how will you survive a changing market in a slowing economy? by i.t. partners courtesy of for rent...

How Will You Survive How Will You Survive a Changing Market in a Changing Market in a Slowing Economy?a Slowing Economy?

By I.T. PartnersBy I.T. Partners

Courtesy of For Rent Publications

Changing MarketChanging Market

9-11-019-11-01Surplus of A+ CommunitiesSurplus of A+ Communities

Resident TurnoverResident TurnoverExcessive IncentivesExcessive Incentives

Lower Interest RatesLower Interest RatesSlowing EconomySlowing Economy

Slowing EconomySlowing Economy

Higher UnemploymentHigher Unemployment

Lower Retail PricesLower Retail Prices

Corporate DownsizingCorporate Downsizing

Wage and Benefit CapsWage and Benefit Caps

Changing market Changing market combined withcombined with

slowing economy slowing economy equals uncertaintyequals uncertainty

Uncertainty creates an Uncertainty creates an

opportunity to re-examine opportunity to re-examine

our productivity.our productivity.

An opportunity to An opportunity to rebuild our strategy.rebuild our strategy.

What is the margin of difference between an apartment community

that is financially healthy and one that is not?

How Can We Work How Can We Work Smarter in 2002?Smarter in 2002?

Define what our Define what our customers think and customers think and feelfeel

Figure out how we can Figure out how we can deliver customer deliver customer satisfactionsatisfaction

Create and maintain Create and maintain systems that consistently systems that consistently deliver superior servicedeliver superior service

Create and maintain a Create and maintain a positive work positive work environment with a environment with a learning mentalitylearning mentality

Continually search for Continually search for and refine our and refine our competitive edge – competitive edge – then promote it.then promote it.

Whose home is it anyway?Whose home is it anyway?Our residents are always our customersOur residents are always our customers

We need to serve our customers We need to serve our customers better to retain them longer.better to retain them longer.

We need a competitive edge to We need a competitive edge to recruit new customers on a recruit new customers on a consistent basisconsistent basis

By allowing our customers By allowing our customers to lead we can design a to lead we can design a leasing strategy that will leasing strategy that will

optimize optimize any economic condition.any economic condition.

How do our customers How do our customers think and feel? think and feel?

We have to We have to listen to learn listen to learn what they think.what they think.

We have to We have to connect in order to connect in order to empathize with empathize with how they feel.how they feel.

Do our customers like technology?

YES NO

Quick response

Easy answers to some questions and concerns

Ready access to current information

Prefer human interaction

Poor substitute for personal service Enjoy the customer relationship

Let’s think about Let’s think about marketing differently.marketing differently.

Permission SellingPermission Selling

Memory Point MarketingMemory Point Marketing

Customer-Friendly TransitionsCustomer-Friendly Transitions

Point of ServicePoint of Service

On-site MerchandisingOn-site Merchandising

Outreach MarketingOutreach Marketing

Service EncountersService Encounters

Attitude in ActionAttitude in Action

It’s your attitude, not It’s your attitude, not your aptitude that your aptitude that counts. Everything counts. Everything else you can learn.else you can learn.

Show that you Show that you genuinely caregenuinely care


Our customer Our customer service service

representatives representatives are the on-site are the on-site

team. team.


Customer Customer relationship relationship

management management is good is good

business.business.

Our goal as a Our goal as a company is company is to be the to be the

best.best.


Remember the Remember the first rule in first rule in

customer service customer service is:is:

treat other treat other people the way people the way you want to be you want to be

treated.treated.

Product/Market KnowledgeProduct/Market Knowledge

1.1. Know the $$ rental Know the $$ rental value of each feature-value of each feature-benefit at your benefit at your community.community.

2.2. Understand the Understand the comparable feature-comparable feature-benefits of competitive benefits of competitive apartment apartment communities.communities.


