the tips above you will definitely get your community to a high occupancy in no time!

What tips and tricks have you found to be helpful during your tours?  Have you run into a situation where closing was difficult; how did you handle it?

-Scott's Team