THE 4 P'S
If you have a problem achieving the desired occupancy, look to the FOUR P’S!
Product: Are your apartment homes market ready? If your team is behind, what can you do to help them catch up? Find a solution. How is your quality control? Who says, “this apartment is ready”? If you have an apartment that won’t move, enhance the appeal of that apartment – mini-model, change what is heard as an objection, etc
Promotion: Do you have enough traffic to sell the quantity needed? It takes 20 phone calls, to get 10 walk ins, to get 5 leases. If you need more, start by generating the phone calls. Have you checked all your sources to make sure they are active and working? Who has come to your property in the past 90 days and said “I am interested in your property.” This is the gold mine of lead sources - meaning follow up and have good news for them when you make contact. Top LeaseHawk scores occur because of good sales skills. “It was just dead this week.” – doesn’t work as an excuse!
People: Are your leasing people good sales people? Can they talk? [It is a gift.] Do they look sharp? Are they knowledgeable?Do they make people feel comfortable? Are they trustworthy? Are they aggressive? Do they understand Brookside priorities?
Price: How should you evaluate the price of your apartment? The other three P’s must all be working first – don’t start with price cutting. Anyone can just give it away. What is the objective of your owner? Rent growth or cash flow? We do not care about the occupancy of our competitors. We only do market surveys to know their pricing not their occupancy. If we have ten vacant apartments, we are looking for ten leases. Stay focused on this principle! If ten qualified prospects tour your two bedroom apartment and if they have seen the product well presented and they all say “I won’t pay your price for that apartment”, then you need to consider price. In other words, it is the prospects who determine price not the competition.
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