Resource Center - Industry Articles
The Magic Act Of Follow Up
by Anne Sadovsky, September 10 2009
I have a very strong opinion regarding the leasing process and our success, or the lack thereof! From 35 years of experience, and from watching this process daily, I believe with conviction the following: One-third of the people who contact your property are going to lease, no matter how well, or even how poorly, they are handled by the staff.
They may choose your community because of the location, the price, the floor plan or the amenities. So you can count on around 30 to 33 percent of the prospects to lease. One-third will NOT lease, no matter how good you are, how cute you are, how persuasive you are or what the special is...it simply is not the place for them, the rent is more than they can budget, it's too far to the office, whatever! So count on losing a third of them, even if you are a team of leasing super stars.
The MAGIC is in the last one-third! Here's where your skills, your training, your personality and your gentle persuasion come into play. Just think, you could double your capture rate by converting this 30 to 33 percent of your prospects to residents. And much of the secret to this success is in persistence! Here's a scary fact...75% of the prospects who call or visit your apartment community do not lease on the first visit.
Over and over we talk about follow up, we have the latest and greatest technology telling us who called and when and how to reach them, we fill out guest cards manually and on line. AND YET we lose mammoth numbers of leases because we simply do not respond to inquiries on a timely basis or keep in touch with the prospective resident. Why? Many people are into instant gratification. If we can't get the lease NOW we move on to the next one. It takes a lot of patience, and again persistence, to keep in touch with people who are on the fence, who aren't moving for a few months, or who are simply hard to reach.
And yet in focus groups and surveys, renters tell us that they chose the apartment more because of the personality, friendliness and the tenacity of the leasing consultant. I once had a prospective resident tell me jokingly that he was leasing from me to get rid of me! I took that as a complement, and a lesson. It takes only a bit of courage and time to pick up the phone, say hello and that you are thinking of them. It takes just a few minutes and a stamp to send a cute post card or note, and even less time to Email a message or E card.
Think how flattered you are when you receive a "you're on my mind" greeting. Our challenge is that we feel that we are bothering them, whereas they are pleased to hear from you. Practice a little MAGIC...get in the habit of keeping in touch with your prospective renters. I often joke and say, "They are mine until I read their name in the obituary column." The magic of the 'other third' can and will double your capture rate!
Anne can be contacted via email at: anne@anne sadovsky.com Tel:1-866-905-9300 or visit www.annesadovsky.com.
About CallSource
CallSource delivers ResultsSM, the first and only integrated marketing, sales, training and management system. CallSource offers the multifamily housing industry's best and most extensive eLearning courses. The company also provides custom course development and training for numerous other industries. CallSource has trained tens of thousands of business professionals. With redundant, carrier-class networks in Burbank and Chicago, CallSource tracks over 500,000 ads for over 10,000 companies across the U.S. and Canada.
CallSource also offers expert statistical and performance analysis services to help clients improve marketing and call-handling effectiveness, and tools and education to convert more callers into customers. Since 1994, CallSource has provided innovative solutions and services that improve organizational performance across marketing, operations, sales, training and customer service.
Management Blurb
Learn how follow-up can boost your leasing success rate from expert industry consultant Anne Sadovsky. Read Anne's article.
