This article first appeared in FAIR EXCHANGE Magazine’s Winter 2023 edition.
Why is a Starbucks experience fundamentally the same in Toronto as it is in Tokyo? How do you get the same wonderful check-in treatment at the Ritz Hotel in Grand Cayman as the Ritz in Geneva? In a word: training. When building any successful brand, customers should have the same experience across every touchpoint in any location. And staff have to be trained to deliver it.
The same can be said for the rental housing industry. Landlords should strive to give prospects the same experience across their portfolio, whether their holdings are two buildings or 200. This is especially important in a challenging economy when many landlords are competing for the attention of the same few prospects. Each part of your prospect’s journey should be considered, and staff should be trained on how to deliver a positive and consistent experience at every step.
Capturing leads
Many prospects slip through the net simply because information isn’t captured at the time. Staff should create a record of each prospect as they can get to know them so they can reach out to them later. Train your staff to ask questions in a conversational manner so they can tailor their sales pitch to their needs. Are they new to town? If so, staff should sell the benefits of your neighbourhood. Are they competitively shopping? If your price is higher, your staff may have to pre-empt sticker shock. Have they been to your website already and seen your plans? Then, your staff should focus on showing your model suite and touring building amenities. Your leasing staff should be well versed in both what your property and the nearby competition offer because chances are your prospects will visit them, too. It all comes back to, you guessed it, training.
Qualifying leads
Leasing staff need to be able to separate a tirekicker from a qualified lead. That means knowing how to get pertinent information in a conversational manner. Since no prospect wants to feel bombarded by questions, you may want to use a bit of role-playing and coaching in your training. By the end of their rental presentation, your staff should know:
- Number of people moving
- Ideal suite type
- Ideal move-in date
- Budget
- Whether parking and/or electric charging station is required
- Why they are moving
- Where they are working (physically) and their occupation
- Where they are in the leasing process (have they seen other apartments and what did they think of them)
Knowing the competition
It goes without saying that your staff should be well-versed in building amenities, suite layouts, and the surrounding neighbourhood. What may not be so evident is that they should be equally familiar with your competition. Have staff visit the competition so they know about strengths and weaknesses (no balconies or parking challenges, for example). This way, staff can focus on selling the advantages and/or pre-empt any perceived weaknesses of your property. Also, if a prospect says the competition is offering a certain incentive, leasing staff will know if this is true.
Overcoming objections
Being prepared to respond to roadblocks that a prospect may raise also requires training. Roleplaying and coaching are great ways to learn this skill. This is key because your prospect wouldn’t be raising the issue if they weren’t seriously considering renting with you. Leasing staff need to know how not to argue or become defensive, how to come across as understanding, and how to gently present solutions or alternatives and highlight your property’s positives.
Asking for the order (closing)
The best rental agents continually ask for feedback during the presentation. That means knowing when to stop talking and start listening to your prospect. A great trainer used the analogy of a garden sprinkler: if you leave it on too long, you get pooling. Turn it off and let the water (in this case, the information) sink in. If the prospect doesn’t want to proceed at the time of their visit, find out what is preventing them from signing that day and try to address the issue. If their spouse has to see it or they say they have other appointments that day, staff need to propose a solution.
Tracking leads
If the prospect doesn’t commit on the spot, they will fall into the lead pile. Leasing staff needs to be trained on how to track these and follow up appropriately. Property Vista and Yardi (amongst others) offer software modules to track new leads and are economical ways to maintain visitor information and encourage follow-up by staff. You’ll want to train staff on how to use these solutions and encourage their use.
Following up
The goal, of course, is to get the prospect back into the rental office. As a general rule of thumb, the follow-up should happen within three days of the original visit. If your prospect has rented elsewhere, train staff to suss out valuable information for your future marketing efforts. For example, if you keep losing prospects to the same building, you may need to adjust your product, pricing or promotion.
Without proper leasing agent training. Your customer experience can be all over the map. If you’re not sure how your leasing agents are delivering your pitch, a great option is to send in a “mystery shopper”. That will help show where you might need a little work and make your leasing program more successful in the long run.
You’ve invested a lot in your product. Don’t you owe it to yourself to invest in the staff who are bringing it to market?
Sheryl Erenberg is the President of Sheryl Erenberg and Associates, a company specializing in the lease-up of new purpose-built rental buildings.
