Difficult Economic Times Have Affected the Apartment Industry
With difficult economic times... Unemployment is rising... Delinquencies dog revenue... more and more potential renters are doubling up... Traffic is slow... Occupancy is edging downward...
Apartment Communities need more resident prospects:
Calls - with so many renters doubling up we can't afford not to generate as many as possible,
Visits - statistics show that results are much stronger from online contacts if responded to within the first hour,
Emails - increasingly resident leads do not want to talk on the phone or otherwise interact. Some properties we serve have closed over 10% of their leases without a ...
After Hours Leasing Support
This is a PAY per RESULT Apartment Marketing Solution.
We have found that potential residents fill out applications after work once they have gotten home. This means that rental applications are submitted after your leasing office has probably closed. Our research suggests that applications that are responded to within the hour lease more than 50% of the time. Because of this we have professional leasing agents at our central office between the hours of 8am to 2am which ensures that more than 90% of all applications are responded to within an hour. Even if your leasing office is not open, you ...
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Resident Lead Generation
This is a PAY per RESULT apartment marketing solution.
Our Resident Lead Generation solution generates 2-3 daily new calls. How do we do this? We have identified some of the Internets leading web presence companies. We place weekly updated ads of every floor plan on each of these companies' websites. Craigslist, Whitepages, Google Maps, Yahoo Local, etc...
Customer Feedback - Beckie Foust
"Occupancy100 generates 1-2 qualified leads per day"
"Currently Occupancy100 generates 1-2 qualified leads per day, and 3-4 new applications a week. We love it. Most of our new tenants have come from occupancy100s services."
Beckie Foust Property Manager - ...
Finding Better Residents
Finding better qualified residents is essential to the success of your multi-unit property. Increasing apartment occupancy can be done through two main methods:
The first method for finding good, qualified residents is to heavily advertise your apartment so that you capture as many potential residents as possible, and then weed out the many unqualified rental applicants. This method of resident acquisition brings you a plethora of potential residents but heavy advertising is expensive.
The second method for finding great qualified renters is to only advertise to renter prospects who are more likely to qualify. Acquiring renter traffic though this method of resident ...
I ran into a great post on multifamily insiders by Bill Gray (the Land Lord Doctor) on tenant screening. I suggest you give it a look for some great indepth ideas on tenant screening. If you have thoughts on the same please comment.
“Ask these questions when talking with the current or previous landlord:
1. What was the tenant’s payment history?
2. Did the tenant give sufficient notice according to the lease?
3. Did the tenant fulfill all of the terms of the lease?
4. Did the tenant give a reason for moving?
5. Were there any complaints from neighbors about the tenant?
I admit it… I shamelessly took my children (4 year old twin girls) to shop one of my property’s competition this weekend. I told them we were pretending to get a new house and that they needed to be mini-inspectors like their mom and check to see if the apartments were “good”. In my kids’ minds, things are either “awesome”, “fine” or “crappy” – just to pre-warn you.
Comp #1 featured a comparable rental price and quare footage, but horribly worn berber carpet that according to my oldest, looked like the “crappy sidewalk” by their favorite park. This comment went unchallenged by the leasing agent.
Comp #2 featured a higher rent, less square footage, but big money amenities on the property and in the unit itself. The leasing agent completely neglected my kids on this tour, refused to ask their names and even told them “Now don’t touch anything, girls.” My kids’ reaction “I don’t like her face.”
Comp #3 was beautiful. Aggressively priced, good floorplan, great property and an excellent customer service standard. Completely catered to the girls. Right until we walked into the apt. that this leasing agent said “You guys are going to love it. Plenty of room for Nada and Frankie {my girls’ stuffed panda and dalmation} to play!” Nobody could get past the smell of mildew, damp, and obvious hidden water damage. My youngest said the apartment smelled like poo. At which point the leasing agent completely lost his cool and said “Sweetie, why don’t you just let me talk to your mommy.”
At this point you may be wondering why I blatantly used my children to evoke reactions in this shopping trip. The answer? I seem to get the most candid and transparent reactions. Yes, I used my children to see if the properties were “child proof” in their ability to cater to ALL their prospects, not just the ones with an active credit score. And I would (and probably will) do it again.
And what did we learn? Parents pay attention. No different than speaking to just one member of the couple that walks thru the door. Or refusing to acknowledge a pet that someone brings with them to the appointment. If you want to sell, then sell to every aspect of your prospect. You sell to their needs, wants, potential concerns, etc., so sell to their lifestyles, families, friends and whoever else joins them in their shopping. If you don’t, you may just get the thumb’s down from two four year olds, whose final pronouncement was “Mumma, those places were crappy crap!” Couldn’t have said it better. Now if only they could type this blog themselves.
Today, Urbane Lab posted an insightful blog about Craigslist posting. Actually, the ideas can apply to much of our marketing effort in the apartment industry. Using the same Craigslist ad format is likely to become stale and ineffective. As apartment marketers we should have a stable of ads. Perhaps our goals should not be to earn the lease on every ad. Also, shouldn’t a sub goal be to capture contact information from every viewing prospect.
I recommend viewing Urbane’s post at Multifamily Insiders. You will find some real gems you can put to use at your property.
Today, Bloomberg ran an article that states an expectation of deflationary pressure throughout 2010. The principal driver behind this conclusion is the weakened employment environment throughout the United States. As a results as owners and managers we have to consider how this effects are operations and asset choices.
