How Will You Survive a Changing Market in a Slowing Economy By I T Partners Courtesy of For Rent Publications Changing Market 9 11 01 Surplus of A C by jkw93645

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									How Will You Survive
a Changing Market in
a Slowing Economy?
       By I.T. Partners



  Courtesy of For Rent Publications
      Changing Market

       9-11-01
            Surplus of A+ Communities
        Slowing Economy
Lower Interest Rates
                 Excessive Incentives
    Resident Turnover
Higher Unemployment
 Lower Retail Prices
Slowing Economy
Corporate Downsizing
Wage and Benefit Caps
Changing market
  combined with
slowing economy
equals uncertainty
 Uncertainty creates an
    An opportunity to
opportunity to re-examine
   rebuild our strategy.
     our productivity.
  What is the margin of
 difference between an
  apartment community
that is financially healthy
   and one that is not?
   How Can We Work
    Smarter in 2002?

Figure and maintain systems
Create out how we canand
Continually maintain a
Create and search for
 Define what our customers
 think work environment
positivecustomer deliver
refine our competitive
deliverand feel satisfaction
that consistently
with a–learning mentality
edge then promote it.
superior service
 Whose home is it anyway?
Our residents are always our customers

We need to serve our customers
better to retain them longer.

We need a competitive edge to
recruit new customers on a
consistent basis
By allowing our customers to
lead we can design a leasing
  strategy that will optimize
   any economic condition.
    How do our customers
       think and feel?
We have to listen
to learn what they
think.
We have to connect
in order to empathize
with how they feel.
        Do our customers
         like technology?
    YES                    NO
 Quick response       Prefer human
                       interaction
 Easy answers to
some questions and     Poor substitute
concerns              for personal service
 Ready access to      Enjoy the customer
current information   relationship
 Let’s think about
marketing differently.
Permission Selling

Memory Point Marketing

Customer-Friendly Transitions

Point of Service
On-site Merchandising
Service Encounters

Outreach Marketing
         Attitude in Action

 It’s your attitude, not
   Show that you
   your aptitude that
   genuinely care
counts. Everything else
     you can learn.
Attitude in Action


         Our customer service
           representatives
         are the on-site team.
      Attitude in Action


   Customer
 Our goal as a
  relationship
company is to
management is
 be the best.
good business.
Attitude in Action

          Remember the first
           rule in customer
              service is:
            treat other people
          the way you want to
               be treated.
     Product/Market Knowledge
1. Know the $$ rental value
   of each feature-benefit
   at your community.
2. Understand the
   comparable feature-
   benefits of competitive
   apartment communities.
Product/Market Knowledge
            3. Be able to sell the
               rental rate at your
               apartment
               community on the
               basis of feature-
               benefits and
               comparison with
               the competition
     Product/Market Knowledge
4. Accomplish the analysis
   by computing the per
   square foot rental rate of
   the following:*
        A.   Each apartment home
        B.   Each feature-benefit
        C.   Rental increases
        D.   Capital expenditures
Product/Market Knowledge
           * Note: This is done by
           dividing the square footage of
           the apartment home into the
           dollar amount.
           Example: You raise the rent
           $40 on an 800 square foot
           apartment that was
           previously $600. The rental
           increase is 5 cents per
           square foot. The previous
           rent was 75 cent per foot. It
           will now be 80 cents per foot
    $$ Value of Feature Benefits
   Air Conditioning – Central      Interior Upgrades
   Business Center                 Internet Access – DSL/Cable
   Carport                         Intrusion Alarm
   Ceiling Fans                    Microwave
   Complete Spa/Gym                Multiple Phone Lines
   Concierge                       Patios/Balconies/Enclosed
   Dishwasher                      Resident Services
   Floor Level                     Theater
   Garage Attached/Detached        View
   Gated Community                 Washer/Dryer
                                    W/D Connections
    $$ Value of Feature Benefits – Notes

