Landlording / Competitive Edge / Siewruk

The Competitive Edge

Your "Things to Do" List

Update your models. Ensure effective leasing by making certain that your models are hitting your target market, and have a fresh 90's look.
Invite the competition to lunch or breakfast. Yes, I'm serious. Exchange floorplans, rental values, occupancy rates and so on. Many communities have already implemented a Breakfast Club (designed by Mary Lou Gurski) to share information with your competitors. Why not start yours today?!
Audit your 1997 Marketing and Resident Retention efforts. What worked, what didn't, and why?
Audit your 1997 Service Requests to determine chronic problems. What chronic problmens did you overcome, and how? Which keep coming back, and why?
Start a comprehensive resident profile. If you already have one, then take the time to update it for the new year.
Plan a full year of resident activities. If you need a little inspiration, call us at the number below for some fresh resident retention ideas.
Improve your Lease Renewal Strategies. Remember that it's more cost effective to keep the residents you have than to gain new ones.
Increase Closing Ratios. Polish your marketing strategy and closing techniques.
Reward Employees that contribute new ideas. They're the life-blood of your success!
Focus on obtaining 50% of your new residents from referrals. You already have great residents, and they can help you find more just like them!
Use all correspondence as a marketing tool. View each and every piece of written correspondence that leaves your office as part of your marketing strategy.
Become active in your local Multifamily Council or Apartment Association.Connections count - and yield positive results all year long!
Plan to attend at least two educational programs during the year. Keep yourself on the cutting edge!

Strive to obtain or surpass the following industry benchmarks: (source: Jennifer Nevitt, Bravo Strategic Marketing, 317-290-3757)

Average Closing Ratio - (qualified & unqualified traffic)	35%
Telephone Conversion Ratio	60%
Monthly Traffic Generated (200 units X 20% - 40 traffic / month)	20% of total units
Annual Turnover	50%
Rental Cancelations & Denials (should not exceed 10% of total rentals)	10%
Cost per rental (average)	$200.00
Vacants Not Assigned - Market Ready	50%

Tami Siewruk is the President of The Sales & Marketing Magic Companies, Inc. She is a widely sought after speaker, and Producer of The Annual Multifamily Brainstorming Sessions. Call 813-784-9469 for a free sample issue of Tami's information-packed newsletter, Sales & Marketing Magic for Apartment Managers.