The Apartment Nerd Leasing Show: Recent Episodes
Mark Juleen
Principles, strategies, and ideas to help you lease more apartments.
We have 5 Marketing Principles that are the foundation for our marketing and leasing strategies at J.C. Hart Company. Discovery, Story, Clarity, Buoyancy, and Courtesy all touch marketing, service, and sales as each of these areas need to work together for property management success.
The Leasing Show focuses on sales/leasing and the principles that impact those 5 Marketing spaces.
Thank you multifamily friends for listening, commenting, and sharing.
Music Credit - Ryan Little - http://www.soundcloud.com/iamryanlittle
Today's data suggests building rapport may not be what you do at first with the customer.
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Some tasks we do today can be automated. The thing to think about is how you can create additional value with the extra time you have?
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It's tough to get the no from a customer. You need to spin that into a positive.
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Price means something different to everyone. You have to remove your mindset on price to help the customer see the value.
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Typically, normally, and usually, social proof can be a great way to enhance something a prospects thinks is important.
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Stop making it about you, and start making about them.
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"You shut your mouth when you're talking to me." Extra points if you know that movie. Lowering price is ok, but it's not a gut decision. Bring your data!
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If you take anything away from this episode just know that you NEVER have to match your competition to be competitive.
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Data and technology today can help give you a shot in the arm. Make sure you set things up so that you can easily turn the needle as needed.
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So occupancy is trending down...now what? Let's not jump to price like your less talented competition might.
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It's easy to get caught up on pricing as a leasing tactic. I think that's 3rd on the list though.
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You shouldn't have to suggest the application. They should know what happens next at the end of the tour.
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Fear of being less like yourself is something that holds people back. That said, the better you know yourself the better you can understand others.
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Execution is the game...period.
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Thanks to Tim Roberts our Sandler Training Pro for this great story about the British Cycling team and how the little things add up to make huge gains.
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Last week I talked a lot about customer service and the leasing experience. Not only does that help you get the lease, but it also helps you build more value over time for your property.
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We've allowed it to happen. The questions is what are you doing to differentiate and stand out beyond price and photos.
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Unless you are content with being average they are very important. Your call.
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The biggest amenity you need to highlight is you. Fancy fitness centers or pools are small compared to the value you bring to the living and leasing experience.
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We can't answer everything, but don't be convinced that a call center can do a better job than you setting appointments.
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It's easy to just answer people's questions, but I suggest you ask a question in return. Especially with the pet topic.
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There are plenty of strategies out there for this, but the main thing you shouldn't be doing is chasing the customer.
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Sometimes we just need a spark to capture that extra lease. What's that spark going to be for you this week?
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Don't cave in too quickly. A good UFC and a few question might right the ship. If it has to happen at least you set an expectation of how it usually works vs. the way they are insisting to get info. BTW, this isn't that many people, so don't assume it's everyone.
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Do you like getting canned responses from companies? There's your answer.
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Stop vomiting features and benefits and ask more open ended questions. Or skip that all together and just ask when they can come out for a tour. It's why they really called.
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Ask more questions and lean on your strengths, and be patient.
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It's easy to let the customer dictate how much time is needed for a tour. I think you should push back a bit though as it's your job to build trust and provide them an experience.
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Two things here. Ask more questions and get an agreement of what follow up looks like and when a decision will be made.
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Simply stated, you haven't asked enough questions to understand what is motivating the customer to want to buy from you.
Son, your ego's writing checks your body can't cash. https://youtu.be/sRNWFtgXo2E
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I certainly don't give a $h!# about your closing ratio, but it's a great way for you to honestly track your improvement. Do it for yourself though, and not for your boss.
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You have to try something new or revisit something that didn't work for you to grow and improve. What will that be this week?
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A musician, writer, or any kind of artist is always learning and trying to get better at their craft. Leasing is no different.
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Hotels and airlines have had revenue management systems in place longer than apartments. I believe the current pricing system options for multifamily is trying too hard to be like them.
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Sure, we'd love for everyone to put down a deposit, but is that realistic? Something this is realistic is getting a "yes" or a "no".