 To utilize this form as an effective marketing tool, you need to
convert the dollar value of competitive features into price per
square foot.
Example: You have attached garages at a community. By
shopping the competition and surveying your customers, you
determine that this feature should have an assigned value of
$150 per month. If your apartment homes are 1000 square feet,
you divide the square footage into the assigned value ($150
divided by 1000 sq. ft.). In this example, the calculation might
tell you that apartment homes with attached garages could be
getting 15 cents more per square foot than other apartment
homes without this feature. There are many ways to utilize this
additional knowledge.
       Customer Interaction
 Unlike other service
  What binds
You andtake your
 Keep in yourthe
 interactions, that
 Always mindyour
  resident the
customerto It makes
 customer customer
 extra step.doesn’t go
 the way aare both
  community is
 is treated the
involved inmakes all
 away once the
 a difference!
  service, information
 the difference
community that
 transaction is
  and the feeling
 when the lease that
brought you together.
 complete. You
 renewal rollsvalued
 continueisis business.
  he or it
To youshetoabe
  and appreciated.
 around. in home.
To them it’s the
 involved
 customer’s daily life.
Value Added Service
          1. Consistently
             exceed
             expectations
          2. Manage
             expectations
          3. Understand your
             business strengths
          4. Focus on what
             matters to your
             customer
Value Added Service
          5. Responsiveness
             and empathy adds
             value
          6. Value your
             customer
          7. Offer assurance
          8. Pay attention to
             details
          9. Create connections
What Can We Do To Add
 Value To Our Services
                 Basic

                  Expected

                 Exceed


                 Unique
Customer Satisfaction

 You are in business for
   your customers and
because of your customers
   Customer Satisfaction

Standards must be set high for the
   front-line employee who has
    constant customer contact.
 Customer Satisfaction

 One of the key elements in
managing successful customer
   relationships is learning
 how to satisfy the customer.
   You can’t beat consistent
follow-up as a leasing strategy

       Daily schedule for
           Follow-up
 Includes phone follow-up,
    e-mail updates and
handwritten thank-you cards.
Separate follow-up programs for:
      Potential residents
      Referral sources
      Existing residents
       Make your leasing
  follow-up more compelling
E-mail attachments
    Photos
    Floor plans
    Resident testimonials
    Maps
    Driving directions
    Links to your website
    Other sources of
     information
Utilize your website as a
 marketing showroom
            Store important customer
            information to download
            upon request as needed
                Site maps
                Neighborhood maps
                Floor plans
                Comparison
                 information
                Move-in packet
Customer-Friendly Transitions
 The re-contact of a completed application is
  timely and courteous.
 Helpful information and tips are provided
  including: Neighborhood map, change of
  address cards, phone numbers and
  addresses for utilities, truck rental, mini-
  storage, furniture rental, cable connection,
  newspaper delivery, local banks, post office,
  shopping, schools.
Customer-Friendly Transitions
 Create posted “feature-benefit messages”
  throughout their new apartment home.
 The lease and other documents for review
  are completely prepared and reviewed with
  the new resident. The review should include:
  what is required, why it is required and how it
  benefits the new resident.
Customer-Friendly Transitions
 Create posted “customer tips” and “how-to-
  use” messages to refer to and demonstrate
  during “move-in” inspection with new
  resident. Recommendation: leasing
  specialists carry a “sparkle kit” with cleaning
  supplies to put finishing touches on items
  inside home.
 Introduction to service technician and service
  request process during “move-in” inspection.
  Example: resident is given a refrigerator
  magnet with service contact information.
Customer-Friendly Transitions
 Measure customer satisfaction of “move-in”
  process with a survey and a gift.
 Continue resident communication throughout
  the lease term.
 Fully utilize monthly rental payment, service
  requests and other encounters to measure
  and extend customer satisfaction.
Customer-Friendly Transitions
 Upon receipt of a move-out notice conduct a
  “walk through” and customer satisfaction
  survey. Provide a “cost of moving” worksheet
  and a checklist of moving tips. Find out what,
  if anything, could be done to keep the
  resident.
 Consider upgrade options that might retain an
  existing resident or attract a new resident.
Customer-Friendly Transitions
 Conduct and fair and timely “move-out”
  inspection with clear communication to
  resident. Consider “move-out” gift and referral
  program.
 Measure customer satisfaction of “move-out”
  process with a survey. Consider a
  comparison survey with other apartment
  communities.
Customer-Friendly Transitions
 Regularly summarize experiences, survey
  information and customer comments as
  feedback to the entire team and to individuals
  where appropriate. Consider utilizing results
  and specific comments in marketing materials
  and/or sales presentations.
    Service Request Card
                               (front side)

