science and psychology of apartment leasing
DESCRIPTION
Program on the science and psychology of leasing presented by Lisa Trosien at the 2010 National Apartment Association's Education Conference in New Orleans, Louisiana.TRANSCRIPT
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The Science
and Psychology of Leasing
Presented by Lisa Trosien
ApartmentExpert.com
630-898-8898
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It‟s getting harder and harder to sell
these days…
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We‟ve become distracted by bright,
shiny objects
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• The addictive nature
of web browsing can
leave us with an
attention span of 9
seconds…
the same as a
goldfish.
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We‟re drowning in YouTube videos,
Linked In requests, Facebook Friends, Email and iPhone
apps.
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Is it any wonder people are committing social media „suicide‟?
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But if some of the
pieces fall into
place…we just
might buy!
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So, lets talk about you.
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Do any of your Leasing Pro‟s „have them at hello‟?
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Do your people project an image that creates confidence in the prospect?
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Make me
feel
special!
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Do you have Target Apartments?
And if you do, is that good? Or bad?
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2009 SatisFacts Index:
Insite™ Unclosed Prospects
All Prospects: 2009
Have you rented a new apartment since you visited this community? 45%
Have you rented a new apartment at this community? 43%
Prospects Who Either Rented Elsewhere or Have Not Rented A New Apartment Yet:
With regards to the leasing consultant, how satisfied were you in terms of…
Being courteous, friendly and professional 4.24
Asking questions to determine your needs 4.03
Adequately answering your questions 4.09
The information shared about the apartments 4.09
The information shared about the community’s amenities and services 4.13
Trying to help you find a home that met your specific needs 3.89
Overall, in terms of their presentation 4.05
How satisfied were you with the…
Appearance of the community 4.02
Appearance and features of the apartment home 3.87
Location of the community 4.02
Rent and value that you’d receive for that price 3.41
How likely to rent at this community in the next six months? 3.11
Overall Satisfaction 3.98
Scoring Key:
Very Likely (4.00+), Likely (3.01-3.99), Nei ther Likely nor Unl ikely (3.00), Unl ikely (2.01-2.99), Not At Al l Likely (below 2.00)
Figures shown are the percent of respondents responding "Yes"
©SatisFacts Research (www.SatisFacts .com)
Satisfaction Five Point Rating Scale:
Likelihood Five Point Rating Scale:
SatisFacts Index: Insite™ Unclosed Prospects
Exceptional (4.50+), Superior (4.00-4.49), Average (3.50-3.99), Warning (3.00-3.49), Red Flag (below 3.00)
Percentages:
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Does your leasing center resonate with positivity?
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When you say ‘sales’, do your people think of this?
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Today‟s Renters are Sophisticated
• Real time availability
• Online leasing & renewals
• Resident portals
• Credit card acceptance
• LEED Certified buildings
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So Why Do We Do This?
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Or this?
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Or this?
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And we practice
“RelationshipLeasing”
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Essential Qualities
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Written Goals
• Only 3% of
adults use goals
• Those who do =
Most successful
I will not date
residents.
I will accurately
report my traffic.
I will not flirt with
residents.
I will lease one
apartment a day.
I will not spend all
day on Facebook.
GOALS
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Vulnerability
• Allowing yourself
to be vulnerable
helps the other
person to trust
you.
• Lays groundwork
for faster, closer
personal
connection.
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Focus/Intentionality• Make helping the customer find
the perfect apartment be the focus
of your sale.
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Let people talk about themselves
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Empathic Listening
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Empathic Listening
• Practice Empathic Listening
– "Uh-huh," "I see."
– head nodding, facial expressions matching the speaker, open and relaxed body expression, eye contact.
– "Tell me about it," "I'd like to hear about that.“
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The Power of the Pause
• Show respectful/quiet
reflection
• Prospect will feel
complimented
• You are raising your
prospect‟s self esteem
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Body Language
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I’m afraid of
Steve Jobs
I’m not afraid
of you at all.
I’m Steve
Jobs.
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Emotional Anticipation
• People buy because of the way they anticipate feeling as a result of owning and using your product.
• University of Chicago
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Incorporate emotion into your presentation.
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Low Risk Provider
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Risk
• People like to feel SMART about their buying decision.
• People are naturally risk-averse.
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Risk
• Give enough information so the renter can make a confident decision, without distractions
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The Power of Similarity
• Model furniture
• Overall décor
• Leasing professional wardrobe
• Hotel badges
• Bill Gates
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Creating “Like”
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Variations: Hometown; years experience, favorite color; etc.
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Mirroring
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Repeating• Wait staff who
repeated
customers
orders received
70% higher tips
than others
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Consensus
• Use testimonials in your leasing
office, in your model…anywhere you
can in your sales environment.
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Reciprocity
• People say „yes‟ to
those they owe.• Robert Cialdini,
“Influence”
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•Place a handwritten sticky
note on your leasing floor
plan/brochure.
•Write a personal note,
thanking the prospect for
visiting.
•Invite them to come back
and lease.
•Say “Thank you!” and add
your initials.
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The handshake
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76% of people say they feel more open and
friendly towards someone after they shake their
hand
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Transition of Needs
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Transition of Needs
Three Step Process:
The
prospect’s
needs
Establishing a
need for one
another
Your needs
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Sales Environment
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Resonance
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Resonance
• Leasing office atmosphere is crucial
• We tend to match the mood of those
around us.
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Products that smell good have higher perceived value
Smelly Apartment Scented Apartment
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Scent
Lavender and Chamomile:
Release serotonin, which calms fears and helps relieve aggravation and stress
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Landscaping/lighting
Lots of green: Sends message of coolness, freshness and vitality.
White indicates cleanliness and shows better at night
Yellow attracts attention since yellow is the first color our eyes can process.
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Don‟t Pounce!!!• 12 foot
„decompression
zone‟ acclimates to a
new environment
• Visuals ignored in
this zone
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Establish Standards
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Selling an apartment
Telephone, guest card,
demonstrating, closing
Yes! Some parts of your
sales need to be scripted!
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Cutting Down on No Shows
• Will you please call me if you have to
cancel?
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“Selling” the Guest Card
• “In order to help me find you the perfect
apartment home, I need to ask you a few
questions, okay?”
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Believability
Are you believable?
• “I’m so glad you called
today. I love helping people
find a new home. I just
need to ask you a few
questions to help me do
that, okay?”
Or not?
• “Our two bedrooms range
from $750 - $800
depending upon floor plan,
location and view. “
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Leasing is sales.
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The Science
and Psychology of Leasing
Presented by Lisa Trosien
ApartmentExpert.com
630-898-8898
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Thanks for looking!
• If you share, please attribute the
information.
• Lisa Trosien
• ApartmentExpert.com
• 630-898-8898