CallSource^® Aim Higher

Want To Increase Your Closing Ratios? Everything Counts!

by Patty Morgan Seager, November 10 2009

One of the questions I am often asked by my property management clients is, "how can we improve our closing ratios?" My answer: "closing should be a natural process, not a dreaded event!" Everything counts! The old traditional methods of closing are out! The sincere, "I care about you and your needs and I am a warm professional here to help you get what you want" approach is in! Especially with today's future resident, who is hesitant to make a decision and uncertain about their future!

Picture this... you are in the supermarket in the checkout line and in front of you is a Mother and her young toddler who appears to be about five years old. The small tot eyeing the candy bar display, smiles up at Mom and points to the candy counter "I want some candy," he/she announces, to which his Mother instantly replies, "no, you don't need any candy!" Not fazed in the least bit, her young child persists with "why not?" "Because it's too close to suppertime and it will spoil your dinner!", replies Mom.  Still ever persistent, the youngster continues, "I promise I will eat all my dinner!" "No, you don't need any candy!" says Mom, in a slightly louder tone. "Come on Mom, please!!!, I promise, if you buy me the candy bar, I will eat every bit of my dinner!"

"Oh, all right, says his Mom, but remember, you promised-you can't have the candy bar until you have eaten everything on your plate, understand?!" Mission accomplished, the young child gives Mom a wide grin, hugs her leg and exclaims, "alright, thanks Mom!" Sound familiar? What a closing strategy! And talk about persistence! We can all relate to this story, can't we? And, chances are, we have all pulled this stunt on our parents in many instances during our own childhood.

Or better yet, for those of us who have experienced the joys of parenting, we can relate to these closing tactics in our everyday lives... when our children are asking for the car keys for that all important date, finagling an extension on a curfew because it was much too cool to hang with the crowd a bit later than usual, or how about when we are talked into buying the latest fashion craze! From the very early stages of our lives, closing and the ability to be persistent has come naturally to each and every one of us. Just as we need to be reminded of this talent from time to time, the same principle applies to your property management team. In this article, we will discuss the key steps for improving the closing performance of your team, because everything counts!

Preparation! Preparation! Preparation!:

Nothing contributes more to the closing success of your property management team than being properly prepared.  Are your team members 100 percent ready for each future resident that walks into your leasing centers?

Action Point:

Ask each of your apartment communities to prepare a property notebook that contains all the sales tools they will need to give an effective presentation.  Some items to include: a detailed community information sheet, brochures, guest cards, an updated rental structure, a current availability list, a site plan of their property, clear and concise directions to their apartment community, enhanced floorplans (floorplans that have been blown-up in size), a tape measure, blank service requests, blank applications, copies of all current advertising, and surrounding neighborhood information.  What a valuable list of resources for your leasing teams to have right at their fingertips!

Community Curb Appeal:

First impressions are lasting impressions. What kind of first impressions are future residents receiving as they arrive at your apartment communities? How's your curb appeal?

Action Point:

Have your property management teams prepare a detailed checklist outlining specific areas to be inspected every morning prior to the opening of their leasing center for business.  Key areas to include are: a thorough inspection of the grounds and common areas at their community including signage, lighting, the path to the "market readies" and  models, and their community amenities; their leasing center, how does it feel? how does it smell, is it clean and organized? is it ready for the first prospect of the day?; the models, are the lights on and can you hear music playing softly in the background?, can you catch a whiff of a pleasant, fresh scent?, is the temperature comfortably set, has it been freshly vacuumed and sparkled?; and the "market readies", does everyone on their team know which apartments are available and where they are located?, are they clean and presentable?, have they been sparkled, how do they smell?, how does it feel when you walk in the door? Ask your teams to rotate the checklist responsibilities on a weekly basis so everyone brings a fresh perspective.

Powerful Customized Presentations

The days of being an apartment tour guide are long gone, along with canned presentations.  How effective are your leasing teams when presenting your apartment communities?  Are your leasing teams creating unique memorable experiences with every future resident?