                                                      Develop various
                                                      tools to make it
                         For Emergencies
Your community           Phone 000-0000
                                                      simple for
 name & logo             For routine service calls,
                                                      residents to file a
      here               please complete and submit   service request.
                         this card to the office.     Remember, each
      Your Service Technician is:
                                                      service call is an
                                                      opportunity to
                                                      solidify your
      Your community name, address,
      city, state, zip & business phone               relationship with
                                                      the resident and
                                                      encourage resident
                                                      retention.
Service Request Card
               (back side)

    Date            Name
    Building Address/Apartment #
    Phone where you can be reached :
    Home                          Work
    Thank you for taking the time to let us know about your
    service needs. For prompt attention, please turn in you
    request before 12:30 p.m.




    Please do not attempt to make the repairs yourself. Our
    trained technicians are ready to meet your service needs.
    Thank you.
  Personal Notes
    Handwritten Welcome




Welcome to your new home. Please
feel free to contact us so we may
provide ongoing customer service.
       Betty       Mary
       Jesse       Mike
         Personal Notes
           Handwritten Welcome

Handwrite a welcome note 4-7 days
 after the resident moves in.
      Welcome Home Notes
 Utilize as a message from anyone who
  helped prepared the apartment for move-in.
  Create as a tent card or door hanger.
  Examples would include: housekeepers,
  carpet cleaners, painters, etc.
         Welcome Home! Your Carpet was cleaned by:


            Questions or comments, Call:
    Welcome Home Notes
 Utilize as a
  message from
  anyone who
  entered the            Welcome Home!
  apartment home       Your Service Request

  while the resident
  was away. Created     Was completed by:
  as a tent car or
                       Questions, Comments
  door hanger.            Or Concerns,
                           Please Call:
       Welcome Home Notes
 Utilize as a message from the service team outlining
  operating instructions. Create as a decal or magnet in
  the general location of the appliance. Examples
  would include garbage disposal, dishwasher, heater,
  air conditioner, etc.

                         Welcome Home!
              Several Operating Instructions for your
                  1.
                  2.
                  3.
              Questions, comments or concerns, Call:
Helpful Hints
        Create personalized
         messages from other
         team members that
         provide help during
         move-in.
        Develop regular
         communication that
         establishes a
         community feeling.
   Taking a Service Request
      A service request should be taken by:

 A trained team member who is attentive
  and courteous.
 A team member who recognizes the
  customer retention and lease renewal
  potential of this call.
 A team member who is generally reassuring
  but does not make specific promises.
   Taking a Service Request
       A service request should be taken by:

 A team member who will not interrupt and
  will make sure that the caller is completely
  understood.
  Note: if the request is made while engaged in other
  business, a convenient method should be utilized
  for follow-up. Use methods that make a service
  request easy for a resident.
      Taking a Service Request
      A service request should be taken by:

 A team member who asks for detailed
  information concerning this address, location
  and nature of the problem.
 A team member who will get several key
  pieces of caller information including correct
  spelling of name, confirmation of resident
  status, home and business phone numbers
  as well as fax and pager numbers if
  applicable.
   Taking a Service Request
      A service request should be taken by:

 A team member who will verify authorization
  to enter apartment and special entry
  circumstances.
 A team member who can walk the customer
  through common situations such as disposal
  reset, breaker reset, turning off running water,
  etc.
   Taking a Service Request
 After the phone request, a priority should be
  assigned based upon availability of a service
  technician and outside help anticipated.
 An assigned priority probably requires contact
  within the service team before a time
  commitment is made to the resident.
   Taking a Service Request
 A detailed service request form (in duplicate,
  triplicate or computerized) should be
  consistently utilized to coordinate and follow-
  up with service team members, outside
  vendors and the customer.
 This form should have a place to record the
  customer comments, commitments made to
  the resident, service tech’s comments and
  follow-up attempts.
   Taking a Service Request
 The person receiving the request will take the
  lead (or service team member assigned) by
  re-contacting the customer to inform of delays
  (i.e. part needed).
 A team member should be assigned to re-
  contact the resident after work completion to
  determine customer satisfaction. Sometimes
  this assignment should be given to the
  service technician who completed the work
      Taking a Service Request
 Re-contact should continue until resident is
  satisfied. General satisfaction should be
  subsequently surveyed.
Maintain a learning mentality on-site

