how will you survive a changing market in a slowing economy l.
Skip this Video
Loading SlideShow in 5 Seconds..
How Will You Survive a Changing Market in a Slowing Economy? PowerPoint Presentation
Download Presentation
How Will You Survive a Changing Market in a Slowing Economy?

Loading in 2 Seconds...

play fullscreen
1 / 90

How Will You Survive a Changing Market in a Slowing Economy? - PowerPoint PPT Presentation

  • Uploaded on

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. Slowing Economy. Higher Unemployment

I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
Download Presentation

PowerPoint Slideshow about 'How Will You Survive a Changing Market in a Slowing Economy?' - livi

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.

- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
how will you survive a changing market in a slowing economy

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

By I.T. Partners

Courtesy of For Rent Publications

changing market
Changing Market


Surplus of A+ Communities

Slowing Economy

Lower Interest Rates

Excessive Incentives

Resident Turnover

slowing economy
Slowing Economy

Higher Unemployment

Lower Retail Prices

Corporate Downsizing

Wage and Benefit Caps

uncertainty creates an opportunity to re examine our productivity
Uncertainty creates an opportunity to re-examine our productivity.

An opportunity to rebuild our strategy.

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
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.

Figure out how we can deliver customer satisfaction

Define what our customers think and feel

Create and maintain systems that consistently deliver superior service

whose home is it anyway
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
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
Do our customers like technology?



  • Quick response
  • Prefer human


  • Easy answers to some questions and concerns
  • Poor substitute for personal service
  • Ready access to current information
  • Enjoy the customer relationship

Permission Selling

Memory Point Marketing

Customer-Friendly Transitions

Point of Service


On-site Merchandising

Service Encounters

Outreach Marketing

attitude in action
Attitude in Action

It’s your attitude, not your aptitude that counts. Everything else you can learn.

Show that you genuinely care

attitude in action16
Attitude in Action

Our customer service representatives

are the on-site team.

attitude in action17
Attitude in Action

Customer relationship management is good business.

Our goal as a company is to be the best.

attitude in action18
Attitude in Action

Remember the first rule in customer service is:

treat other people the way you want to be treated.

product market knowledge
Product/Market Knowledge
  • Know the $$ rental value of each feature-benefit at your community.
  • Understand the comparable feature-benefits of competitive apartment communities.
product market knowledge20
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
product market knowledge21
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
product market knowledge22
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
$$ Value of Feature Benefits
  • Interior Upgrades
  • Internet Access – DSL/Cable
  • Intrusion Alarm
  • Microwave
  • Multiple Phone Lines
  • Patios/Balconies/Enclosed
  • Resident Services
  • Theater
  • View
  • Washer/Dryer
  • W/D Connections
  • Air Conditioning – Central
  • Business Center
  • Carport
  • Ceiling Fans
  • Complete Spa/Gym
  • Concierge
  • Dishwasher
  • Floor Level
  • Garage Attached/Detached
  • Gated Community
value of feature benefits notes
$$ 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
Customer Interaction

Unlike other service interactions, your customer doesn’t go away once the transaction is complete. You continue to be involved in the customer’s 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 it’s home.

Always take the extra step. It makes a difference!

value added service
Value Added Service
  • Consistently exceed expectations
  • Manage expectations
  • Understand your business strengths
  • Focus on what matters to your customer
value added service27
Value Added Service
  • Responsiveness and empathy adds value
  • Value your customer
  • Offer assurance
  • Pay attention to details
  • Create connections
customer satisfaction
Customer Satisfaction

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

customer satisfaction30
Customer Satisfaction

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

customer satisfaction31
Customer Satisfaction

One of the key elements in

managing successful customer relationships is learning

how to satisfy the customer.