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It's likely the first "yes" response you will get in the leasing process, and it sets the tone for decision making in the future.
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Many new developments have 20+ floor plans. You need social proof if you're going to help people make a decision.
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Telling the customer that "no" is an acceptable decision that won't hurt your feelings leads to more leases.
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There are plenty of networking opportunities and fun to be had at an Apartment Conference. If I were going here's what I would look for.
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Check out this article about GM's dress code. https://work.qz.com/1242801/gms-dress-code-is-only-two-words/
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The new property down the street has more disadvantages than you might think.
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We're always learning. The greatest teacher, failure is.
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Sometimes people don't want to say no to your face or maybe they throw a curve ball at you with how they plan to make a decision. Either way, make sure you ask more questions and have a mutual understanding of the next step in the decision part of the process.
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A bit of a marketing topic today, but a part of selling that I think is overrated.
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We focus on comp surveys too much. You dictate your value based on the experience you deliver. Don't let the C-Suite convince you that a comp study every week is that important.
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People may ask about price or specials at the beginning of a call, but that's just because they don't know what else to ask.
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Yes and no. The details are important, but maybe not to everyone.
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The best way to sell in Instagram is to not sell on Instagram.
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I get it. You've been doing this awhile. That doesn't mean you can't learn.
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Tactics and gimmicks are only part of the process. You don't build trust with a few gimmicks.
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In a recent meeting about websites we started talking about making appointments. Figured I'd bring it up again.
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We like people like us, and tend to trust them more. What can you do to better understand what it takes to lease to people that are not like you?
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Maybe role playing isn't your thing. Why not listen to that recorded call, or rehash that last tour you had?
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Visual, Auditory, or Kinesthetic? What's your learning style?
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Your goal is to help understand and build trust. Take some extra time with this question and don't jump into wheeling and dealing on price.
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We often make assumptions about what a customer really means when they comment or make a statement about something. Take it further by asking them to tell you more about their thoughts.
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Let's not take those initial price questions for what they are. Dig deeper.
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Don't be the shady sales person that says you "just need 5 minutes of your time." You can do better.
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Any professional knows they need to practice before they are ready for the game. Why is leasing any different?
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Sometimes we're our own worst enemy. How can we work on that?
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This is difficult for me because I'm a loudmouth. In today's episode I touch on a few things to keep in mind when dealing with a high S.
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I've said this before, but I'll say it again. You have my permission to fail as long as you can show that you are trying to improve. You have to get through the fear of failure by taking that first step. Sometimes that comes with failure, but people will forgive you and you can forgive yourself as long as you are moving forward.
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We talk to much. If we don't change our behavior we won't understand how the customer will make a decision.
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Of course it's tempting to go into "sales" mode and vomit all the cool features and benefits at the customer. Rather than spill your candy everywhere, you certainly could leak some candy as long as you ask questions in the process.
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Change takes time. Success does not happen overnight, and can be difficult.
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We juggle multiple roles in property management. Let's not get hung up on titles. I think there is only one title that you should care about.
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Customers ask this questions because your competition leads with specials as their key selling technique. You can be better than your competition or a lousy car dealer.
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If you aren't setting the right expectations and explaining how the process works up front, then my guess is that you don't close with "What happens next?" I recommend you work on this. It can be a game changer.
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Fair housing fears and scripted tours really take away from creating a positive experience for each prospect. I say throw out the script and ask better questions.
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When we start our training seminars, this is one of the biggest questions and push-backs we get. "My property is different." Properties may be different, but should we be communicating with people any different? Something to think about after this episode.
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In this episode I interview @mbrewer to learn more about who inspires him, how he impacts change, and the most challenging part of leasing.
https://www.linkedin.com/in/mikebrewer/ https://www.facebook.com/apartmenthacker/ https://twitter.com/mbrewer
If you or someone you know would like to be interviewed on the #LeasingShow let me know.
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Texting customers can be a powerful tool in your leasing belt, but don't treat it like email.
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As a DISC profile high I myself, this episode gives you tips on dealing with those highly extroverted customers.