    Everyone needs to be a mentor
    Everyone needs a mentor

    Customers need to be included in
     problem-solving
         Concierge

  1. A resident in an apartment
building especially in France who
     Pronounce: fellow slave
    French term: kõnlsyerzh
serves as doorkeeper, landlord’s
    representative and janitor.
         CARES Program
 Concierge or Lifestyle director

Plans social activities
New residents-warm calls
Assists residents that have errands, are
 ill or locked out
       CARES Program

Always couples
Works no more than 80 hours per
 month
Compensation = free apartment home
 plus $1 per door
  Are pets
 important
   to our
customers?
 Can this affect
your bottom line?
Are you pet smart?
 Application
 Photo
 Redesign your pet
 Addendum
   documentation
 Deposit
 Community Policies
       Market Pet-Friendly
1. Catnip and doggy biscuits attached to
    business cards
2. Pet refreshments
3. Pet friendly opportunities
    (shows,parades,training)
4. Network with neighborhood resources
5. Pet bowl with name as move-in gift
6. Family photo with pets
Fully utilize your on-site clubhouse;
   community center; converted
 laundry facility; vacant apartment
  After school programs
  Boys/girls clubs
  Senior programs
  Weight Watchers
  Chamber of Commerce mixers
 Open houses for neighborhood merchants
      Utilize your website
     as a community center

 Announcements       Questions
 Service requests    Suggestions
 Comments            Testimonials
     Make your apartment
   community the place to be

 Resident events
 Art show
 Day Spa
 Taste of…
Build a sense of community pride
                 Community sports teams:
                    Bowling, softball,
                   volleyball
                 Community blood
                  drive on-site
                 Neighborhood Watch
                 Support a Charity
                 Adopt-a-Highway
Make your apartment community
 important to the neighborhood
Offer consumer classes on-site:
  foreign languages      home buying
  computer               health and fitness
  Internet               personal safety
  financial planning     dance
Offer valuable neighborhood
services:
Sponsor neighborhood
activities:
      Little League
      Bobby Sox
      soccer
      library
      PTA
 vaccinations
 micro-chip I.D. for pets
 fingerprinting for children
          Reach out into your local
               marketplace
 Supply residents with
  community postcards, pens,
  bookmarks
 Deliver resident gifts to them
  at work
 Take breakfast to a local
  radio station
 Speak at high schools and
  colleges
 Write articles for local
  publications
 Teach rental related classes
Outreach Referral Sources
              Technical/vocational
               training centers
              Airlines
              Hospitals
              Senior community
               centers
              Malls
         Rental Incentives
 Day care centers
 Truck rentals
 Moving companies
 Container companies
 Furniture rental
 Surrounding
  merchants
Outreach Tips
        Sunday paper
        Grand openings
        News media
        Promotions
        Chamber of
         Commerce
        Office Furniture
         Companies
        Commercial Space
Good marketing begins with a plan
Positioning statement
  What is the message?

Identify your target
audience

Written plan with
timeline and budget
“Be distinct
 or extinct”
   -Tom Peters
    Websites that can help

homestore.com

Click on welcome
wagon for move-
      in ideas
smmonline.com

 Free electronic
   greeting cards
for the apartment
      industry.
   hsusa.org
deltasociety.org

All the resources
     you need to
become pet smart
 pcshowandtell.com

Get quick audio-visual
   demonstrations of
   how to fully utilize
  your computer and
 software applications.
itpartnersonline.com

    Click on free
   resources for a
 library of training
       resources
 including today’s
     presentation.
Don’t tread
Move ahead
Your choice

								
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