How Will You Survive a Changing Market in a Slowing Economy?

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How Will You Survive a Changing Market in a Slowing Economy?

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Understand the comparable feature-benefits of competitive apartment communities. Product/Market Knowledge ... your business strengths ... planning health and fitness ... – PowerPoint PPT presentation

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Title: How Will You Survive a Changing Market in a Slowing Economy?

1
How Will You Survive a Changing Market in a
Slowing Economy?

By I.T. Partners

Courtesy of For Rent Publications
2
Changing Market
9-11-01
Surplus of A Communities
Slowing Economy
Lower Interest Rates
Excessive Incentives
Resident Turnover
3
Slowing Economy

Higher Unemployment
Lower Retail Prices
Corporate Downsizing
Wage and Benefit Caps

4
Changing market combined withslowing economy
equals uncertainty
5
Uncertainty creates an opportunity to re-examine
our productivity.
An opportunity to rebuild our strategy.
6
What is the margin of difference between an
apartment community that is financially healthy
and one that is not?
7
How Can We Work Smarter in 2002?
Create and maintain a positive work environment
with a learning mentality
Continually search for and refine our competitive
edge then promote it.
Define what our customers think and feel
Figure out how we can deliver customer
satisfaction
Create and maintain systems that consistently
deliver superior service
8
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
9
By allowing our customers to lead we can design a
leasing strategy that will optimize any economic
condition.
10
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.
11
Do our customers like technology?
YES
NO

Quick response

Prefer human
interaction

Easy answers to some questions and concerns

Poor substitute for personal service

Ready access to current information

Enjoy the customer relationship

12
Lets think about marketing differently.
13
Permission Selling
Memory Point Marketing
Customer-Friendly Transitions
Point of Service
14
On-site Merchandising
Service Encounters
Outreach Marketing
15
Attitude in Action
Its your attitude, not your aptitude that
counts. Everything else you can learn.
Show that you genuinely care
16
Attitude in Action
Our customer service representatives are the
on-site team.
17
Attitude in Action
Customer relationship management is good
business.
Our goal as a company is to be the best.
18
Attitude in Action
Remember the first rule in customer service is
treat other people the way you want to be
treated.
19
Product/Market Knowledge

Know the rental value of each feature-benefit
at your community.
Understand the comparable feature-benefits of
competitive apartment communities.

20
Product/Market Knowledge

Be able to sell the rental rate at your apartment
community on the basis of feature-benefits and
comparison with the competition

21
Product/Market Knowledge

Accomplish the analysis by computing the per
square foot rental rate of the following

Each apartment home

Each feature-benefit

Capital expenditures

Rental increases

22
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

23
Value of Feature Benefits

Interior Upgrades
Internet Access DSL/Cable
Intrusion Alarm
Microwave
Multiple Phone Lines
Patios/Balconies/Enclosed
Resident Services
Theater
View
Washer/Dryer
W/D Connections

Air Conditioning Central
Business Center
Carport
Ceiling Fans
Complete Spa/Gym
Concierge
Dishwasher
Floor Level
Garage Attached/Detached
Gated Community

24
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.

25
Customer Interaction
Unlike other service interactions, your customer
doesnt go away once the transaction is complete.
You continue to be involved in the customers
daily life.
What binds your resident to the community is
service, information and the feeling that he or
she is valued and appreciated.
Keep in mind that the way a customer is treated
makes all the difference when the lease renewal
rolls around.
You and your customer are both involved in the
community that brought you together. To you it is
a business. To them its home.
Always take the extra step. It makes a difference!
26
Value Added Service

Consistently exceed expectations
Manage expectations
Understand your business strengths
Focus on what matters to your customer

27
Value Added Service

Responsiveness and empathy adds value
Value your customer
Offer assurance
Pay attention to details
Create connections

28
What Can We Do To Add Value To Our Services
Basic
Expected
Exceed
Unique
29
Customer Satisfaction
You are in business for your customers
and because of your customers
30
Customer Satisfaction
Standards must be set high for the front-line
employee who has constant customer contact.
31
Customer Satisfaction
One of the key elements in managing successful
customer relationships is learning how to satisfy
the customer.
32
You cant beat consistent follow-up as a leasing
strategy
Daily schedule for Follow-up
33
Includes phone follow-up, e-mail updates and
handwritten thank-you cards.
34
Separate follow-up programs for

Potential residents

Referral sources

Existing residents

35
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

36
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

37
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.

38
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.

39
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.

40
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.

41
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.

42
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.

43
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.

44
Service Request Card(front side)
Develop various tools to make it simple for
residents to file a service request. Remember,
each service call is an opportunity to solidify
your relationship with the resident and encourage
resident retention.
45
Service Request Card(back side)
46
Personal Notes
Handwritten Welcome
47
Personal Notes
Handwritten Welcome

Handwrite a welcome note 4-7 days after the
resident moves in.

48
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.

49
Welcome Home Notes

Utilize as a message from anyone who entered the
apartment home while the resident was away.
Created as a tent car or door hanger.

50
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.

51
Helpful Hints

Create personalized messages from other team
members that provide help during move-in.
Develop regular communication that establishes a
community feeling.

52
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.

53
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.

54
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.

55
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.

56
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.

57
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 techs comments and follow-up
attempts.

58
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

59
Taking a Service Request

Re-contact should continue until resident is
satisfied. General satisfaction should be
subsequently surveyed.

60
Maintain a learning mentality on-site

Everyone needs to be a mentor

Everyone needs a mentor

Customers need to be included in
problem-solving

61
Concierge
1. A resident in an apartment building especially
in France who serves as doorkeeper, landlords
representative and janitor.
Pronounce kõnlsyerzh
French term fellow slave
62
CARES Program
Concierge or Lifestyle director