3.3. Be able to sell Be able to sell the rental rate at the rental rate at your apartment your apartment community on community on the basis of the basis of feature-benefits feature-benefits and comparison and comparison with the with the competitioncompetition


4.4. Accomplish the Accomplish the analysis by computing analysis by computing the per square foot the per square foot rental rate of the rental rate of the following:*following:*

D.D. Capital expendituresCapital expendituresC.C. Rental increasesRental increases

A.A. Each apartment Each apartment homehomeB.B. Each feature-benefitEach feature-benefit


* Note:* Note: This is done by This is done by dividing the square footage dividing the square footage of the apartment home of the apartment home into the dollar amount.into the dollar amount.Example:Example: You raise the You raise the rent $40 on an 800 square rent $40 on an 800 square foot apartment that was foot apartment that was previously $600. The rental previously $600. The rental increase is 5 cents per increase is 5 cents per square foot. The previous square foot. The previous rent was 75 cent per foot. rent was 75 cent per foot. It will now be 80 cents per It will now be 80 cents per footfoot

$$ Value of Feature $$ Value of Feature BenefitsBenefits

Air Conditioning – CentralAir Conditioning – Central Business CenterBusiness Center CarportCarport Ceiling FansCeiling Fans Complete Spa/GymComplete Spa/Gym ConciergeConcierge DishwasherDishwasher Floor LevelFloor Level Garage Garage

Attached/DetachedAttached/Detached Gated CommunityGated Community

Interior UpgradesInterior Upgrades Internet Access – Internet Access –

DSL/CableDSL/Cable Intrusion AlarmIntrusion Alarm MicrowaveMicrowave Multiple Phone LinesMultiple Phone Lines Patios/Balconies/Patios/Balconies/

EnclosedEnclosed Resident ServicesResident Services TheaterTheater ViewView Washer/DryerWasher/Dryer W/D ConnectionsW/D Connections

$$ Value of Feature Benefits – Notes $$ Value of Feature Benefits – Notes

To utilize this form as an effective marketing tool, you To utilize this form as an effective marketing tool, you need to convert the dollar value of competitive features need to convert the dollar value of competitive features into price per square foot.into price per square foot.

Example: Example: You have attached garages at a community. You have attached garages at a community. By shopping the competition and surveying your By shopping the competition and surveying your customers, you determine that this feature should have customers, you determine that this feature should have an assigned value of $150 per month. If your apartment an assigned value of $150 per month. If your apartment homes are 1000 square feet, you divide the square homes are 1000 square feet, you divide the square footage into the assigned value ($150 divided by 1000 footage into the assigned value ($150 divided by 1000 sq. ft.). In this example, the calculation might tell you sq. ft.). In this example, the calculation might tell you that apartment homes with attached garages could be that apartment homes with attached garages could be getting 15 cents more per square foot than other getting 15 cents more per square foot than other apartment homes without this feature. There are many apartment homes without this feature. There are many ways to utilize this additional knowledge.ways to utilize this additional knowledge.

Customer InteractionCustomer Interaction

You and your You and your customer are both customer are both involved in the involved in the community that community that brought you brought you together. To you it together. To you it is a business. To is a business. To them it’s home.them it’s home.

Unlike other Unlike other service service interactions, your interactions, your customer doesn’t customer doesn’t go away once the go away once the transaction is transaction is complete. You complete. You continue to be continue to be involved in the involved in the customer’s daily customer’s daily life.life.

What binds your What binds your resident to the resident to the community is community is service, service, information information and the feeling and the feeling that he or she is that he or she is valued and valued and appreciated.appreciated.

Always take the Always take the extra step. It extra step. It makes a makes a difference!difference!

Keep in mind Keep in mind that the way a that the way a customer is customer is treated makes treated makes all the difference all the difference when the lease when the lease renewal rolls renewal rolls around.around.

