We have all experienced making that trip to a store to grab the "special" finding only disappointment because the product is sold out.
As property managers, to the best of your ability, assure your leasing prospects avoid this same fate; having ready product is imperative to making the sale.
When a leasing prospect has made it all the way to your door, in person, what is the probability they will make a second trip if you are not prepared to show them available apartment homes during their initial visit? The likelihood is next to zero.
Think of all the steps the prospect has endured to get to your door.
They have:
- Reviewed dozens of internet listings
- Walked or driven neighborhoods
- Made countless telephone calls to check on prices and availability
- Narrowed the list to a few quality properties that fit their needs and price point
- Set an appointment to come see their new home!
Then its on you, the leasing professional, to assure their initial experience is a good one. Units should be move-in ready.
People like to select things from an available list. This is what restaurants provide; a menu with available options- providing a dining experience from a list of ingredients that are available now.
Have one of each unit type available and allow your future resident to select from available options- options that are available within the timeline they desire. This makes for the easiest decision point on behalf of the future resident.
Finding a new apartment home is stressful. It's time-consuming and expensive. Anything you can do the shorten the process, making it more seamless for the resident, increases your percentage closing ratio on new leases.
Having ready product is part of assuring that days-on-market are short and turnover times stay tight. All of these actions fall into having ready product for new residents each time they step on property.
Mr. Wilhoit is the author of two books: How To Read A Rent Roll: A Guide to Understanding Rental Income and Multifamily Insight Vol 1 - How to Acquire Wealth Through Buying the Right Multifamily Assets in the Right Markets. Multifamily Insight Vol 2 is set for release in 2015.
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About This Blog: Multifamily Insight is dedicated to assisting current and future multifamily property owners, operators and investors in executing specific tasks that allow multifamily assets to operate at their highest level of efficiency. We discuss real world issues in multifamily property management and acquisitions. This blog is intended to be informational only and does not provide legal, financial or accounting advice. See www.multifamilyinsight.com