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 ...
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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 - ...
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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 ...
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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 ...
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.
-Put the phone number in multiple places so it is always visible (even when scrolling)
-Show pictures of the interior of your unit
-Make contacting the property as easy as possible with links and email addresses
-Remember, post links that go to the property, not the ‘main’ website (many people do not want to perform another search after searching craigslist)
U.S. consumer debt fell another $10 billion last month. Current predictions are the average savings rate for the coming decade will exceed 9%. Retailers believe spending has shifted long term to necessities and away from luxuries.
So, the question becomes how can we as owners squeeze more into less. I see a few areas we intend to act upon including:
Bunking options with safes for valuables in properties with space for more tenants,
Storage options for folks downsizing from homes,
Fixed income rent plans with utilities built in (reimbursed by the tenant is our plan), and
By the bedroom leases and roommate management.
Managing in this environment is challenging, but with some imagination, these type changes may offer higher occupancy and higher margins even as pressure on price is increasing.
For folks looking at new units, I believe smaller floor plans are likely to regain a great deal of luster as total cost of living including rent and utilities become more important.
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:
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.
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.
In the course of our daily grind, we can easily become distracted by so many things… We need to collect rent. We need to have tenant files correct. We need to complete the repairs and maintenance. Unfortunately, leasing requires time every day.
Here at www.apartmentmarketingsolutions.com we’ve learned the hardway. Leasing requires careful attention everyday. We need to identify our apartment competition. Compare them on the basis of features, size, convenience, service, and other items that residents will consider. We must understand what other multifamily portfolio concessions look like. We have to ensure we compete on price for the same apartment unit features. And, that is a beginning.
We have to ensure our leasing collateral is accurate and ready to go. We must understand how to present our multifamily property characteristics. And, we have to be armed to successfully sell them as resident prospects call or visit our property.
Next, and a new complexity in today’s apartment leasing world, we have to a great website that tells about the community, the property, apartment amenities, and apartment features. The more we provide the better our opportunity to lease.
This is all great, but in my estimation these points are fundamental. The real key to successful leasing is careful attention each day to driving and closing traffic. As operators, we have a responsibility to find out what is going on in the conversations, where they fail, where they succeed, and so on. Single minded focus on all elements of earning a resident prospect and improving the opportunity to close with the prospect on a new apartment lease.
Physiological responses to visual stimuli that make you feel (Psychology) happy, secure, and calm.
Lets explore the simple psychological and physiological responses in humans and apply these to how we can improve customer experience.
Physiology is what the body physically does (the phys- part of the word) when stimulated by the environment.
Psychology is how your brain interprets physical stimuli or in other words how it makes you feel.
Psychological and Physiological responses are completely different and separate responses to stimuli from the present environment (sound, colors, people, room arrangements, sitting vs standing, and many other factors are part of the environment) although physiological responses affect psychological responses. It is important to be able to differentiate between these as an understanding of such responses will help you create an effective environment to deal with all sorts of problems. An effective environment will help your leasing consultants close more leases, your staff will be happier and more comfortable at work, and it will even help calm angry residents.
So I will give you this scenario: A resident in your multi-unit property is furious because they have had a maintenance request open for 3 weeks, and no one has even contacted about them. Oh oh! This could mean trouble as an angry resident will not only cause you a personal nightmare, there is a distinct possibility that it could cost you a lease or more!
What if your leasing agent is in the process of having a potential new resident fill out a lease an application, or even a lease agreement?!
So what do you do? How do you set up your leasing office environment to calm an angry resident or help promote trust to get more applications and leases?
Today lets look at the visualcomponents of the environment:
Light is the first and most important component, not just the amount of light but the type of light can make a big difference. There are several types of light, but the best and most calming light is natural light. The human body natural physiological response to light is general awareness and the general psychological response is happiness. But why is this?
Physiology – When your eyes and skin are exposed to light several sympathetic (or rather in simple terms, excitation) responses are triggered. The stronger the source of light the more this response is elicited.
Psychology – The physiological excitation elicits a psychological response of happiness. The best way to explain this is: What is a nice day? Sunny and warm or dark and gloomy?
The sun’s light is the strongest and best source of light (plus its free!). Having several large windows will allow you to utilize this beautiful natural resource.
Good light = happy and focused staff + happy prospective residents + helps create happy calming feelings in an angry resident.
Colors are a second important component of the environment. Dark colors and red (fire-like) colors are the worst choice. You will want to have light colors that promote calm and secure feelings. The color of your apartment community leasing office can have a big impact on leasing success. Click on Apartment to read more about the psychology of color.
Physiology – Light colors reflect more light or rather “light up the room”. Again like above this triggers the excitation of the human nervous system.
Psychology – Like above, excitation of the nervous system caused by natural light promotes feelings of happiness.
Light or rather pastel like colors reflect more light, and promote feelings of happiness. Here is something to think about: Do you remember your high school yearbook? What color were the eyes of the superlative winner of “the best eyes”? Almost all of the time they are light blue.
