Show:
Effectively Meeting the Needs of Current Residents
The Sales Process and Building Relationshps
Relevant Laws
The Competition
Marketing and Maintaining your Community
100

What should be your response to a resident who give you notice to vacate after receiving a renewal letter with an increase?

Reach out to the resident personally to attempt to retract their notice and stay!

100

Define an “open-ended” question.

Open-ended questions elicit the prospective resident’s needs, interests, and feelings. Open-ended questions usually begin with “what,” “why,” “how,” “tell me”, or “describe”.

100

What is the most common reason for rejecting an application?

Having a problem with the credit score or report.

100

Why should you “shop your competition”?

  • Shopping the competition allows you to find out what your competitors on doing – on the phone, online and in person.  Instead of just hearing from prospects what they might have experienced if they visited – you can get firsthand information.
100

What is “branding” in the apartment industry?

  • Branding is your promise to your customer.  It tells them what you offer in terms or products and services and how you are different than your competition.
200

When a resident has an unpleasant incident on the property and comes to you wanting action, what is the best approach to take?

Express your sympathy to the family as well as taking ownership of the situation with a prompt action step.

200

When we talk about “closing occurs at each step of the sales process,” what do we mean?

It means getting a firm commitment from the prospective resident to move to the next step.

200

What are fair housing testers?

Fair Housing “testers” are people hired by an independent housing advocacy group or housing enforcement agency to investigate Fair Housing laws. One of the most effective tools of fair housing advocacy groups or government agencies that are responsible for enforcing Fair Housing law is the use of the tester.

200

What is a trim tab and why is it a good example of inspiring change?

  • A ‘trim tab” is a tiny second rudder attached to the big rudder on a ship. Despite being tiny, compared to the size and weight of the ship, the trim tab determines the ship’s course. The principle of the trim tab is that small changes can have a big impact.
200

Define the term “curb appeal” and how does it vary for “online curb appeal”

  • Curb appeal is what the public sees when driving or walking by your community.  Online curb appeal describes how the community appears in its online presence on its website, internet listing services and apartment reputation sites.
300

List four ways you can build a “community feel” at your property.

  • Step up social life
  • Redefine the meaning of your “community”
  • Go green
  • Use diversity to your advantage
300

What is a “close-ended” question and why is it important?

These are specific questions, designed to elicit specific answers that provide you with factual information—like occupants, vehicles, pets, rental rate, move-in date. The most common closed-ended questions you’ll ask are “What size apartment are you looking for?” and “When do you want to move?”

300

List and describe the four elements of a contract.

  • The Offer is an invitation to enter into a contract.
  • The Acceptance is the absolute and unconditionally acceptance of the contract.
  • Consideration means that something of value is given by one party in return for something of value from another party.
  • Capacity means that each person had the legal competence to understand the nature and consequence of entering into a contract.
300

What is the difference between a competitor and a comparable property?

  • Competitor – any property, even if styled differently, that competes with your for prospects.
  • Comparable – any property that has a physical style and features similar to yours and competes with you for prospects.
300

Describe the difference between outreach and inbound marketing.

  • Outreach marketing, is where you “reach out” to contact prospective residents, either directly or indirectly
  • Inbound marketing, is where you handle incoming, or “inbound” requests.
400

To encourage renewals, it is best to have an ongoing relationship with the resident.  At renewal time it is important to take the time to talk and reconnect.  What typically should you discuss?

  • What services does this resident use or value at your property? (e.g., concierge service for package deliveries, dry cleaning pickup or delivery, 24-hour maintenance service, day care service, etc.).
  • What is the resident looking for in his or her future home?
  • Remind the resident about the cost of moving and offer a quick comparison of market rates for your competitors."
400

List the three key steps in the relationship-sales process.

  • The needs assessment
  • The presentation
  • The close
400

How do the ADA and Fair Housing Act apply differently to a property?

  • The ADA applies primarily to the leasing office and the areas providing public access to the leasing office. All areas of the property—such as clubrooms, business centers, and community centers—that are open to the public for any reason (including voting or public school events) must be ADA-compliant.
  • The Fair Housing laws primarily pertain to the common areas and the actual
  • apartment homes. Not all parts of a management or leasing office are open to the public.
400

What should you include when you are calculating the “total cost of renting” at your competition?

The rent is the first item. But be sure to include fees and additional charges, too; rents at some communities may not include a variety of add-on charges. The add-on charges –which allow you to calculate the “total cost” of renting – are an important part of your comparison.

400

What evidence might you have that your property is a “trusted brand”?

  • Feedback from current, past, or prospective residents
  • Web postings on reputation sites such as Yelp.com and ApartmentRating.com, though those may vary in reliability
  • Comments and feedback from others in the apartment industry (your competitors have heard about you the same way you’ve heard about them!)
  • Point of service survey results from residents
  • Strong retention results
500

List four ways you can maintain the value of your community in the eyes of your residents.

  • Preventive Maintenance
  • High-quality Maintenance Service
  • Aesthetic Value
  • Promptness and Attentiveness
500

List the 5 “P’s” of objections. List an effective method to address each.

  • Private – summarize the features and benefits, then ask why they are hesitating.
  • Price – re-emphasize the benefits of your community; ask for a price range that is agreeable or help them save money in other lifestyle changes the move will bring.
  • Place – reiterate what is convenient about the location and talk with the prospect about what makes it seem inconvenient, helping them solve those issues.
  • Prejudice – this may be a feature or amenity that they want, ask about how they use or need the area, try to answer questions with alternatives or reasoning.
  • Procrastination –ask if there is any additional information needed or if they need to call or bring someone else by.  It may be a private objection as well.
500

What three laws pertain to the credit screening of prospective residents?

  • Equal Credit Opportunity Act
  • Fair Credit Reporting Act (FCRA) of 1996
  • Fair and Accurate Credit Transaction Act (FACTA) of 2003
500

What is the Net Promoter Score and what is a good Net Promoter Score?

  • The net promoter score measures the perceived loyalty of your customers or residents. 
  • The scores can be used based on your own perception or on feedback you received from resident surveys.  It is calculated by:
  • % of Promoters (satisfied customers who would rate you a 9 or 10)
  • Less % Detractors (customers who would rate you a 6 or less)
  • Equals % Net promoters

The higher the net promoters score the more loyal your customers are. 

  • Scores can range from -100% to +100%.  Anything at 0% or above is considered good.  50% or more is excellent.
500

What were the four key concepts in how John & Johnson responded to their crisis?

  • Talking straight
  • Righting wrongs
  • Practicing accountability 
  • Getting better