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
Make your leasing follow-up more compelling
  • Photos
  • Floor plans
  • Resident testimonials
  • Maps
  • Driving directions
  • Links to your website
  • Other sources of information

E-mail attachments

utilize your website as a marketing showroom
Utilize your website as a marketing showroom
  • Site maps
  • Neighborhood maps
  • Floor plans
  • Comparison information
  • Move-in packet

Store important customer information to download upon request as needed

customer friendly transitions
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 transitions38
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 transitions39
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 transitions40
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 transitions41
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 transitions42
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 transitions43
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

For Emergencies

Phone 000-0000

Your community

name & logo


For routine service calls,

please complete and submit

this card to the office.

Your Service Technician is:

Your community name, address,

city, state, zip & business phone

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.

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.

Service Request Card(back side)
personal notes

Welcome to your new home. Please feel free to contact us so we may provide ongoing customer service.

Betty Mary

Jesse Mike

Personal Notes


personal notes47
Personal Notes


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

Welcome Home! Your Carpet was cleaned by:

Questions or comments, Call:

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 notes49

Welcome Home!

Your Service Request

Was completed by:

Questions, Comments

Or Concerns,

Please Call:

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.
welcome home notes50

Welcome Home!

Several Operating Instructions for your




Questions, comments or concerns, 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.
helpful hints
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
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 request53
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 request54
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 request55
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 request56
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 request57
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 request58
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 request59
Taking a Service Request
  • Re-contact should continue until resident is satisfied. General satisfaction should be subsequently surveyed.
maintain a learning mentality on site
Maintain a learning mentality on-site
  • Everyone needs to be a mentor
  • Everyone needs a mentor
  • Customers need to be included in



1. A resident in an apartment building especially in France who serves as doorkeeper, landlord’s representative and janitor.

French term: fellow slave

Pronounce: kõnlsyerzh

cares program
CARES Program

Concierge or Lifestyle director

  • Plans social activities
  • New residents-warm calls
  • Assists residents that have errands, are ill or locked out
cares program63
CARES Program
  • Always couples
  • Works no more than 80 hours per month
  • Compensation = free apartment home plus $1 per door

Can this affect

your bottom line?

redesign your pet documentation
Redesign your pet documentation
  • Application
  • Photo
  • Addendum
  • Deposit
  • Community Policies
market pet friendly
Market Pet-Friendly
  • Catnip and doggy biscuits attached to business cards
  • Pet refreshments
  • Pet friendly opportunities (shows,parades,training)
  • Network with neighborhood resources
  • Pet bowl with name as move-in gift
  • Family photo with pets
fully utilize your on site clubhouse community center converted laundry facility vacant apartment
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
Utilize your website as a community center
  • Announcements
  • Questions
  • Service requests
  • Suggestions
  • Comments
  • Testimonials
make your apartment community the place to be
Make your apartment community the place to be
  • Resident events
  • Art show
  • Day Spa
  • Taste of…
build a sense of community pride
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
foreign languages

home buying

Make your apartment community important to the neighborhood

Offer consumer classes on-site:

  • computer
  • health and fitness
  • Internet
  • personal safety
  • financial planning
  • dance
offer valuable neighborhood services
Offer valuable neighborhood services:

Sponsor neighborhood activities:

  • Little League
  • Bobby Sox
  • soccer
  • library
  • PTA
reach out into your local marketplace
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
Outreach Referral Sources
  • Technical/vocational training centers
  • Airlines
  • Hospitals
  • Senior community centers
  • Malls
rental incentives
Rental Incentives
  • Day care centers
  • Truck rentals
  • Moving companies
  • Container companies
  • Furniture rental
  • Surrounding merchants
outreach tips
Outreach Tips
  • Sunday paper
  • Grand openings
  • News media
  • Promotions
  • Chamber of Commerce
  • Office Furniture Companies
  • Commercial Space
good marketing begins with a plan
Good marketing begins with a plan

Positioning statement

What is the message?

Identify your target audience

Written plan with timeline and budget

websites that can help
Websites that can help

Click on welcome

wagon for move-in ideas


Free electronic greeting cards

for the apartment industry.


All the resources you need to become pet smart


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


Click on free resources for a

library of training resources

including today’s presentation.

don t tread
Don’t tread

Move ahead