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)
|Telephone Conversion Ratio
|Monthly Traffic Generated
(200 units X 20% - 40 traffic / month)
|Rental Cancelations & Denials
(should not exceed 10% of total rentals)
|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.
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