Is it promotions, incentives, amenities, or the experience that win leases? None of the above?
To help us determine what gets renters to sign on the dotted line, we asked what #AptChat Nation is doing right now to entice prospects, what properties can do to avoid concessions, how to cater to the way people shop for apartments today and more. These are the highlights. (Click on the links to jump straight to a specific question.)
- Q1: What does your current market look like? Are you seeing more concessions? What are people doing to win leases right now?
- Q2: What are some things properties can do to avoid “expected” concessions? What are some examples/tips you’ve seen work well?
- Q3: What can you do to set your leasing/service experience apart? What’s your favorite way to get remembered and get the lease?
- Q4: How do you see the leasing experience evolving? What do need to be doing now to better cater to how people shop today?
What does your current market look like? Are you seeing more concessions? What are people doing to win leases right now?
Definitely seeing more saturated markets – some specials/concessions creeping back in. #AptChat
— Kristi Fickert (@Marketing_Mommy) August 1, 2017
Lots of new lease-ups means companies are rushing to hit financial deadlines, too. Not surprising to see more concessions. #AptChat
— Apartment Chat (@AptChat) August 1, 2017
Unfortunately, we don’t track that too much. However, we do see incentives like waiving the application fee #AptChat
— RokitNow (@RokitNowInc) August 1, 2017
That’s good feedback. We definitely see lots of “waived app fee” offers out there, too! #AptChat
— Apartment Chat (@AptChat) August 1, 2017
Our strategy was to give away anything else we could B4 we offered a concession. Free garage, reduced deposit/app fees, accent wall #AptChat
— Kristi Fickert (@Marketing_Mommy) August 1, 2017
Nice! Seems like those are things you can always have in your back pocket to help close a deal. #AptChat
— Apartment Chat (@AptChat) August 1, 2017
You can forecast your numbers 90+ days out so you can see it coming. We don’t act quickly enough/early enough. #aptchat
— Kristi Fickert (@Marketing_Mommy) August 1, 2017
Speak up … we need your voice! What is Rich’s all-seeing eye seeing across the market? #AptChat
— Apartment Chat (@AptChat) August 1, 2017
Tired baseball analogies 😉 Poking some cool things – better attribution modeling, migration / work analysis and impact of self driving cars
— RealPageRich (@RealPageRich) August 1, 2017
Get to know the customer: it’s not always a money issue: they’ll pay more for good value or good service. Gotta show value quickly #aptchat
— Kristi Fickert (@Marketing_Mommy) August 1, 2017
My company deals primarily with low income “affordable” housing. We are maxed out in the Orlando market– 12+ month wait lists.
— Jake Zachariah, ARM® (@jake_zachariah) August 1, 2017
Whatever market-rate units that we have seems to be holding the trend for median market rates within the same quality class. #RentOrlando
— Jake Zachariah, ARM® (@jake_zachariah) August 1, 2017
I have noticed concessions in other companies, however. We have had a ton of new units to market, with several thousand pending still.
— Jake Zachariah, ARM® (@jake_zachariah) August 1, 2017
This survey shows industry leaders expect Seattle to see the greatest increase in pricing power: https://t.co/ENix0JYM8d #AptChat
— MPF Research (@MPFResearch) August 1, 2017
What are some things properties can do to avoid “expected” concessions? What are some examples/tips you’ve seen work well?
1 way: Be ready w/ the math. Show a prospect how a concession goes away at renewal & the cost to move again eliminates any benefit. #aptchat
— Stephanie Oehler (@stephanieoehler) August 1, 2017
Question specials: If a community is running a special they have considerable vacancies. If not they’re full w/happy residents#sold #aptchat
— Kristi Fickert (@Marketing_Mommy) August 1, 2017
I try to never talk price or specials at all before or during a performance (tour or show). I talk to my audience like I would my friends.