From a leasing perspective, this is extends the pressure households are under to accept living situations that were not acceptable in the past. Rebuilding America’s wealth means lower fixed cost choices for a large percentage of us. Owners should be considering rental options that will reduce tenants total cost of living decisions. Our affiliated properties have been developing fixed income solutions and solutions to increase the tenant density in our units taking advantage of our generally abundant parking, often good access to public transportation, and other factors supporting this.
From an operations perspective, we must be reviewing our labor costs and assure that we remain competitive. Additionally, as a sector that is likely to recover more quickly in this economy, we may have talent opportunities that don’t often exist. Also, expect and pursue significant reductions in costs for supplies and contract services.
As potential property investors, good deals today must offer extremely strong fundamentals as market conditions may continue to erode property values over the next 24 months. And, for properties already owned, lower leverage is the choice path.
You will find this article different because of the focus on what the process is in the prospect’s head while working with the Internet during the apartment search. I’d recommend checking out the UrbaneLab for some good ideas regarding how to further decipher this process. Their address is:
If any of these items get out of balance, management will struggle achieving or maintaining occupancy.
As an owner or manager, ensuring you are on your guard about the kind and quality of tenant is an important task. This means monitoring the income statement for signs of other problems. Checking the rent roll for hints of tenant issues (there is a strange connection between credit and behavior issues).
The Internet is big, but the basics still prevail.
Hey everyone, after reading several reports provided by the National Apartment Association and the National Multi-Housing Council, I have extracted some of the most valuable apartment marketing ideas and tips. They are listed in order of importance, and if done correctly will help you get more leads, double or triple applications, and significantly improve leasing success. I hope you enjoy!
ALL marketing materials must have your main contact information (This means your online rental application and website address too! – see #2, #3): Let me explain this a bit further. Many people have the misconception that advertising and marketing are the same thing – they are not. It is true that successful marketing will pay huge dividends when advertising, but it is not the same thing. Marketing is the act of creating brand recognition and “buzz” about your company. So, when I say that all of your Marketing Materials must have your main contact information, it means that everything that you produce (news bulletins, surveys, signage, and of course your ads).
You must have a strong Apartment Marketing Website: Your community website should be geared to both your current residents, while catering to new prospective residents. Here is a good example of an Apartment Marketing Website. Your website should have helpful information for your current residents, such as online rent-pay, resident work order request, community news, and a directory of local schools, services, shopping, recreation, etc. Most importantly your website should have well organized and direct sales information for your prospective residents. Floor plans, apartment amenities, discounts, maps/directions, and MOST essential every single page of your apartment marketing website must have a link to a web based rental application (see #3). Here is an example of an Online Rental Application.
A link to your Online Rental Application on every page of your Apartment Marketing Website and every single website advertisement: This point goes along with #1. An Online Rental Application will allow your prospective tenants to “contact” you and thus it is part of your contact information! All ads and other online marketing materials should include a link to your website AND a link to your online rental application. VERY IMPORTANT NOTE: If you have your own Online Rental Application, and it is not encrypted, you are liable! You are collecting sensitive renter information, and it is your job to keep that information SAFE!
Respond to prospective resident leads and Online Rental Applications within 60 minutes of being received: Think about your potential resident leads and rental applications as milk left out on the counter. You only have so much time before the milk is sour and can not be salvaged. In our personal experience, Online Rental Applications responded to within the hour they are received, close over 50% of the time if they qualify
Re-adjust office hours: It is a wonder why apartment leasing offices are open during “regular business hours” – 8am-5pm, it just doesn’t make sense. Why is this? After 3 years of research (over 700 Online Rental Applications, and countless leads) and compiling data, we have found that over 50% of leads and Online Rental Applications are received after 5pm! So this means that all of those leads and rental applications are not being responded to within the 60 minute time frame. Also, many people chose to look for apartments after work, after 5pm, and if your not in your office, you are losing leases. The office hours we suggest are 9am-7pm.
We have been working hard to create as many helpful videos for you to enjoy as possible. Here is a video that explains our apartment marketing solutions, and offers a great overview on Tenant Lead Generation, and the Online Rental Application.
Is your sign a differentiator for your apartment property? Are you showing photos and discussing the items that set you apart?
I know this is an area we’ve often failed to do as well as we should. If you would like more good insights to this visit Lisa Trosien’s Apartment Marketing Blog. She offers some great specific insights we can all take advantage of on this subject area.
For communities we serve, convenience is a differentiator. Our online application and other services make it easier for resident prospects to sign up and the results are dramatic. In one market, having a phone number only produces 20% of the total results that having a phone number and an online application will produce.
I’ve written about this before, but feel this is a drum that can’t be beaten to often. As apartment operators providing a full set of information to resident prospects is a leasing prerequisite. The main bullets on the subject are:
Detailed community information such including directions to your property, local shopping, services, entertainment, government facilities, schools, utilities, cable television, major employers, and points of interest. The more the prospect can be positioned to decide this is the home for them the better.
Detailed apartment community information including amenities in the unit, pools, laundry, fitness facilities, playgrounds, picnic areas, walking trails, tennis courts, etc.
Information about the staff and attitude toward residents. The extent they can begin to develop a sense of relationship can make a major difference in their decision to make your apartment homes their home.
Information about pricing, operating hours, and to cost benefits your apartment community may have over competitors can provide the competitive edge your need to lease an apartment unit.
Finally, make it convenient and nonthreatening to make a buy decision. Provide alternatives for connection. The contact should allow the prospect to contact the community or if they are inclined, allow them to complete a full billable application. Completed correctly, we’ve seen communities close 10% or more of their leases based on this approach.
