Leasing Goals

I'd like to thank everyone for commenting on the Closing Ratios blog. From that discussion I'd like to pose a question to the Corp. Captains out there.

For me, I create leasing goals for each asset on a quarterly basis. Goals are based off a number of variables including historical sales & traffic, current vacancy, and estimated/historical turnover. How does everyone else calculate goals for your teams? How do you track them? Does each individual have goals for themselves?

Thanks for your thoughts!

Mj

With Mark's input, we've added this to our website poll! Just look to the left of the screen and vote!

Mark,

Great question.

We set goals monthly and track them weekly through sales meetings. Our goals are based on four years of historical data in the following areas; traffic, sales, occupancy to include current % and strength of our current sales team. On that last point, we are careful to provide a goal that stretches the rookie player while avoiding overwhelming them.

Just a thought - perhaps more focus should be given to retention? Give leasing agents bonuses/incentives based on some combination of retention rate and new leases? Alternatively, you could give agents bonuses based on occupancy rate. I feel it's important for current customers to be given the leasing office's best attention.

Let's say after one month (week, quarter, whatever), if an agent has signed 12 new leases, but 12 people left the property - maybe they get a $300 bonus ($25/lease). BUT, if they've signed 12 new leases and only 6 people have left the property - maybe they get a $600 bonus ($25 per lease + $25 per additional unit occupied). If they sign 12 new leases and 18 people leave the property, maybe they get $0?

scott

I am a huge proponent of sitting down with salespeople and together determining monthly and quarterly goals. If the salesperson essentially determines a goal they think is realistic and they can hit, and it truly is realistic, the chances they will achieve it is far greater then if a goal is just given to them. If you give them a goal, it is not their goal, it is yours. If you however, sit down, talk about it and together determine the goal, and ask questions like, "Do you feel confident you can achieve this, and what is your plan to do so?" you will obtain buy-in and outline a strategy for success. Not to mention, at the end of the month, it is far easier to hold someone accountable for a goal that they committed to achieving than one that they had no voice in.
Also, I do believe the bigger bonus should be placed on renewals. We are too obsessed with front end traffic in this industry. We need to place greater focus on ongoing resale efforts with the residents that have already chosen us.

Thanks for all the feedback everyone.

@brent thanks for adding the poll

Weekly Objectives 11 47.8%
Monthly Objectives 7 30.4%
Daily Objectives 2 8.7%
Goals? What goals? We just lease. 2 8.7%
Quarterly Objectives 1 4.3%
Annual Objectives 0 0%

@Mike i like that you look at each person individually. nice touch.

@Scott great ideas. the renewal side should not be ignored!

@Lori that is fantastic advice for everyone. sitting down and including your teams in goal setting can help everyone to understand the objectives.

Thanks everyone!

Ok, I know I am late on commenting but.... at CLK we create monthly goals at the end of close out for the following month. These are broken down per team member. We monitor these and update them weekly allowing for skips, evictions, and anything else that would up the ante!
It works well for us. Keeps everyone focused on the BIG PICTURE and holds them accuntable for their participation. Our "Team Leasing Goal" sheet has become part of their weekly tasks.