Archive for the ‘Resident Retention’ Category

Great article by Tara Smiley – A new spin on child-proofing your sales techniques

Friday, October 9th, 2009

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.

The original blog article can be found on the Multifamily Insiders Blog.

What Do You Know About Your Tenants?

Saturday, October 3rd, 2009

As the economic downturn has continued to worsen, I’ve watched  deliquencies grow worse at several properties,  I believe we are seeing more crime on our properties, and I am sure I could  find other effects if I looked closer.  All of this has caused me to consider our  tenant screening process.  The fact is a background check and credit check provide little information.

In the future, our company will be looking for subtle ways to strengthen and broaden our tenant screening process. The results of that effort will focus not only on tenant selection, but also on tenant retention.  Consider that if using this information you can change your base as little as 5% per year that the results will become compellingly positive over a few years time.

Our focus is going to be on learning more about lifestyles, education, interests, and social choices.  From these, we will focus on tenant retention and tenant incentives.  We believe these are excellent way to develop tighter communities where the incentive to rent will overcome the desire to own as residents become more focused on cash producing asset acquisition than homeownership.

Great Article by Jen Piccotti – Resident Retention – Appliances

Tuesday, September 22nd, 2009

Houston, we have a problem

Houston We Have a Problem!

Hopefully, we all understand very clearly how critical the move-in process is for establishing a positive resident relationship from Day 1. However, in the hustle and bustle of the daily grind, an astonishing figure has come to my attention:

According to 2nd Quarter 2009 data from SatisFacts Research, only 73% of residents indicated that all appliances and fixtures worked properly upon move-in!

That means more than one-quarter of all new residents had an appliance or fixture that did not work!

Are we okay with this stat? I hope not, because unresolved issues at move-in reduce the percent of residents “very likely” to renew by one-quarter!

So, what to do? Let’s re-evaluate the make-ready inspection process. One tip I learned from Bill Nye is the concept of “walking right,” or “follow the wall.”  This means, for the final inspection, the maintenance team member enters the apartment and follows the wall to the right stopping to check each light switch, outlet, phone jack, window treatment, doorknob, appliance, light fixture, etc. Eventually, you end up at the front door again.

Rework is always costly – whether in time, materials, customer patience, or all of the above. Ensuring the resident’s new home is truly in move-in condition will be the first critical step in assuring the resident they have made the right decision in making their home in your community.

What make-ready inspection tips are effective for you?

The original article can be found at: Multifamily Insiders