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.
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.
For 50+ hours of property management audio training, 3 books and live weekly leadership academy–surf to the PowerHour Property Management Books and Courses.
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
Bell Partners Expands Metro D.C. Footprint with Acquisition of 315-Unit Siesta Key Apartment Community in Rockville, Maryland
Admiral Capital Group and ESG Kullen Complete Successful Sale of 688-Unit Trellis at the Lakes for $114 Million in St. Petersburg, Florida
Sherman Residential Acquires 395-Unit Avenues at Creekside Apartment Community Located in Growing Submarket of New Braunfels, Texas
Walker & Dunlop Provides $20.4 Million in Financing for 170-Unit Fox Ridge Apartment Community in Suburban Pennsylvania
The latest multifamily industry news
delivered to your inbox
ROCKVILLE, MD - Bell Partners, one of the nation's leading apartment investment and management...
PETERSBURG, FL - Admiral Capital Group and ESG Kullen announced the sale of Trellis at the Lakes, a...
NEW BRAUNFELS, TX - Sherman Residential is proud to announce its acquisition of Avenues at...
LEBANON, PA - Walker & Dunlop, Inc. announced that it structured $20,400,000 in financing for...
KATY, TX - The nation's first-to-open Prose-branded multifamily property, Prose West Cypress marks...
LOS ANGELES, CA - Walker & Dunlop, Inc. announced that it completed the sale of Argyle &...
RICHMOND, VA - McCann Realty Partners and its joint venture partner, LEM Capital L.P., announced...
JACKSONVILLE, FL - PIA Residential of Miami and BH Equities of Des Moines, Iowa have acquired St....
The latest multifamily industry news delivered to your inbox.