Value Added ServiceValue Added Service

1.1. Consistently Consistently exceed exceed expectationsexpectations

2.2. Manage Manage expectationsexpectations

3.3. Understand your Understand your business strengthsbusiness strengths

4.4. Focus on what Focus on what matters to your matters to your customercustomer

Value Added ServiceValue Added Service

5.5. Responsiveness Responsiveness and empathy adds and empathy adds valuevalue

6.6. Value your Value your customercustomer

7.7. Offer assuranceOffer assurance

8.8. Pay attention to Pay attention to detailsdetails

9.9. Create connectionsCreate connections

What Can We Do To AddWhat Can We Do To Add Value To Our Services Value To Our Services

BasicBasic

ExpectedExpected

ExceedExceed

UniqueUnique

Customer SatisfactionCustomer Satisfaction

You are in business for You are in business for your customers and your customers and

because of your because of your customerscustomers


Standards must be set high for Standards must be set high for the front-line employee who the front-line employee who

has constant customer has constant customer contact.contact.


One of the key elements in One of the key elements in managing successful customer managing successful customer

relationships is learningrelationships is learninghow to satisfy the customer.how to satisfy the customer.

You can’t beat consistent You can’t beat consistent follow-up as a leasing follow-up as a leasing

strategystrategy

Daily schedule for Daily schedule for Follow-upFollow-up

Includes phone follow-up,Includes phone follow-up,e-mail updates and e-mail updates and

handwritten thank-you cards.handwritten thank-you cards.

Separate follow-up programs Separate follow-up programs for:for: Potential Potential

residentsresidents Referral sourcesReferral sources Existing residentsExisting residents

Make your leasing Make your leasing follow-up more compellingfollow-up more compelling

PhotosPhotos Floor plansFloor plans Resident testimonialsResident testimonials MapsMaps Driving directionsDriving directions Links to your website Links to your website Other sources of Other sources of

informationinformation

E-mail attachmentsE-mail attachments

Utilize your website as a Utilize your website as a marketing showroommarketing showroom

Site mapsSite maps Neighborhood mapsNeighborhood maps Floor plansFloor plans Comparison Comparison

informationinformation Move-in packetMove-in packet

Store important Store important customer information to customer information to download upon request download upon request as neededas needed

Customer-Friendly Transitions

The re-contact of a completed application is timely and courteous.

Helpful information and tips are provided including: Neighborhood map, change of address cards, phone numbers and addresses for utilities, truck rental, mini-storage, furniture rental, cable connection, newspaper delivery, local banks, post office, shopping, schools.


Create posted “feature-benefit messages” throughout their new apartment home.

The lease and other documents for review are completely prepared and reviewed with the new resident. The review should include: what is required, why it is required and how it benefits the new resident.


Create posted “customer tips” and “how-to-use” messages to refer to and demonstrate during “move-in” inspection with new resident. Recommendation: leasing specialists carry a “sparkle kit” with cleaning supplies to put finishing touches on items inside home.

Introduction to service technician and service request process during “move-in” inspection. Example: resident is given a refrigerator magnet with service contact information.


Measure customer satisfaction of “move-in” process with a survey and a gift.

Continue resident communication throughout the lease term.

Fully utilize monthly rental payment, service requests and other encounters to measure and extend customer satisfaction.


Upon receipt of a move-out notice conduct a “walk through” and customer satisfaction survey. Provide a “cost of moving” worksheet and a checklist of moving tips. Find out what, if anything, could be done to keep the resident.

Consider upgrade options that might retain an existing resident or attract a new resident.


Conduct and fair and timely “move-out” inspection with clear communication to resident. Consider “move-out” gift and referral program.

Measure customer satisfaction of “move-out” process with a survey. Consider a comparison survey with other apartment communities.


Regularly summarize experiences, survey information and customer comments as feedback to the entire team and to individuals where appropriate. Consider utilizing results and specific comments in marketing materials and/or sales presentations.

Service Request CardService Request Card(front side)(front side)

Your community name & logo

here

Your Service Technician is:

Your community name, address, city, state, zip & business phone

For EmergenciesPhone 000-0000

For routine service calls,please complete and submitthis card to the office.