Light pastel colors have higher light reflectance = happy and focused staff + happy prospective residents + helps create happy calming feelings in an angry resident.
To read more about how colors affect your staff’s mood and concentration click on apartment marketing.
Look for our post tomorrow on how sounds can help your customer’s experience.
So you have an apartment to lease. Either a weekly lease, monthly or yearly. And you’ve done all the things, including newspaper, CraigsList, local apartment guide, even a few fliers to neighbors. And you still have some un-rented inventory.
What’s next?
Make sure your web site and total online presence is where it needs to be, from email to website to Google Adwords to Search Engine Optimization for Google, Bing and Yahoo. A few ideas:
Make your photos real. So often, websites show canned or old photos, and have non-descriptive language. If you can’t afford a professional photographer, get out there with a camera yourself and take lots of creative angles. You can hundreds of photos with a digital camera; shoot away. Be creative. Yes, you want images that show the room, but you want the images to POP out at the reader.
Show floor plans. Potential tenants want to imagine what they will be getting.
Make sure the right numbers are on your website. Yes, you want the office number on the site, but do remember to keep the rest of the telephone numbers on your website. A few minutes delay might mean you miss out on a tenant.
Make it Melrose Place: No, we aren’t saying that Heather Locklear will need to be there. Instead, what we mean is that you need to “brand” the name and place as a community and way of life. If your clientele is just out of college, you want to play up the social aspect. If it is mid-life folks, then there is another approach to take. Go around and talk to the people who have lived in the apartments the longest, and like it. They will give you the scoop on what makes your place unique. Remember, outside of the signage and the architecture, your “brand” is the people who live and work at your complex. Consider having a web-page where you only list former tenants and what they loved about the place. “I lived there in 1973. Gosh those were some great days at Piney Apartments!”
Meet the staff: Do you have a lawn company or maintenance man? Show them on the site. Not only does it give them a boost, it tells the potential tenant that this complex is a place where the staff is valued. That message will translate to the potential tenant as this is a place that will take care of me.
Talk to Realtors. Realtors who do relocations might be a good source of referrals.
Use Google Adwords. With Adwords, you pay for clicks, not exposure. That means that your apartment community or resort gets exposure even if you don’t pay.
Use lots of noun-based copy. Search engines can only find your information through words, and adjectives are not as important as nouns. So use lots of words and descriptions for your apartments. Don’t use lots of descriptive words. Instead, use facts, such as size, color and amenities. For instance, you would say “oleander-lined walks” rather than “pretty” walks, or you might say “brick-lined paths” rather than just nice landscaping. This might sound extreme, but you can even mention paint colors, flower beds and the like. Read our tips on Search Engine Basics for ideas.
Have faith! While the economy is in an awful spot, everyone’s in this mess so just keep at it and you just might even build up a waiting list.
Know your architecture: At some point, someone designed your apartment buildings with a vision, however modest. Make sure you know that. For instance, if it is a complex built in 1962 by a local architect or developer or contractor, mention that on the site. People have confidence in other people; you are trying to differentiate yourself and every tidbit of information helps.
What are the benefits? Find benefits where you don’t think there are benefits: If you have shaded parking, that’s a benefit. If you have a pool, make sure that it is an”intimate” pool or a “jungle” pool or a pool with “dozens of deck chairs and card tables where residents play chess every Tuesday.”
Take advantage of Social Media. You can spend a lot of time in social media sites like Twitter and Facebook, promoting your apartments. Sometimes it pays off, sometimes not. But even a little bit of effort helps to get search engines like Google and Bing to find your name, and associate your apartment name with keywords.
In the neighborhood: Don’t be afraid of old fashioned shoe leather. Yes, the web is powerful. But make sure you make yourself known to other nearby apartment communities and businesses that are near to your apartments. They will certainly be able to refer people if they know of someone.
Post the rules but be flexible: When new tenants are hard to find, you need to keep the ones you have. Better to train an old tenant to be a good tenant than to have to find new ones. That being said, a person who finds your apartment over the web wants to know some of the expectations. For instance, are guests quiet at the pool after 9 p.m., or is there a Friday night pool party? How many parking spaces?
Make sure your site is running properly. Look at your site on different computers and browsers. Does it load quickly? Do you have analytic software installed so you know where your traffic originates and what they are looking for? Do you have all the pages up that you need?
About 55% of Hispanics respond well to ads in Spanish. Also, Radio and television is generally the best mode of advertising based on selling results.
When you considers Hispanics are $860 billion dollar market segment, ignoring this segment is at your own risk. This will be an even greater fact as the segment is expected to grow to over $1 trillion by early in the coming decade.
So you have an apartment to lease. Either a weekly lease, monthly or yearly. And you’ve done all the things, including newspaper, CraigsList, local apartment guide, even a few fliers to neighbors. And you still have some un-rented inventory.