Comments on: Get More Out of Your Property Tours http://aptchat.org/get-more-out-of-your-property-tours/?utm_source=subscriber&utm_medium=rss&utm_campaign=rss A weekly discussion about the apartment industry. Tue, 22 Nov 2011 04:18:00 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: #AptChat Fridays For the Multifamily Industry-- rentBits Blog http://aptchat.org/get-more-out-of-your-property-tours/comment-page-1/#comment-20 #AptChat Fridays For the Multifamily Industry-- rentBits Blog Sat, 10 Apr 2010 06:00:24 +0000 http://aptchat.org/?p=165#comment-20 [...] January 22 — Get More Out of Your Property Tours [...] [...] January 22 — Get More Out of Your Property Tours [...]

]]> By: Will Clark http://aptchat.org/get-more-out-of-your-property-tours/comment-page-1/#comment-75 Will Clark Wed, 27 Jan 2010 05:45:00 +0000 http://aptchat.org/?p=165#comment-75 On one of my early property tours, the PM of a 96% occupied 200-unit property showed me around the property and at nearly every corner he called out to a resident, asking them about something personal to them. For some it was the new job, for others it was choir practice, but to everyone it was something unique and personal. What it impressed upon me was the need for onsite management to know who and why everyone was on the property. From contractors, to site staff, to residents, he knew everything going on. nnAs an asset manager, I was impressed because he could describe who lived there, why, and for how long. As a prospect, I would have been impressed that someone made a large property in a transient area feel like a community. The property was late 1970s, well maintained but clearly older with small closets and bathrooms compared to comparables. Nevertheless, it regularly received among the highest rents in the submarket and was always 95-97% occupied. Some of that went to location, but much of it went to a site team that was active, engaged, and responsive. nnAnd they gave great tours that only involved the basics of knowing the route, knowing the prospect's interests, and knowing the property. On one of my early property tours, the PM of a 96% occupied 200-unit property showed me around the property and at nearly every corner he called out to a resident, asking them about something personal to them. For some it was the new job, for others it was choir practice, but to everyone it was something unique and personal. What it impressed upon me was the need for onsite management to know who and why everyone was on the property. From contractors, to site staff, to residents, he knew everything going on. nnAs an asset manager, I was impressed because he could describe who lived there, why, and for how long. As a prospect, I would have been impressed that someone made a large property in a transient area feel like a community. The property was late 1970s, well maintained but clearly older with small closets and bathrooms compared to comparables. Nevertheless, it regularly received among the highest rents in the submarket and was always 95-97% occupied. Some of that went to location, but much of it went to a site team that was active, engaged, and responsive. nnAnd they gave great tours that only involved the basics of knowing the route, knowing the prospect’s interests, and knowing the property.

]]> By: Will Clark http://aptchat.org/get-more-out-of-your-property-tours/comment-page-1/#comment-13 Will Clark Wed, 27 Jan 2010 03:45:57 +0000 http://aptchat.org/?p=165#comment-13 On one of my early property tours, the PM of a 96% occupied 200-unit property showed me around the property and at nearly every corner he called out to a resident, asking them about something personal to them. For some it was the new job, for others it was choir practice, but to everyone it was something unique and personal. What it impressed upon me was the need for onsite management to know who and why everyone was on the property. From contractors, to site staff, to residents, he knew everything going on. <br><br>As an asset manager, I was impressed because he could describe who lived there, why, and for how long. As a prospect, I would have been impressed that someone made a large property in a transient area feel like a community. The property was late 1970s, well maintained but clearly older with small closets and bathrooms compared to comparables. Nevertheless, it regularly received among the highest rents in the submarket and was always 95-97% occupied. Some of that went to location, but much of it went to a site team that was active, engaged, and responsive. <br><br>And they gave great tours that only involved the basics of knowing the route, knowing the prospect's interests, and knowing the property. On one of my early property tours, the PM of a 96% occupied 200-unit property showed me around the property and at nearly every corner he called out to a resident, asking them about something personal to them. For some it was the new job, for others it was choir practice, but to everyone it was something unique and personal. What it impressed upon me was the need for onsite management to know who and why everyone was on the property. From contractors, to site staff, to residents, he knew everything going on.

