Tara Smiley's Blog

About six months ago, I wrote about the changes I was seeing in marketing,  concessions, and targeted prospects in my specific comp market... It was suggested to me that I complete a follow up to Prostituting the Product.

So away we go... In the merry adventures of market comp re-shopping, I was astounded to see that very little has changed locally.  Unfortunately, my market suffers due to influx of new multifamily builds and increasing home purchases, which has reduced traffic across the board and continued to train prospects to expect the very best in concessions.

We've all worked with them... that one person in the office that is just never happy with anything and makes a point to advertise that fact.  We've worked with them, for them, avoided them like the plague and unfortunately, at times, have fallen under their spell of negativity.

But what to do when this toxicity spreads?  How do you turn that frown upside down before it consumes a team like the plague?  Negativity is contagious and nothing wreaks more havoc than an unhappy team.

1.)   Change their job description 3 times in the first week... without their involvement.
2.)   Misplace their direct deposit paperwork... twice.
3.)  Use "You'll figure it out" as a motivational tool.
4.)  Introduce them to coworkers as "Our newest sacrifice".
5.)  Make them wear their nametag with an added "I'm new, thank you for your patience".
6.)  Constantly compare their work to their predecessor's accomplishments.
7.)  Move your file pile to theirs.
8.)  Ask them if they want in on the "Countdown 'Til Newbie Quits" pool.
9.) CC yourself on every email you send to them.
10.)  Use a stopwatch to clock their restroom breaks.


Believe it or not people, this list is taken from a 2 mile stretch of apartment communities in North Carolina.  Everything on this list was contributed by site level staff in our industry who, amazingly enough, are still working.  Please add to the list.  Then print and promise never to tresspass into the sanity of our own as we endeavor to forgive those that trespassed against us, and lead us not into the temptation of repeating the HR transgressions we've all suffered.

With Valentine's Day right around the corner as well as the early signs of leasing season, it's time to talk about how to find that "Special Someone".

Whether you're looking for long term committment (12-18 months to start), or just someone for short-term fun, there are some key points of advice on how to get the right match for you!



*On the prowl:  Where to look for and meet is always the hardest starting point.  Step outside of your comfort zone and don't wait for that new prospect to look for you!  Outreach is an underrated and overlooked option!  Don't just go to what's around you - find that special someone(s) in places you have in common and places you aspire to be.  Have fun with it, be brave and go for what you want!  Introduce yourself, dress to impress and sell you product with confidence!  If you sell it, they will come.  Hopefully in droves!

*Quality and Quantity:  Don't settle for just one option... have multiple!  Focus on who you want and go get them.  Create a list of places, venues, employers that meet your needs and attack.  Cast your net a little wider and deeper to get a greater number of the qualified applicants you're seeking.  Quality is everything when you're looking to start a new relationship, especially one whose committment you hope to reaffirm and renew year after year.  However, quantity is just as important.   Despite social norms, having several prospects going at one time is a beautiful thing.  Create a level of competition! It will heighten the level of excitement in your product, create a sense of urgency, and definitely sells you as a must-have.

*Reel 'Em In:  Once your have their attention, the key is to keep it.  What sets you apart and makes you stand out in the crowd?  What makes you different and BETTER than all the other fish in the sea?  Do you have what they want and need?  This is when your sales skills and training really step in.  Prospects will rent because they like YOU, feel confident in YOU, have a connection and rapport built with YOU.  Take charge, sell the product and the VALUE of the service.  Sweeten the deal if you can.  Remember what your momma said and don't give it all away; instead, show them what they'll be missing if they don't choose you.  Keep them guessing with the promise of more.  And then deliver.

*Sealing The Deal:  So now you have who you want.  You got yourself out there, got assertive, sold your product and have people waiting in line.  They like what you have to offer, you're comfortable they're "the one" and now it's time to sign on the dotted line.  WARNING:  This is when the "cold feet" factor can interrupt your plans.  It's natural.  Committment can be scary.  Be patient, be honest, and give them gentle and supportive reminders of why they're making the right choice.  HONESTY is essential throughout this entire process, so don't offer something you can't make good on.  Celebrate their choice with them and make them active in the process.  Once that lease is signed, don't just forget about them.  Keep the sizzle alive in this leasing relationship and show them how valuable they are.  Constant reminders of your committment to them and their needs are important if keeping the relationship fresh and interactive.



Have a great Valentine's Day and please... contribute your own steps to success in finding that special someone!

I got the ever eye-opening experience of re-shopping my comp's this week and again, the results continue to blow my mind.  As our industry continues to celebrate the renter, it is amazing how much prostitution of the product still exists.  (Disclaimer:  I am just as guilty on at least 1 of the below mentioned points.)

This issue creates a question in my mind of how much damage we are doing to ourselves, our bottom line and the conditioning of our renters if we allow so much bend to our own rules.
In my market at least, rent concessions abound,  move-in enticements border on giveaways and unfortunately, what I found this week is that an increasing number of our local competitors have significantly reduced their applicant requirements to fluff.

It seems like approximately three years ago or more, we as an industry were talking foreclosure forgiveness, seeing newly or soon-to-be bankrupt and foreclosed homeower applicants as a gold mine for our industry.  The better hearted of us saw it as a way to provide viable housing options to those who would have previously been looked over.  I got it, agreed with it and pushed the concept.  However, that trend seems to have taken a turn for the worse.  Here's some of what I found this week in terms of trying to grab a broader market of renters:

Rental history:  3 of the 10 comp's I shopped no longer require positive rental history.  Left leaving an apt. community a balance due?  No big deal.  So you got evicted, so what.  Don't worry about the fact that you lived here 5 years ago and skipped... that was 5 years ago and a lot has changed.... and so on and so forth. One Community Manager tried to sell me on the fact that as long as I "set up" payment arrangements, it didn't matter if I actually paid them.  Her stated  concern was her management company's random file checks, and as long as it looked like she did her job...