Develop various Develop various tools to make it tools to make it simple for simple for residents to file residents to file a service a service request. request. Remember, each Remember, each service call is an service call is an opportunity to opportunity to solidify your solidify your relationship with relationship with the resident and the resident and encourage encourage resident resident retention.retention.

Service Request CardService Request Card(back side)(back side)

Date Name Building Address/Apartment #Phone where you can be reached : Home Work Thank you for taking the time to let us know about your service needs. For prompt attention, please turn in you request before 12:30 p.m.

Please do not attempt to make the repairs yourself. Our trained technicians are ready to meet your service needs. Thank you.

Personal NotesPersonal NotesHandwrittenHandwritten WelcomeWelcome

Welcome to your new home. Please feel free to contact us so we may provide ongoing customer service.

Betty MaryJesse Mike

Personal NotesPersonal Notes

Handwrite a welcome note 4-7 Handwrite a welcome note 4-7 days after the resident moves in.days after the resident moves in.

HandwrittenHandwritten WelcomeWelcome

Welcome Home NotesWelcome Home Notes Utilize as a message from anyone who Utilize as a message from anyone who

helped prepared the apartment for helped prepared the apartment for move-in. Create as a tent card or door move-in. Create as a tent card or door hanger. Examples would include: hanger. Examples would include: housekeepers, carpet cleaners, housekeepers, carpet cleaners, painters, etc.painters, etc.

Welcome Home! Your Carpet was cleaned by:

Questions or comments, Call:

Welcome Home NotesWelcome Home Notes Utilize as a Utilize as a

message from message from anyone who anyone who entered the entered the apartment home apartment home while the while the resident was resident was away. Created as away. Created as a tent car or door a tent car or door hanger.hanger.

Welcome Home!Your Service Request

Was completed by:

Questions, CommentsOr Concerns,Please Call:

Welcome Home NotesWelcome Home Notes Utilize as a message from the service team Utilize as a message from the service team

outlining operating instructions. Create as a outlining operating instructions. Create as a decal or magnet in the general location of the decal or magnet in the general location of the appliance. Examples would include garbage appliance. Examples would include garbage disposal, dishwasher, heater, air conditioner, disposal, dishwasher, heater, air conditioner, etc.etc.

Welcome Home!Several Operating Instructions for your

1. 2. 3.

Questions, comments or concerns, Call:

Helpful HintsHelpful Hints

Create personalized Create personalized messages from other messages from other team members that team members that provide help during provide help during move-in.move-in.

Develop regular Develop regular communication that communication that establishes a establishes a community feeling.community feeling.

Taking a Service RequestTaking a Service Request

A trained team member who is A trained team member who is attentive and courteous.attentive and courteous.

A team member who recognizes the A team member who recognizes the customer retention and lease renewal customer retention and lease renewal potential of this call.potential of this call.

A team member who is generally A team member who is generally reassuring but does not make specific reassuring but does not make specific promises.promises.

A service request should be taken byA service request should be taken by::


A team member who will not interrupt A team member who will not interrupt and will make sure that the caller is and will make sure that the caller is completely understood.completely understood.Note: if the request is made while engaged in Note: if the request is made while engaged in other business, a convenient method should other business, a convenient method should be utilized for follow-up. Use methods that be utilized for follow-up. Use methods that make a service request easy for a resident.make a service request easy for a resident.



A team member who asks for detailed A team member who asks for detailed information concerning this address, information concerning this address, location and nature of the problem. location and nature of the problem.

A team member who will get several A team member who will get several key pieces of caller information key pieces of caller information including correct spelling of name, including correct spelling of name, confirmation of resident status, home confirmation of resident status, home and business phone numbers as well as and business phone numbers as well as fax and pager numbers if applicable.fax and pager numbers if applicable.



A team member who will verify A team member who will verify authorization to enter apartment and authorization to enter apartment and special entry circumstances.special entry circumstances.

