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“No” verses “Hell No”, knowing the difference and how to handle them

“No” verses “Hell No”, knowing the difference and how to handle them
Every leasing agent knows hearing “No” is part of the business. But “No” is not the same as "Hell No." It is important to know the difference between the two. If you don't know the difference, you will be losing out on a lot of leases and leaving a lot of money on the table. A prospect will often say no because they have objections that have not been addressed. In these cases, addressing those objections can turn their no into a yes. Prospects might also tell you no if they don't have enough information. Your property could be just what they are looking for but, they don't know it. You can solve this problem by improving your communication.   -----Is it a "Hell No"? You will be able to tell if the prospect is giving you a hell no by their tone of voice. If a prospect is 100% not interested, they will have a strong downward inflection in their voice. They will sound confident, and you will be able to tell they are firm in their decision. You can also tell if they mean hell no by how receptive they are to further conversation. If they give closed answers, their no means hell no! A closed answer is any answer or response that does not allow the conversation to keep flowing naturally. Their no could also mean hell no if it would be impossible for you to disarm their objections. For example, if they absolutely can't afford your rent, then th......
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Using ooVoo to lease apartments

Using ooVoo to lease apartments
Scheduling conflicts are one of the biggest reasons leasing agents are losing out on leases. Prospects can lead busy lives. This makes it difficult for them to make it in during standard office hours. You can either lose the prospect or be on call 24/7. If that sounds familiar, I have some good news. Meetings do not have to be done in person. They can be done over the phone. You can also solve this problem with technology. As much as technology continues to advance, it amazes me how many people don't realize its potential. You can use software to stay in touch with prospects. You can even lease apartments without an in-person meeting. There are several ways to do this, but we are going to focus on ooVoo. -------What is ooVoo?ooVoo is a video chat software. It makes staying in touch and answering your prospects questions easier than ever. ooVoo allows you to do live video chats with your prospects. This eliminates the need to do meetings in person. That is not even the best part. In November of 2015, ooVoo released its web client. You can now implement the live chat feature into your website. Meetings can be set up and done online. Simply set ooVoo up on your website, then give prospects the link. They visit the website at the time of the meeting to start the video chat. The mobile app allows you conduct video meetings from your smartphone or tablet. -------Why Use Software?ooVoo and similar software......
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How increase occupancy by writing down information into an active listening strategy

How increase occupancy by writing down information into an active listening strategy
Let's go over how to implement the writing down of information into our active listening strategy. When a resident or potential resident comes to you with a question or concern, give them time to finish their statement before you respond. This concept may sound obvious, but a common complaint regarding poor customer service is that the client kept getting interrupted. Even if you know what they are going to say, let them finish. Otherwise, they will feel like you are rushing them and what they have to say is not important to you. Write down the information while they are talking, and after they are done wait a second or two before responding to ensure that they had completed their thought. Face them and make eye contact. Always have open body language, and never fold your arms. Stay calm and objective. As you are writing, briefly repeat the information they had given you in your words so that they know you understood them correctly. This vital but often overlooked principle can significantly increase the odds that a prospect will choose to lease with you and not your competition. Your residents need to know that you will take the time to listen to them and that you care about what they have to say. This is why it is important to write information down, and it will make you stand out in a positive way. It is one of the most important things you can do, but it is also one of the......
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Is poor active listening causing you to lose residents?

Is poor active listening causing you to lose residents?
Don’t have time to read the entire article? ***Click on this link to listen to it now!*** It does not matter how luxurious your properties are or what amenities you offer. The one thing that will make you stand out from the competition more than anything else is to have excellent customer service. In fact, an article released on forbes.com suggests that great customer service is more important than having the lowest price. Let's break this down a bit. Most people know the importance of good customer service, but the most important element that is often left out is active listening. Active listening shows your prospects that you care about their needs. There are several key components to being an active listener, but one of the most critical is to write down any concern they have or any information they provide you.                                              Writing down information serves two goals in your active listening strategy. The first one is to help you remember all of the details that the resident has given you. Many people may think that they can remember everything, but they can't. In fact, our memories are not nearly as reliable as we would like to believe. A few studies that have been done on memory recall suggest that we are not only more forgetful than we realize, but our brains sometimes make up false memories to fill in t......
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How Long-Term Tenants Create Equity

How Long-Term Tenants Create Equity
Investment properties are worth as much as you’ve put into them, but to build big equity, they’ve got to stay reliably rented. That’s why finding a great tenant, who wants to stay in your property for a long time, is the golden ticket for your investment success. Maybe they're not as ethereal as rainbows and unicorns, but great long-term tenants take some effort to find and keep. If that's been a problem for you in the past, consider your relationship with your tenants more of a partnership than anything else. They are the ones paying the bills, so the most important thing you can do is follow three simple steps to find and keep them: Find the smart renters. Smart renters overwhelmingly search online first for a place to live, so build a website that attracts them, and make sure it's descriptive. Include a video tour, and make sure the site is listed on every single search engine and rental site out there. Add value for the best renters. Offer discounts for early rent payments and early lease renewals. Pet owners have a hard time finding rentals, so if you have them, they won't want to leave. Keep treats at the office. Offer free wi-fi or cable. Include a month's free rent with every year's lease signed and honored. People want to stay where they're wanted and where they feel important. Become a stickler for maintenance. All the relationship-building efforts could be for naught if the sink won't drain or a light......
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Arguments VS Discussions - Know The Difference