Action Point:

Schedule a day in the field once a quarter at each of your apartment communities. Spend part of your time shadowing your leasing team and observing their selling and closing skills. Then, reverse the roles and encourage your leasing teams to observe your leasing and closing style. At the end of the day, review the day together and offer pointers to your leasing team to enhance their closing performance. In addition, ask your property management team to create customized presentations that include effective rapport and questioning techniques, selling with the features/benefits of their apartments, recognizing and resolving objections, and most importantly, a comfortable, approachable way to close the sale.  Encourage your team members to incorporate their own personal style and personality into their custom scripts.

Incorporate The Use Of The Three Letter Word "ASK"

The most common faux pas in the majority of shops performed in the property management industry is the leasing consultant's reluctance to ask for the lease or more specifically to simply "invite the prospect to live at their community."

Action Point:

Train your property management teams to recognize the most effective way to close the sale is to sincerely invite the apartment shopper to become a new resident at their community. Have each team member shopped on a regular basis, at least quarterly.  In your next team meeting, prior to initiating your shopping program, give each member of your leasing team a blank copy of your company shopping report. Review the shopping report in detail so everyone on the team knows what the expectations are. Then, share the completed shopping reports privately with each individual. Not only will these shopping reports provide you with an assessment of each team member's strengths and weaknesses, they will also provide each team member with a personal tool to help them grow and improve their leasing and closing skills.

Consistent Follow-up:

Statistics tell us that apartment shoppers of today begin their search for their new apartment home at least eight weeks in advance, and sometimes longer! The average apartment shopper will visit 8-10 communities, then revisit one or two communities 3-4 times before making a decision to lease! Therefore, in today's competitive marketplace, keeping your community's name in front of each apartment shopper that has visited your community and is still in the decision making process is vital.  Bottom line...Your leasing teams must have an organized system of follow-up to maximize their closing success.

Action Point:

Implement and maintain an organized follow-up program at your apartment communities. Begin this follow-up program by training your leasing teams to obtain a full completed guest card from every future resident that visits their apartment community.

Next, instruct each member on your leasing team to create their own individual filing system for their guest cards.  Many property management companies are now using software programs to organize their follow-up. Then, make sure each member on your leasing team sends each future resident a personalized, handwritten thank-you note within 24 hours of their prospect's initial visit inviting them to become a new resident (this is truly a lost art!). 

Next, have your leasing teams continue to contact each future resident by telephone or e-mail, and continue to stay in touch until their potential new resident makes a decision to lease at your community or somewhere else. This personalized follow-up program shows each future resident that your leasing team really cares, and this may be the deciding factor that entices a prospect to return and lease at your community versus your competitor's community. Consistent follow-up requires a good amount of discipline, but the rewards more than justify the time spent on this powerful strategy. Effective follow-up systems have increased the percentage of closing by as much as 48 percent!

Implement these key steps in your training program and watch your team closing ratios soar. Successful property management teams are the teams willing to take the time to do the little extra things. Are your property management teams willing to go the extra mile?

Patty is a National speaker best known for her genuine enthusiasm, dedicated professionalism, and unique ability to inspire her clients to rethink the way they have always done things to achieve their highest potential.  She frequently keeps plugged in to what's really going on in the on-site world by leasing in the trenches!  She incorporates real world scenarios and strategies in an informational, yet humorous setting. She is an author, frequent contributor to numerous Multifamily publications and a Certified Laughter Leader!  Contact Patty at (614) 325-9770 or by E-mail at pattymorgan@seagermarketing.com and please visit her website at seagermarketing.com.

About CallSource

CallSource (http://www.callsource.com) delivers Results^SM, 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.

In addition to call tracking, call recording, and a custom, hosted, learning management system, CallSource 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 to improve organizational performance across marketing, operations, sales, training and customer service.

Marketing Blurb

Award-winning marketing trainer Patty Morgan-Seager offers some great advice on how to have a successful property management team. Read her article: