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by: Cassandra Miller

Leasing.pdf FCPM 235

Cassandra Miller
GPA 3.363

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About this Document

These notes cover Module 11
Introduction to Residential Property Management
Class Notes
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This 4 page Class Notes was uploaded by Cassandra Miller on Friday March 18, 2016. The Class Notes belongs to FCPM 235 at Ball State University taught by in Winter 2016. Since its upload, it has received 7 views.

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Date Created: 03/18/16
Leasing Friday, March 18, 2016 4:46 PM Leasing as a form of marketing Telephone technique Begin with a greeting Name of property Name of staff member "how may I help you?" You much be happy and cheerful but not fake Information to gather Prospects name Timing Situation they are in Needs Budget Information to gather and share Appointment Directions to property Contact information Re-introduction All information is kept on a guest card that is then transferred to a computer system to keep track of everything Preparing for the visit Focus on being a helper not a seller Product knowledge Units - only show a couple - make sure they are ready Area - everything should be clean and in order Collateral material Guest card - review what you talked about on the phone Customize the tour Walk the route Showing model units Features vs benefits - explain the benefits of the features For high end units tell about the services and value the prospect will gain When the prospect arrives Introductions Ready or looking? Rent budget Motivating force Sense of urgency - point out that there is only one more unit that would work for them Element of surprise - if they like something they can have it come with the unit - if they don't like something it can be changed - they may be able to move in a couple days early Critical leasing issues Handing questions and objects - can seal the deal - don’t be defensive Know when to close the sale Evaluating results - helps with marketing Traffic Traffic to showings Showings to applicants Applicants to residents Customer service survey What percentage of dissatisfied customers complain? 4% Why do they complain? Generally because of how they were treated not because of the product What happens to the other dissatisfied customers? They take their service elsewhere What makes unhappy customers return? If the problem gets remedied Residents move in because of location, amenities, service, price or other factors Residents move out because of home purchase, price or services Services is the most common reason Importance of service in the apartment industry It is the residents' home It sets you apart from home ownership Helps you compete with other apartment communities Moment of truth - any opportunity to make an impression on the customer (24/7) The relationship with the resident begins at first contact The relationship never ends Consider a staff position that is exclusively devoted to customer service and resident relations Assist with move in Schedule date/time Staff member on hand to greet and assist Develop and distribute resident handbook Easy to understand Positive statements Illustrations Distributed in person Contents Guidelines for use of property Rent payments Security deposit Emergencies Noise Pets Improvements Parking Neighborhood/community info Utility companies Schools Places of worship Shopping Public transportation Precinct number Government representative Improvement Opportunities Restrictions Who pays Resident Shared cost Resident emergencies Answering service -residents call the communities answering service then they call local authorities Definition of emergency Security problem - theft Major property damage - fire Health hazard - furnace went out Respond to complaints Common complaints Other residents - pets or noise Apartment unit - reoccurring clog Community policies - parking Respond quickly Keep track of complaints Respond to other concerns Illegal/immoral activities Resident offenses Damage by residents Consider cancellation of lease or eviction if violations continue Handling disputes Resident organizations are allowed through HUD Better to deal with people as individuals Resident turn over Turnover rate = # move outs in 1 year/total # of units Average turnover rate is 30-50% Economic turnover - job transfer , buying a new home Lateral turnover - move to a competitor Turn over costs The cost to attract a new resident is equal to 3 to 5 months rent for that vacant unit Be willing to spend that much to keep a good resident Keeping a resident at the end of a lease Renewal awards - new paint, new carpet Security deposit reduction - percentage of deposit back each renewal Creating opportunities for good customer service Know residents names Acknowledge special events - birthdays, anniversaries Send thank you notes for complaints Provide excellent maintenance Mail questionnaires Telephone surveys Electronic surveys In-home interviews Focus groups Moving out Know date/time Have staff member present Conduct move out inspection with resident Return unused deposit promptly


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