I have recently met several new friends, some of whom worked for companies that are either entering the multifamily space, or are currently in the industry but branching out with new products and services that are utilizing the latest technologies to better reach today’s rental customer. I was blown away at some of the things I’ve heard! It’s certainly a long way from my era when my parents used the Yellow Pages to figure out where to eat. Remember this? They’d call (and then when I got old enough to call they’d make me or my brothers call!) and have to ask a LIVE PERSON questions about what they offered, pricing, information etc.

Today you can find out almost anything at your fingertips about many of the companies you do business with. Websites will tell you what the dealer cost of a specific vehicle today. Many of these sites will even let you customize the vehicle you’re interested in so that you can find out just how much all of the options should really cost you in the out the door price. You can find out how much people in your industry/position/region etc. are earning and compare it to your compensation to determine if you’ve got a good deal, or a raw deal.

What am I saying? 

Technology has changed the way we shop and its changing the way your prospective renters shop too. Are you changing with it? Or at least OPEN to consider change??

Let me give you some examples:

One: I have heard of some companies that have begun offering self-guided leasing tours-much like they do in the new home industry. I have to admit, my first thought is to not like the idea, because I have spent years marinating in the idea that it’s crucial to have a leasing associate guide every prospect through the model, vacant apartments, the amenities and grounds. 

Yet, when my wife and I were looking to buy our first home we walked through countless models by ourselves. When we found the one we did eventually buy, we spent hours (yep!) in the home by ourselves armed with brochures, fueled by the food and coffee in the model and we essentially sold ourselves on the home. When we were ready to leave a deposit the associates guided us through the paperwork. 

Am I saying that this is what you should do? Or the direction that the multifamily housing industry should move into? Not necessarily! I believe in the human factor tremendously; as you know if you’ve read my blogs or attended one of my talks. I know of some companies that have tried the self-guided tours with great success in some communities and with little success in others. So, I am not saying this is is right for you. 

Yet as we move towards a more autonomous reality (I mean we have self-driving cars; I LOVE self-checkout at the grocery; you can watch your favorite movies on demand without ever having to leave your home!) It’s important to think if your sales process is aimed at today’s consumer or yesterday’s prospects. 

Two: Today’s rental customer is so educated on the communities they’re looking at, that they may know more about the minutiae of your community than you do! With real-time pricing and availability, ratings and reviews pages, social media and everything else, they know the good, the bad and the ugly before they walk in to your office. Are you still spending time with the uber-educated customers educating them on things they already know? Or have you modified your sales presentation to allow for your prospects to tell you what they’ve discovered before you jump into your presentation?

In other words…

While the basics of selling haven’t changed (build rapport, determine needs, offer solutions etc.) the details have changed-and it’s crucial you change with it! If you want further proof of this, let me ask you this...are you still getting your videos at Blockbuster? Or buying computers at Radio Shack? Shopping from the Sears catalog?

My point exactly.