— Robert Starnes, Jr. (@texsmodel) August 2, 2017
I say performance, because those people remember those, but a show or tour can be forgotten pretty quick! #themultifamilyHG
— Robert Starnes, Jr. (@texsmodel) August 2, 2017
What can you do to set your leasing/service experience apart? What’s your favorite way to get remembered and get the lease?
Sometimes all you have to do is be nice & actually answer the phone or take care of the customer when they come in. #AptChat
— Kristi Fickert (@Marketing_Mommy) August 1, 2017
With the bar set so low by your competitors, this is for sure an easy way to win.
— Jake Zachariah, ARM® (@jake_zachariah) August 1, 2017
Small things add up: Get to know them, encourage interaction w/video or their phones, give a free pass to try the facilities#aptchat
— Kristi Fickert (@Marketing_Mommy) August 1, 2017
Give a parting gift, send them to lunch (on you) to “think it over”, invite them to social events. #AptChat
— Kristi Fickert (@Marketing_Mommy) August 1, 2017
Yes!!! This is why we had partnerships w/ local restaurants to send them to & an annual event calendar to distribute. #aptchat
— Stephanie Oehler (@stephanieoehler) August 1, 2017
One of my classes: “Stop Apologizing for your Price-Leasing without Concessions”. Often it’s a mindset/confidence issue for LPs. #aptchat
— Stephanie Oehler (@stephanieoehler) August 1, 2017
Price-issues are almost *ALWAYS* a salesperson’s apprehension not customer’s. 95% of customers knew the price (internet) before walking in.
— Jake Zachariah, ARM® (@jake_zachariah) August 1, 2017
Also about consistent experience. From online to on-site. If something doesn’t match, concessions bridge the divide. Costly way! #aptchat
— Stephanie Oehler (@stephanieoehler) August 1, 2017
So true. When people already know everything they’ve found online, the leasing team needs to recognize and built on that. #AptChat
— Apartment Chat (@AptChat) August 1, 2017
Create rapport. Learn about the customer. Learn their dreams and cast the vision of how they can achieve their dreams at our community.
— Jake Zachariah, ARM® (@jake_zachariah) August 1, 2017
People buy experiences, not things. They buy emotion, not logic. People buy from people, not companies. It’s all about the relationship.
— Jake Zachariah, ARM® (@jake_zachariah) August 1, 2017
Follow up. Don’t know how many times a simple follow up call/text/email results in a lease
— Patrick Soukup (@PatrickSoukup) August 2, 2017
How do you see the leasing experience evolving? What do need to be doing now to better cater to how people shop today?
Evolve how we hire/promote/train LPs. More sales mindedness. Service is a part of Sales but sales isn’t always a part of service. #aptchat
— Stephanie Oehler (@stephanieoehler) August 1, 2017
A4: 360 tours of units & community on website. Scheduling tours on website. Allow for text/SMS, FB, WhatsApp communications. Bots #AptChat
— RokitNow (@RokitNowInc) August 1, 2017
The leasing experience is becoming more tech tools focused. You need to have mobile devices and social accounts to interact with prospects.
— Jake Zachariah, ARM® (@jake_zachariah) August 1, 2017
Videochat tours are great! Things like Periscope are a fun idea because they are open and allow a ton of people to join in.
— Jake Zachariah, ARM® (@jake_zachariah) August 1, 2017
Salespeople (& companies) need to invest in tech tools (mobile devices, software) and training to get up to speed with customers.
— Jake Zachariah, ARM® (@jake_zachariah) August 1, 2017
Company mindset shift towards different ways to track customer engagement and interaction.
— Jake Zachariah, ARM® (@jake_zachariah) August 1, 2017
Got any other great strategies for winning leases? Share them in the #AptChat Facebook group!
Our next #AptChat is slated for Tuesday, August 8, 2017 at 12 pm Eastern. In the meantime, be sure to sign up for #AptChat updates to get these recaps and more delivered straight to your inbox!