As an asset manager, I was impressed because he could describe who lived there, why, and for how long. As a prospect, I would have been impressed that someone made a large property in a transient area feel like a community. The property was late 1970s, well maintained but clearly older with small closets and bathrooms compared to comparables. Nevertheless, it regularly received among the highest rents in the submarket and was always 95-97% occupied. Some of that went to location, but much of it went to a site team that was active, engaged, and responsive.

And they gave great tours that only involved the basics of knowing the route, knowing the prospect's interests, and knowing the property.

]]> By: Mike Whaling http://aptchat.org/get-more-out-of-your-property-tours/comment-page-1/#comment-12 Mike Whaling Tue, 26 Jan 2010 14:14:38 +0000 http://aptchat.org/?p=165#comment-12 Thanks for the comments, Will. There's certainly a lot more to the discussion, and I think it's important that everyone is getting the basics right first. <br><br>I appreciate your opinion about the Urbane Go Solo program -- it's certainly not for everyone, but I think it's worth having the conversation about the potential benefits, as well as the downside. Thanks for the comments, Will. There's certainly a lot more to the discussion, and I think it's important that everyone is getting the basics right first.

I appreciate your opinion about the Urbane Go Solo program — it's certainly not for everyone, but I think it's worth having the conversation about the potential benefits, as well as the downside.

]]> By: Will Clark http://aptchat.org/get-more-out-of-your-property-tours/comment-page-1/#comment-11 Will Clark Tue, 26 Jan 2010 04:07:23 +0000 http://aptchat.org/?p=165#comment-11 The whole chat bothered me because I've always labored under the impression that there were certain basics inherent in the tour. <br><br>1. Everyone should walk the route in advance and tour the model/destination unit 2-3 times per day without prospects.<br>2. Listening to the prospect will help you understand their needs. Sometimes you have to ask the right question, but be prepared to hush after that.<br>3. We're selling prospects on living their life at our property. Generally that requires a leasing agent to help them see that.<br><br>That there are people who don't take these basic steps or try to freelance, or don't have good training depresses me. As an owner, that would be unacceptable. I fire management companies for bad shopping reports and poor closing skills<br><br>I applaud Eric and Paradigm and others who are aggressively expanding the notion of marketing apartments. Nevertheless, I'm dubious that this model works everywhere. I would appreciate more information from Eric about the demographics of his residents and a description of his portfolio. My properties are 100-500 units. It is impractical to let prospects loose on site to tour units and find their way around. In REO, I have Class C/D properties which do not necessarily attract a pool of social media-savvy prospects. I'm curious about what others would suggest for social marketing 1980s properties inconsistently renovated in weak submarkets. It seems to me that by allowing people to wander randomly across a property I miss the opportunity to overcome their objections, push the service and value of our property teams, and reassure them about choosing our properties. <br><br>@theaptnerd is exactly right: "screw fancy ideas. people just want to have an enjoyable experience. be consistent, ask questions, and build trust." The whole chat bothered me because I've always labored under the impression that there were certain basics inherent in the tour.

1. Everyone should walk the route in advance and tour the model/destination unit 2-3 times per day without prospects.
2. Listening to the prospect will help you understand their needs. Sometimes you have to ask the right question, but be prepared to hush after that.
3. We're selling prospects on living their life at our property. Generally that requires a leasing agent to help them see that.

That there are people who don't take these basic steps or try to freelance, or don't have good training depresses me. As an owner, that would be unacceptable. I fire management companies for bad shopping reports and poor closing skills

I applaud Eric and Paradigm and others who are aggressively expanding the notion of marketing apartments. Nevertheless, I'm dubious that this model works everywhere. I would appreciate more information from Eric about the demographics of his residents and a description of his portfolio. My properties are 100-500 units. It is impractical to let prospects loose on site to tour units and find their way around. In REO, I have Class C/D properties which do not necessarily attract a pool of social media-savvy prospects. I'm curious about what others would suggest for social marketing 1980s properties inconsistently renovated in weak submarkets. It seems to me that by allowing people to wander randomly across a property I miss the opportunity to overcome their objections, push the service and value of our property teams, and reassure them about choosing our properties.

@theaptnerd is exactly right: “screw fancy ideas. people just want to have an enjoyable experience. be consistent, ask questions, and build trust.”

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