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Reading Room Articles
Congratulations! You finally hit the ultimate goal of 100% occupied and leased. The only apartments you have vacant are leased, and you don't have a vacancy at all in some of the floor plans. So, how do you continue an aggressive leasing program with a full house? How do you maintain your integrity with very limited availability? DON'T FORGET TURNOVER IS INEVITABLE! • Despite your positive resident retention efforts, some residents will move or even skip. • Begin a PWL (Priority Waiting List) to have as many "future" prospects on the hook as possible. • Never get too comfortable with your high occupancy. In many volatile markets, 98% occupied can become 92% in a matter of days. • When occupancy is near 100%, intensify your renewal program, focusing on renewals at higher rental rates. REGARDLESS OF YOUR OCCUPANCY, GET PROSPECTS TO THE COMMUNITY! • Every telephone inquiry must be worked as though you have many available apartments. Do not reduce the urgency in your telephone presentation just because of limited availability. • Get prospects to the property! All callers should be treated with FEP (Friendly -Enthusiastic -Professional) and given the entire telephone presentation. • Qualify the prospect completely (for the prospect's needs!) and then sell your community before you mention the limited availability. Let the telephone prospect decide if it is worth waiting for an avail- able apartment at a later time. Don't assume the prospect has to move on his desired moving date. • When you have notices but no vacancies, sell those notices and describe the floor plan and location to the prospect over the phone. • Even if you have absolutely nothing to show and no apartments on notice, invite all telephone prospects out to visit the community and be placed on the PWL - Priority Waiting List. EVEN IF YOU CAN'T SHOW AN APARTMENT, YOU CAN SHOW YOUR COMMUNITY • Give all prospects the full treatment even if you have no available units to show. Completely qualify the prospect and give a tour of the community. • Lease notices by showing the prospect the location and describing the interior. If possible, get the cur- rent resident's permission to show his occupied apartment. Many lease agreements give the management the right to show occupied apartments that have given notice. Before you show an occupied apartment, make sure it will "show" appropriately (Clean, neat, free of odors). • If necessary, show a vacant leased apartment, an office that might be in an apartment, a different floor plan that is vacant, or even an on-site employee's apartment, if appropriate. Some residents will even allow their apartments shown as models...especially elderly or homebound residents who actually enjoy the company. CLOSE! ASK FOR THE LEASE EVEN IF NOTHING IS AVAILABLE • The fact that your community is so full creates urgency! Attempt to lease and secure a deposit on an apartment that is on notice. • Even if you have nothing available and nothing on notice sell your community and ask for a floating deposit (a deposit left on an unspecified future available unit) so the prospect can get on your PWL - "Priority Waiting List". If the prospect won't leave a deposit, then he can be on the Waiting List", putting him right behind those who have left a floating deposit. • Make a follow-up appointment to show an apartment that will be available in the near future. Do this only after you have taken the time to fully qualify the prospect and show your community. • Use a PWL - "Priority Waiting List" Rain Check card which states that the prospect is officially on your waiting list and has the date of the follow-up appointment. • Make sure you have sufficient information from the prospect (address, phone numbers, needs) to follow up. A vacancy may "appear" later in the day! WHEN YOU ABSOLUTELY CANNOT HELP A PROSPECT • Regardless of whether you can help, get sufficient qualifying information, including the traffic source. • Attempt to refer the prospect to another sister property. If no sister properties are available, try referring the prospect to the locator service that sends you the most prospects. • Explore every possible alternative with the prospect that might make it possible for him to live at your community. • Can the prospect extend his lease for another month? • Can the prospect temporarily live with friends or family? • Is there way the prospect can put off his move? BOTTOM LINE • 100% leased is no excuse to not market your community. Every prospect must be treated in a friendly, enthusiastic, and professional manner. That is the right way to treat people. • If you continue to experience high occupancy, no notices, and little resistance to renewing leases, then it is time to push the rents higher. • A full house means, even more effort must be given to resident service - customer satisfaction. Never get complacent with your current residents just because you are full. • Remember…if your community can "lease it- self", then it doesn't need you! If every prospect leases, and you are constantly creating waiting lists, then RAISE YOUR RENTS!! 
Rick Ellis, CPM, is the President of Ellis Property Management Services, a consulting and marketing company that offers an array of services to the apartment industry. To read more articles from this author please visit www.smmonline.com. The Sales & Marketing Magic Companies, shares more than 20 years of experience in multifamily housing, encompassing leasing, marketing, management, training, authoring, consulting, developing, and Brainstorming! For more information on Sales & Marketing Magic for Apartment Managers; the latest Tools & Forms Catalogue; The Annual Multifamily Housing Brainstorming Sessions™; or to receive top ideas, FREE, via e-mail, please call 727-784-9469 or visit www.SMMOnline.com. |
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