A team member who can walk the A team member who can walk the customer through common situations customer through common situations such as disposal reset, breaker reset, such as disposal reset, breaker reset, turning off running water, etc.turning off running water, etc.



After the phone request, a priority After the phone request, a priority should be assigned based upon should be assigned based upon availability of a service technician and availability of a service technician and outside help anticipated.outside help anticipated.

An assigned priority probably requires An assigned priority probably requires contact within the service team before a contact within the service team before a time commitment is made to the time commitment is made to the resident.resident.


A detailed service request form (in A detailed service request form (in duplicate, triplicate or computerized) duplicate, triplicate or computerized) should be consistently utilized to should be consistently utilized to coordinate and follow-up with service coordinate and follow-up with service team members, outside vendors and team members, outside vendors and the customer.the customer.

This form should have a place to record This form should have a place to record the customer comments, commitments the customer comments, commitments made to the resident, service tech’s made to the resident, service tech’s comments and follow-up attempts.comments and follow-up attempts.


The person receiving the request will take The person receiving the request will take the lead (or service team member the lead (or service team member assigned) by re-contacting the customer assigned) by re-contacting the customer to inform of delays (i.e. part needed).to inform of delays (i.e. part needed).

A team member should be assigned to re-A team member should be assigned to re-contact the resident after work contact the resident after work completion to determine customer completion to determine customer satisfaction. Sometimes this assignment satisfaction. Sometimes this assignment should be given to the service technician should be given to the service technician who completed the workwho completed the work


Re-contact should continue until Re-contact should continue until resident is satisfied. General satisfaction resident is satisfied. General satisfaction should be subsequently surveyed.should be subsequently surveyed.

Maintain a learning mentality Maintain a learning mentality on-siteon-site

Everyone needs to be a mentorEveryone needs to be a mentor

Everyone needs a mentorEveryone needs a mentor

Customers need to be Customers need to be included in included in problem-solvingproblem-solving

ConciergeConcierge

Pronounce: kõnPronounce: kõnllsyerzhsyerzhFrench term: fellow slaveFrench term: fellow slave

1. A resident in an apartment 1. A resident in an apartment building especially in France building especially in France who serves as doorkeeper, who serves as doorkeeper,

landlord’s representative and landlord’s representative and janitor.janitor.

CARES ProgramCARES Program

Plans social activitiesPlans social activitiesNew residents-warm callsNew residents-warm callsAssists residents that have Assists residents that have

errands, are ill or locked outerrands, are ill or locked out

Concierge or Lifestyle directorConcierge or Lifestyle director

CARES ProgramCARES Program

Always couplesAlways couplesWorks no more than 80 hours per Works no more than 80 hours per

monthmonthCompensation = free apartment Compensation = free apartment

home plus $1 per doorhome plus $1 per door

Are pets Are pets important important

to our to our customers?customers?

Can this affect Can this affect your bottom your bottom

line?line?

Are you pet smart?Are you pet smart?

Redesign your pet Redesign your pet documentationdocumentation

ApplicationApplication

PhotoPhoto

AddendumAddendum

DepositDeposit Community PoliciesCommunity Policies

Market Pet-FriendlyMarket Pet-Friendly

1.1. Catnip and doggy biscuits Catnip and doggy biscuits attached to business cardsattached to business cards

2.2. Pet refreshmentsPet refreshments3.3. Pet friendly opportunities Pet friendly opportunities

(shows,parades,training)(shows,parades,training)4.4. Network with neighborhood resourcesNetwork with neighborhood resources5.5. Pet bowl with name as move-in giftPet bowl with name as move-in gift

6.6. Family photo with petsFamily photo with pets

Fully utilize your on-site clubhouse; community center;

converted laundry facility; vacant

apartment After school programs Boys/girls clubs

Senior programs

Weight Watchers

Chamber of Commerce mixers

Open houses for neighborhood merchants

Utilize your website Utilize your website as a community centeras a community center

