Record Breaking Occupancy Rates....Is This Good News? (Property Management Industry)

Record Breaking Occupancy Rates…Is This Good News?

Webinar lead by

Amy Kosnikowski DilisioNational Speaker & Industry Educator

AppFolio

Complete Solution Includes:

Web-Based Property Management Software

•Property management and accounting

•Online rent collection (free)

•Prospect / guest card tracking

•Marketing

•Website

•Payment processing

•Online applications

•Resident Screening

So You Run A More Successful Business

Quintessential Marketing & Training National Speaker, Industry Educator, Consultant & Marketing Strategist

Email: [email protected] Telephone: 704.846.8210

Website: www.TheQstandard.com

Facebook: Quintessential Marketing & Training & Amy Kosnikowski Dilisio

LinkedIn: Amy Kosnikowski Dilisio

For over 24 years, Amy has been a proven leader in sales, leasing, management and marketing real estate assets. Amy began her career onsite as a leasing professional and then quickly advanced to the executive level as Director of Marketing & Training with Summit Properties and Oakwood Worldwide. Based out of Charlotte, North Carolina, Amy serves as the principal of Quintessential Marketing & Training, a consulting firm known for innovative marketing solutions, strategic consulting services and unforgettable education sessions.

Amy Kosnikowski Dilisio

Sustain Current SuccessBe Proactive To Find Opportunities

Take Inventory NowEnsure All Operating at Optimal Levels

• Resident Retention• Marketing• Enhance to Compete• Lead Management

Today’s Webinar

“If you relax, you will rust.” - Helen Hayes

MARKET STATUS

Source: Axiometrics

Polling Question 1: With occupancy at all-time high rates- Has the onsitefocus shifted to resident retention efforts?

I. RESIDENT RETENTION

Most cost effective way to maintain high occupancy & experience rent growth

Less apartments to rent = Lower costs & expenses

Value What They ValueIncrease expectationsReminders of WorthRetain & Maintain

How Residents Define Value What Impacts Perception of Value

The Top Topics That Impact Perception of Value

1. “Sense of community“ felt among residents and staff2. Appearance & condition of apartment & exteriors3. Level of safety and security at community4. Responsiveness & dependability of office staff

Based on collaborative study by SatisFacts and Ball State University

How Residents Define Value

Key Takeaways: Increase Retention • Communication Is Key• Consistent care• Proactive Preventive Maintenance

How is your focus on retention? Personalized Service

Quality CareRapid Response

Polling Question 2: Do you have a current marketing plan for your community or entire portfolio?

II. MARKETINGThe process and tools that assist in finding

customers, capturing their attention, promoting to them and keeping them as customers.

To attract qualified customers who lease at market rent staying for a long term which

improves the bottom line and increasing the value of the real estate asset.

Goal of Marketing:

74% of businesses do not have a marketing plan or clear direction.

Top Reasons: 1. Don’t Know Where To Start, 2. Not Enough Time

Source: Connect Marketing

Failing to plan is planning to fail

Property Manager Leads The Plan

Marketing Plan: How To Get Started

Marketing Plan: How To Get Started• Goal & Objectives• Market Research• Strategy• Action Plan & Steps

EVALUATE & REALIGN1. Current Target Market2. Maximizing Top Sources

Who is the current customer?

• What was the appeal?• Motives?• Trends?• Interests?

Enhance Marketing Message In Effective Sources

WIIFM Mentality

Enhance Marketing Message In Effective Sources

How does the product benefit their lifestyle?Where do they turn to for information?

What would be appealing to them?

Adjust MessageThen: Luxury Living Now: Enjoy Flexibility & Freedom

Lease Your Home. Live Your Life.Buy Later. Live Now.

Polling Question 3: Are plans set to update amenity and service offerings to compete with new product?

III. ENHANCE AMENITY & SERVICES

How Do You Stack Up Against Competitors?

Uniqueness? Advantages? Disadvantages?

“Resident Lifestyle Preferences: An Insight”

Source: J Turner27,642 surveyed

Green Living & Eco-Consciousness

Health & Fitness

44% work out 3 times a week

Membership quality gym and fitness classes

Open 24 hours with a variety of exercise

machines & classes

Entertaining

38% resident entertain onsite at least 3 times a month42% cook daily25% grill out at least 3 times a month

Flex Clubroom & Cyber Cafes

Gathering spaces

Outside gathering spaces

Location & Neighborhood Needs

73% grocery

68% restaurants

41% stores

Other Amenities To Consider

Fancy Services For Fido

Team Up To Offer Services

Dog Washing Stations

To Upgrade? Maintain Quality?

Polling Question 4: For today’s savvy renter- what are the best practices for leasing teams to convert a lead to a lease?

IV. LEAD MANAGEMENT

The Leasing Process

Leasing Expectations & GoalsOffer Appointment To All

50% Show 40% Closing Ratio

A Customized & Engaging Experience

Polling Question 5: What is the best method to create urgency with a potential renter to lease quicker?

SENSE OF URGENCY

The Leasing Team Creates The Sense of Urgency

How To Generate Urgency

Tailor To Needs + Benefits

Move the process forward statements“I only have one available in your preferred style. Can you

come by this afternoon at 2:00 to come take a look?”

“It sounds as if you are ready to move forward to reserve your apartment home. Good thing- it is the only one available! Let’s

go ahead and get the paperwork started.”

Apply Strategies For A Positive Change

Challenge Check List Areas of improvement to enhance resident retention?Valuing the areas the resident’s perceive as valuable? Develop or update current marketing planEvaluate the top marketing sources Ensure the marketing message, sources and leasing

techniques are aligned with current target marketComparison to competitor's amenities and services? Is the lead management system effective with

responses, sense of urgency, strong closing and follow up program?

The Year of the Apartment

Keep MovingStrive For Better Performance

Customize to make it work for each team. Where will you start?

Record Breaking Occupancy Rates…Is This Good News?

Webinar lead by

Amy Kosnikowski DilisioNational Speaker & Industry Educator