Arguments VS Discussions - Know The Difference
Arguments VS Discussions Disagreements are unavoidable in any business relationship, and communication with your residents is no expectation. However, the disagreement itself is not the primary factor in the outcome. It is how you handle these conflicts that affect you, your reputation and your profit margins the most. If you approach disagreements with residents in an argumentative way, they will be less likely to sign a renewal on their lease. Also, unhappy residents are likely to write negative reviews that prospective residents will take in consideration before leasing with you. If you want to keep occupancy up, switch your style of commutation and have discussions instead of arguments. When you argue with someone, you have already made up in your mind that you are right, and they are wrong. Arguments are approached from a very one-sided point of view, and if your residents do not feel as if you care about their perspective, they are less likely to care about yours. In an agreement, we often take on an accusatory tone, and sometimes we are not even aware that we are doing it. This will likely result in the other party becoming defensive and reduces the odds of reaching a mutual agreement. Augments only serve to increase anger and bitterness. In a discussion, all parties involved maintain their composure. The disagreement is approached from a neutral point of view. The disagreement with your resident should be regarded as a problem that you are both working together to resolve. When someone sees......
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How To Make Sure Your Apartment Is Never Vacant

How To Make Sure Your Apartment Is Never Vacant
Don’t have time to read the entire article? ***Click on this link to listen to it now!*** Are you a sales person? If you think you are only an apartment owner, manager or leasing agent and not a sales professional, it is time to think again. Because sales is a fundamental part of what you do. And it is by understanding how sales tactics work and how to use it to your advantage, that you can ensure that your apartment complex never has any vacancy.    Let us look at some of the ways you can harness the power of sales for yourself. Recognize your Inner Salesman Sales is not an arcane art practiced by a select breed of professionals. In life, everyone is a salesman. You are going out for a movie with your wife. You convince her to go for the movie that you want to watch. You persuade your little daughter to go to bed early in exchange of a bed time story. You dress up well for an interview, trying to appear your best for the interviewers. These are all examples of salesmanship. Every time someone makes a transaction (no money needs to be involved), it is sales. And we are all, yes even you, natural born sales persons. Once you understand this, you can use your individual ability to reap benefits for your apartment complex. Ask yourself tough questions This is very important. There are a few questions every tenant is going to ask himself. So i......
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Boast Low Vacancy Rates And High Revenue Streams by Loving Your Property

Boast Low Vacancy Rates And High Revenue Streams by Loving Your Property
Fall In Love With Your Property All Over Again February is often referred to as the “Month of Love,” and I believe that falling in love and staying in love with your property, will help you sell the story of love for your property to potential buyers or people looking to lease. Often time’s property owners tend to forget that loving their property and maintaining that sparkle in their eye, is like loving someone in a relationship. In the same way that you would take a love test to test your love for a partner on sites like www.loveisrespect.org, you should equally assess your love for your property as often as possible. People know when the sparkle is lost in someone else’s relationship. It’s almost a sixth sense. Something got you to buy into your property and love it, and a failure to maintain that love will show in the type of attention that you give to your property when it comes time to lease a unit within your property. Sometimes it’s good to just spice things up to keep the love alive, and outsiders convinced that you still love what you bought into –your property! Keep in mind, that most importantly, you’ve already properly conveyed that you love your property to your current residents, because that is what they bought into when they decided to lease with you. Make certain that your leasing professionals convey that same love and appreciation for your rental properties.  That will allow the potential tenant to buy into tha......
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Where occupancy is headed

Where occupancy is headed

This month's Multifamily Executive magazine outlines how the apartment industry is breaking through the traditional formula of supply and demand. I look forward to the next part of the conversation about the payment practices of the today's renter nation and what can be done to make sure they stay - and pay - reliably. 

Read more here and let's talk about what's working at your communities to move in residents to tools to deliver their rent on time without eating into your ability to predict cash flow and profit.  

http://www.multifamilyexecutive.com/occupancy-and-vacancy-rate/5-reasons-occupancy-is-growing-stronger_o.aspx?dfpzone=home&utm_source=newsletter&utm_content=jump&utm_medium=email&utm_campaign=MFEBU_071714&day=2014-07-17

 

 

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Increase Occupancy Via Twitter Mind Control – The Three ‘R’s

Up until a few weeks ago, we had no competition in social. Our community dominated the Twittersphere. Enter our biggest competitor. A recent change of management brought forth a more social staff. Tweets are now going out and, this time, they’re not just recycled from Facebook. After almost 2 years of research, I’ve discovered that most of our residents are using Twitter regularly so we’ve scaled back the Facebook and beefed up the Twitter. Increasing Occupancy via Twitter Mind Control starts with three ‘R’s.  This post offers insight into new mind control methods you can use in both conventional and student focused housing markets. Part 1 of the 'Increase Occupancy via Twitter Mind Control' series (seen here) will show how to search for relevant posts in your area, but it doesn’t quite go deep enough. To maintain our position as top dog, we’ve had to think outside the box. Now included in our daily searches are local events such as New Student Orientations.  You may be asking – OK, so what do I do with them once I find them? A careful balance of engagable posts, that’s what. Retweets - A ‘Retweet’ is Twitter’s version of the share button. Clicking ‘Retweet’ directly copies a user post and sends it out to your followers. It also generates a notification to the user you quoted, but the text is small so while this type of engagement is sought after by many, it’s not the most effective. Replies - Replying to a Tweet will also ......
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