by Jackie Ramstedt

Posted January 30, 2002

“Being Proactive in a Reactive Market!”

In the last few years shopping our communities has been quite an “eye-opener”. Telephone and on site visits, albeit not strong from a selling point, actually were “more understandable”, if you will, by the higher occupancies some areas were enjoying. Literally, in some cases, there were “Waiting Lists” for every community. Those customers trying to lease an apartment, most times were met with, “I’m sorry we don’t have anything available right now. You’ll have to stop back in later in the month after we have received our next month’s notices.” This “lack of selling” has become common in our markets. Those employees who were hired during this time, really didn’t need any sales abilities. After all, there really wasn’t much to sell.

However, this year seems to be quite different. With signs and banners reflecting deals such as, “$99 Moves You In!” “Ask Us About Our Great Deals!”, “You Tell Us What Rent You Want!”, and “2 Months FREE!”, the markets are drastically changing.. Major employers such as Dell, Motorola, AMD, and many other high tech industries have had huge layoffs, resulting in the increase of vacancies in our communities. And this is only the beginning!

As the momentum of downturn in our economy begins to increase, those of us who have been in the industry for many years are pulling out the “good old days of the “80’s” marketing ideas.

When analyzing your property and it’s performance in a soft market, there are 4 major areas of concern; the 4 “P’s” of marketing.

1. The availability of Ready PRODUCT

More importantly than ever, we MUST have ready product to show. We cannot afford to miss that “window of opportunity” when a customer comes in and we have nothing to show. Strong communication between the maintenance and office staff is crucial to accomplishing this task. Which apartments to get ready first, how fast to turn them, and what is needing to be done to the units to make them more “marketable” to the prospects, are the key areas of concentration.

2. Competitive PRICING reflecting a “Value Added” focus

Even with all the new product that has been built over the past 10 years, the “B & C” communities still were able to compete and stay “full” because the market was so strong. Now, with the “selling leverage” on the consumer side, those older properties will need to make sure that the asking price is worth the “value” the customer is receiving. To be competitive with the “new” product, those properties must have up grades that reflect those higher costs, or lower rents to reflect the amenity differences. That’s how the customer perceives it!

3. An effective, all inclusive Marketing PLAN, that specifically targets the community’s resident profile.

Marketing in a soft market is MUCH MORE than just passing out flyers or advertising in a publication. A comprehensive plan must be created to include all aspects of operation. Attracting new prospective residents through outreach marketing to neighborhood businesses on a regular schedule, analysis of accurate traffic source reporting, cost per telephone call, traffic generation, and cost per lease are all vital in determining the “direction and effectiveness” of your marketing plans. Broad based Resident Retention programs are essential to proactively protecting and retaining that precious current resident, so as not to loose them out the “back door”.

4. Sales oriented PEOPLE with a strong ability to “Close the Sale”!

Finally, your front line personnel MUST be in the “selling mode” at all times! From that initial telephone conversation creating excitement and encouraging an on site visit, to the importance of that first impression the customer gets when meeting our Consultants in person, to the closing of the sale by ASKING FOR THE DEPOSIT from every person who views an apartment, all Leasing Consultants must shift there energies to all aspects of selling. Make it FUN. Make it MEMORABLE. Make the SALE!

With budgets set last year when the markets were so strong, many apartments that are setting empty and “non revenue producing”, need to be filled NOW! Make every contact count! How many thousands of dollars in “lost revenue” is just sitting out there? Not to mention what is coming up on Notices to Vacate in the next couple of months, especially in the slower traffic season. Somebody has missed that “window of opportunity” to get it filled up during the leasing season this summer. With such a lack of emphasis on selling, being nice just isn’t going to cut it." Occupancy cures a lot of ails!” and there is no reason that every person that comes into our office, that is qualified of course, shouldn’t lease there. But we have to ask for the money, and get some excitement back into our daily routines.

After all ….

“If You Continue To Do What You’ve Always Done…

You’ll Continue To Get What You’ve Always Gotten!”

“Jackie Ramstedt, CAPS, CAM, CAS, is a nationally renowned Motivational Keynote Speaker, Consultant, and Professional Trainer, who has more than 18 years experience in the MultiHousing industry throughout the United States and Canada.

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