Do Your Market Survey Right!

How many times a month does your Leasing Office receive requests for updated Market Surveys? Do you cringe when you see these come through the fax machine or when you recognize other properties’ telephone numbers on your Caller ID? I think it is only human to react this way, especially, when you feel like they ask the same information month after month.

 The BEST Leasing Manager I ever knew (and it sure wasn’t me!) and I worked out a different way of obtaining the most accurate and reliable property information so that our Market Surveys were always easily updated. I use this technique as well when gathering market information for possible acquisitions as well.

 I dislike wasting time and I dislike “busy work.” Busy work, to me, is when a company hires a new or inexperienced Leasing Consultant and assigns him or her the task of doing the monthly Markey Survey. (And you know the person who USED to get this chore each month is secretly happy to be relieved of this!) So, the new person asks which properties to call and proceeds to do so. He or she sometimes never even introduces him/herself to the person who answers the phone and usually says something like this: “Hi. I was wondering if you could answer a couple of questions for my Market Survey?” When the person says yes, then the Consultant starts in with fifteen different questions as to the size of the units at your property, how much do they all rent for, what is the square footage for each unit style, are you running any specials, what amenities does your property offer, do you take pets, how much do you charge for Pet Fees and Pet Rent (often times interspersed with his or her own opinion as to these charges), followed by, “What is your current occupancy?”

 And you know this is a truism – either the person answering your survey questions gives you an inflated number or they refuse to answer this particular question at all.

 I approach this whole thing differently. I have Leasing Professionals or my Lifestyle Specialists START with knowing who our actual competitors are. And, yes, while everyone is a competitor, I want them to understand to whom  we lose leases to and why. I think this is the most important fact that everyone at every property should know and understand. Then, and only then, do I want the professional to begin the analysis. For my training purposes, that means, all Leasing Professionals should drive to every competitor’s community and look around – see that property’s curb appeal, make notes, see what the maintenance team is wearing and doing, OBSERVE. Make sure they know exactly how far away that property is from your community – and know what the neighborhood is like. I want them to know this information because I want them to notice if there is retail and services available next to those properties that we DO and DON’T have. What are these properties’ Walk Scores in comparison to yours?

 I want my Lifestyle Specialists to then do some research on the internet. Check out what the other competitors’ ads have to say about them. After all, the Apartment Guide lists all kinds of property information: floor plans, square footage, price ranges, number of units in a community, the name of the management companies, amenities, property websites and shows photos of the exteriors and interiors. If a Lifestyle Specialist has this information when calling another property, it will certainly eliminate any time wasting.

I want Leasing Professionals to call with a friendly voice and helpful attitude. How many times has the person calling your community sounded stressed and irritated, as thought there is no value in completing this task? A good attitude goes a long way, and trust me; I have my bad days, too. But it always shows and no one wants to be known as that B*^%$ at XYZ property.

 Also, when you are asked to help contribute to the completion of a Market Survey, don’t totally LIE about your occupancy. If your property is sitting at 70%, but the property calling is telling you they are 98%, ask them to send their overflow to you since you have 15 one-bedroom units available and they apparently have none. Perhaps if we could strive to work together more, we could accomplish more, too. If you are advertising that your community is 97% leased, yet you are offering $100 a month off the rent, then I know you are not being truthful.

 Once the Market Survey has been completed and sent to the Manager or District/Regional Manager, the Leasing Professional can monitor property ads, on line ads, and continue communicating with current and Prospective Residents. I know I have a property that offers only one and two bedroom apartment homes, so it is to my advantage to know where I may refer someone if my sister property also cannot help. My final word on Market Surveys is this – complete them Quarterly and not monthly. Each month, someone from your organization should be selecting neighborhoods and shopping those communities in person.  A written report should be completed and submitted. Completing your Market analysis in this manner will yield you invaluable information about your competition, plus it is much more thorough.