| We could go on for days about leasing techniques | | | | and online contact as they should seek to be |
| discussing phone call management, visits and | | | | because they don't understand the urgency. In |
| property showing, what to do with the website, | | | | the case of online contact, education is your best |
| how to manage signage, and so on. However, the | | | | approach. Managers and leasing agents are usually |
| fact is the single biggest item that can close a | | | | commissioned and a bit of education explaining the |
| lease is followup. I say again. Followup is the very | | | | cash value of responsiveness is extremely |
| largest factor that will close leases for property | | | | effective. |
| managers, leasing agents, and owners. | | | | Next, on the front end of the follow up |
| I've seen it first hand. Many properties have long | | | | processes, most operators and managers do not |
| stretch of each day when no one is even present | | | | realize that almost 40% of potential leasing |
| at the leasing office. Clearly managing cost is an | | | | opportunities statistically occur after 5:00pm and |
| important factor and avoiding paying for the | | | | between Friday evening and Monday morning. |
| hours can help. However, if this is going to be the | | | | Thus a good leasing plan must start with this |
| case the owner and the manager must | | | | knowledge and processes to capture this |
| understand that the ability to reach a live person | | | | opportunity. |
| immediately is the first stage in the followup | | | | With initial contact maximized, managers and |
| sequence. After all, what is there to follow up if | | | | leasing agents should have a process of regular |
| you don't at least make contact with your | | | | follow up and a scripted plan to respond to |
| prospect? | | | | prospects. Answers to common questions should |
| Online and phone message contact is similar, you | | | | be anticipated. Directions and other points should |
| have to recognize the contact and move quickly | | | | be canned and ready to send. And, a follow up |
| to respond. As I stated on physical visits the first | | | | routine defined that regularly updates prospects |
| key is to make initial contact. You may not be | | | | until they respond that they've found another |
| aware, but positive response to online contacts | | | | solution or until their contact information is no |
| via online applications or email is over 90% if the | | | | longer good. All involved need to know that |
| response is during the first hour and failure is | | | | almost half of prospects begin looking for a new |
| greater than 80% if response is after the first | | | | apartment 6 months or more in advance. |
| hour. Voice mail demonstrates similar though not | | | | Combine all these points and you've established a |
| as well documented of results. Further, managers | | | | process that should substantially improve your |
| are often not nearly as responsive with voice mail | | | | leasing effectiveness. |