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Pro tip: The fee amount has less impact than you believe. Stop wasting you money with high referral fees.
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This is something I have to catch myself on and practice. You should too.
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Thanks for the questions from @cdrusk in today's episode. He's curious what a good strategy is for talking price when you have a revenue management pricing system.
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It's tough to get in the moment, but just like the best athletes in the world you have to prepare to be the best leasing professional in the world.
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It's a great question to ask, and a great way to practice.
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It's a great problem to have, but it drives me crazy that so many leasing professionals turn people away so quickly without even attempting to help them.
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Today's question comes in from @mbrewer The Apartment Hacker. Commissions and bonuses are common in our profession, but are they critical motivators?
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Many leasing professionals have an outgoing personality, but how do you need to adjust to deal with a customer that is more introverted and detail oriented?
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No one likes to be sold. No one! How you can you make the leasing process one that builds trust and value?
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Striplines or a negative reverse is not being manipulative. It's helping the customer make a decision.
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It can be difficult to find time to practice, but maybe you can test your leasing skills on your family.
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There's always a leader in the group, but you know both opinions count. What's your strategy with Roommates and Couples?
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I'm not much of a planner, but I am a practitioner. Whether you plan it out or you practice, practice, practice, you need to have a strategy for how you are going to ask questions.
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It's important to understand what expensive means to you because you must understand that it's nowhere near the same for everyone else.
If you have a question or topic idea for the #LeasingShow tweet @theaptnerd or message me online somewhere.
Shout out to Tim Roberts @TrustPointe for introducing me to this concept. It seems so obvious, but new technology and old school sales training has us spilling all our candy. Have a question for the show? #LeasingShow on Twitter or message me online somewhere.
As I highlighted in episode 24, we're here to build credibility and trust. If you are not discussing time with a customer than you are putting the relationship at risk.
You should be on a mission to build credibility and trust. What better way than to make sure the customer knows it's OK to say no.
In this episode I talk about the importance of eliminating mutual mystification. Stop making assumptions that everyone thinks the same way.
Before you let them walk out the door, drill down on that excuse they just gave you. I share some ideas on this today.
If you've ever found yourself just answering the customer's questions, then this episode is for you.
Price is an important factor, but you need to figure out the motivations of the customer before your share your price.
No one likes to be sold. You must build trust with your prospects. I share some ideas on building trust in today's episode.
A dominant behavior style can be challenging to deal with sometimes. Today I share some ideas to help you deal with people like me. :)
Today's question: What happens next?
Don't be an old school closer. Set your UFCs and you don't have to close.
Today's question: Should I really answer a question with a question?
More examples for why asking a question after a question can help you in the leasing process.
Today's Question: What do you do when that prospect goes silent?
In this episode, we discuss when it's time to get a no or reactivate a prospect that seems lost.
Today's question: How do you typically describe a feature or benefit?
For most people, using social proof is critical in your communications when leasing.
Today's question: What do we do with all those missed opportunities?
Most data shows that a leasing office misses more than 50% of phone calls. We discuss some ideas to capture those missed opportunities.
One of the most challenging parts about changing behavior is getting permission to change. Who do you need permission from? Get it!
We have 6 Leasing Principles we study and train on at J.C. Hart. This episode introduces those principles.
To kick start the Leasing Show, I highlight why setting appointments can be a huge win for leasing.
Janet Rosseth, Multifamily Marketing Consultant, brought this topic to the table. Find out how UFCs can help you respond.
Janet's LinkedIn Profile - https://www.linkedin.com/in/janetrosseth/
Principle #6 is about testing the strength of the "Yes". It may seem counter-intuitive, but it works.
Leasing Principle #5 is about Decision Making. You can't let people just walk out the door. Here are some thoughts on that.
Leasing Principle #4 is all about that money. What's your position on money? Did you know that is critical in leasing?
We cover Leasing Principle #3 as we discuss mutual mystification and the importance of asking questions.
Building on the first Leasing Principle of The Greeting/Bonding and Rapport, in Episode 3 we bring up the idea to utilize DISC assessments to improve your people skills.