Announcements Announcements

Service requestsService requests

Comments Comments

QuestionsQuestions SuggestionsSuggestions TestimonialsTestimonials

Make your apartment Make your apartment community the place to becommunity the place to be

Resident events Resident events

Art showArt show

Day SpaDay Spa

Taste of…Taste of…

Build a sense of community Build a sense of community pridepride

Community sports Community sports teams:teams:

Bowling, softball, Bowling, softball, volleyball volleyball Community blood Community blood

drive on-sitedrive on-site Neighborhood Neighborhood Watch Watch Support a Support a CharityCharity Adopt-a-HighwayAdopt-a-Highway

Make your apartment Make your apartment community important to the community important to the

neighborhoodneighborhood

foreign languagesforeign languages home buyinghome buying

Offer consumer classes on-Offer consumer classes on-site:site:

computercomputer InternetInternet

financial planningfinancial planning

health and fitnesshealth and fitness personal safetypersonal safety dance dance

Sponsor neighborhood Sponsor neighborhood activities:activities:

Offer valuable neighborhood Offer valuable neighborhood services:services:

Little LeagueLittle League Bobby SoxBobby Sox soccersoccer librarylibrary PTAPTA

vaccinations vaccinations

micro-chip I.D. for petsmicro-chip I.D. for pets

fingerprinting for fingerprinting for childrenchildren

Reach out into your local Reach out into your local marketplacemarketplace

Supply residents with Supply residents with community postcards, community postcards, pens, bookmarkspens, bookmarks

Deliver resident gifts to Deliver resident gifts to them at workthem at work

Take breakfast to a local Take breakfast to a local radio stationradio station

Speak at high schools and Speak at high schools and collegescolleges

Write articles for local Write articles for local publicationspublications

Teach rental related Teach rental related classesclasses

Outreach Referral SourcesOutreach Referral Sources

Technical/Technical/vocational training vocational training centerscenters

AirlinesAirlines HospitalsHospitals Senior community Senior community

centerscenters Malls Malls

Rental IncentivesRental Incentives

Day care centersDay care centers Truck rentalsTruck rentals Moving companiesMoving companies Container Container

companiescompanies Furniture rentalFurniture rental Surrounding Surrounding

merchantsmerchants

Outreach TipsOutreach Tips

Sunday paperSunday paper Grand openingsGrand openings News mediaNews media PromotionsPromotions Chamber of Chamber of

CommerceCommerce Office Furniture Office Furniture

CompaniesCompanies Commercial SpaceCommercial Space

Good marketing begins with a plan

Positioning statement What is the message?

Identify your target audience

Written plan with timeline and budget

““Be distinct Be distinct or extinct” or extinct”

-Tom Peters-Tom Peters

Websites that can helpWebsites that can help

homestore.comhomestore.com

Click on Click on welcome welcome

wagon for wagon for move-in ideasmove-in ideas

smmonline.comsmmonline.com

Free electronic Free electronic greeting cardsgreeting cards

for the for the apartment apartment industry.industry.

hsusa.org hsusa.org deltasociety.orgdeltasociety.org

All the resources All the resources you need to you need to become pet become pet

smartsmart

pcshowandtell.compcshowandtell.com

Get quick audio-Get quick audio-visual visual

demonstrations of demonstrations of how to fully utilize how to fully utilize your computer and your computer and

software software applications.applications.

itpartnersonline.coitpartnersonline.comm

Click on Click on free free resourcesresources for a for a

library of training library of training resources resources

including today’s including today’s presentation.presentation.

http://www.itpartnersonline.com/

http://www.itpartnersonline.com/

Don’t treadDon’t treadMove aheadMove ahead

Your choiceYour choice

how will you survive a changing market in a slowing economy? by i.t. partners courtesy of for rent...

Documents

service slide

uncertainty slide

competition slide

featurebenefit slide

consistent basis slide

apartment community

productmarket knowledge

new customers