Credit:  Trust me when I say that a mediocre credit score seems to be the norm anymore and I believe our industry does a good job of moving with the needs of our markets, but seriously?  Three of the comp's I shopped proudly promoted their new theory about credit - "Good credit is overrated and a thing of the past."  -Direct quote by one local leasing agent.  "Even if you can't get approved, we'll let you get a co-signer or two to back you."  All I could say was "Wow!".

Income:  The industry standard that I've always worked with was 2.5 - 3x the rental requirement.  However, 4 of my comp's only required a 1.5 - 2x income ratio.  How do they expect their residents to pay for utilities, gas, clothes, food, etc. with that ratio.  It didn't strike me as professionally responsible, and something that was going to turn around to bite them in their collections.  Seemed like they were setting themselves and their residents up for failure.

And the ever-popular criminal background check:  The seemingly increasing trend in my market seems to be a criminal forgiveness pact.  Felony?  No problem.  Personally, I believe in the concept of time-served, but I'm not sure that the rest of the community would feel as ok about it.  Especially when the parole officer comes to pay a house call.  With his visible badge.

The most interesting thing about the entire week of comp. shopping was that more than half of the comp's knew me and my parallel position as a comp of their own.  The majority of these properties see the reduced applicant requirements as progress.  However, it's a progressive point they don't believe their current residents will share.  Of the 10 comp's that I shopped, only 1 stated that they are advertising "some" of their new rental allowances in their resident publications... The new rental allowance:  "Breed-restricted dogs ARE accepted here."...

Let's face it people.  You are not in a monogamous relationship.  At a mid-sized property, you are trying to keep a positive, productive and happy marriage of sorts with approximately 350 units and double that many residents.  Think Big Love.  Each individual needs their own space and attention, while you need to be a good juggler.   After the initial proposal and acceptance, the key is keeping it fresh.  Just like any other good relationship.

So... how do you keep the spark alive and keep these beautiful relationships afloat  Engaging your customer.

Everyone remembers the old adage: "The road to hell is paved with good intentions", right?  If you work on site, then you know this adage all too well.  Fair housing, too many projects scattered unfinished, tough resident expectations, etc... we get it all.  You know the drill... You think you're doing the right thing only to receive a corporate lashing, resident firing squad or the sleepless night that follows and unending list of "To-Do's" and "Urgents".

Sitting at Brainstorming right now and still trying to get office work done, I think I'm not in the minority here when I say that I am trying to do a lot of things and unfortunately, I don't think I'm doing all of them well enough.

Get honest people.  How many managers out there have a Facebook page?  How many of you are honest enough to admit that it's not a good one?  Put me in that category!  It's not for a lack of effort, truly.  I try, but can't create more hours in the day and I need to learn more to play the game better!   And this is only one example.

Are you a manager who would rather just do it yourself then delegate it and risk having it done incorrectly?  Or just not to your liking?  What about feedback?  Have you neglected giving completely warranted feedback  to a staff member just because "It's not a good day for this..."?

 What's in a name? According to Morris Mandel, " A name is the blueprint of the thing we call character.  You ask, What's in a name.  I answer, Just about everything you do."  Your name is your image, your definition, your link to the past or your fresh start, and the first point of public perception. If your name carries that much weight behind it, you can imagine the damage potential if your name sucks.

During the course of an initial conversation and property show, I asked a prospect if they had toured other properties and what they liked or disliked about them. I wanted to know the over/under on my competition. The FIRST comment out of this prospect's mouth was that they had really loved one of our comps but hated the name. They actually said that they would feel embarrassed telling friends that they lived there and using the name of the apartment community.That the name sounded "stupid" (Their word , not mine) and that by association, they feared people would make a judgement in connection.   It struck me as funny and a good conversation to be had, so we got to talking about what's in a name, and how that can influence apartment shoppers on the phone, on line and on property.

Which made me wonder what residents at my property thought of us. So I asked. Our property name is simple, to my mind a bit stately (in a good way), and has a dominant ring to it. My residents described it as "easy to remember", "adult, but not senior citizen", "solid", "established", and even "local-sounding". One resident went so far to tell me that the property name reminded them of baby trees, but that resident is only 6, so...

I recently posed a question on LinkedIn.com asking what individuals or companies are doing to prevent burnout, stress and overall disatisfaction by their employees.  The answers people supplied were great, but made me wonder about a few things. 

The majority of the answers were geared toward me, individually, giving me ideas as to what I could do to prevent this problem.  The other interesting note was that a high majority of the suggestions were focused on the on-site staff preventing the employee stress and burnout.  Ideas such as taking a walk, eating lunch together, holding an informal meeting to address the issues, etc. - these are all focused on the on-site and immediate supervisor completing the actions.  What almost no one supplied was what company policies are in place to address standing problems and prevent future ones.

Who has a company designed to maintain a high level of employee satisfaction?  Anyone have a designed plan for addressing employee stress?  How about programs to proactively prevent issues of stress and burnout?

  Late Notices, Garbage Reminders, Fire Hazard Signs, Recommendations for Renter's Insurance, Intermediates for Mom... How many of these things plus others did you Property Managers do today?

As I wrote out my 15th 'Illegal Pet Notice" yesterday, I'll admit, I was feeling less of a property manager and more of a life coach.  But as I continued thinking about it, I figured "Well, why not?  I promised to take care of their residential needs... it's just that today, their need is to get their stuff in order FOR ME!"  I couldn't have been more wrong.  I chalk it up to a communication issue of my residents not fully understanding how my needs as their property manager impacted their needs as continued residents.  Life coaching seminar here I come.