Free Bentley? Are Concessions Out of Control?

So many properties are offering concessions to attract new customers and close more leases. If you ever look at your financials and are down and out over the money that you are concessing, this article will make you feel better.

Our step sisters and brothers on the for sale side of real estate have it pretty tough these days. To move a few houses in Paradise Valley, AZ, the builder is throwing in a Bentley or 50 hours on NetJets. Kind of makes "one month free" or "free 42" plasma tv" look like a prize in a Cracker Jack box! However, the builder knows what this unique offer can do to sell these houses...it gets people talking. After all, if you are buying a five million dollar home then you can certainly buy a Bentley (order mine too, I would like a silver convertible!).

This unique offer got the attention of Associated press and therefore picked up by the Columbus Dispatch which is delivered to the door of my Mother (thanks Mom) who lives in Lancaster, Ohio, and passed on to her daughter (me) who lives 4 miles from Paradise Valley. That makes this free Bentley offer one powerful marketing tool! Let's learn this lesson and create concessions, if needed, that are unique and memorable and meet the conditions of the market and target customer.

Builder gets creative with incentives to buy
Sunday, January 25, 2009 3:35 AM
By Alex Veiga

Associated press

Five Star Development will throw in a new Bentley or other incentives to anyone willing to buy this $4 million home. If you build it, they will come. If you want them to buy it, throw in a free $200,000 Bentley. At least that's what an Arizona homebuilder is hoping as it tries to unload a pair of multimillion-dollar custom homes that have been languishing on the market for about a year.

The homes are in Paradise Valley, a wealthy Phoenix suburb that's part-time home to heavy-metal pioneer Alice Cooper. Each home is selling for about $1 million less than the original price, according to Five Star Development Group.

One property, dubbed the Old-World European Villa, measures more than 7,800 square feet and is priced at almost $5 million. The second one, the Tuscan Estate, has five bedrooms, 5 1/2 baths and measures around 7,500 square feet. It's listed at about $4 million.

To sweeten the deal, Five Star said it is offering buyers for each of the homes a 2009 Bentley Continental GT valued at around $200,000.

For buyers who don't want the Bentley, Five Star is offering either a 50-hour card good for rides on a NetJets aircraft or an annual one-month vacation stay at a New Port Beach Marriott hotel for life.

Should a buyer prefer to knock off $200,000 from the price of the homes, that's another option.

The glitzy incentives definitely raise the stakes in the industry. For more than a year, homebuilders have been slashing prices and offering all sorts of incentives, including upgrades on interior finishes such as countertops or flooring, as well as flat-screen televisions and cars. Last summer, one San Diego developer offered a two-for-one deal on homes.

One might expect that for a wealthy buyer, who likely could afford a Bentley on their own, the incentive on its face might not be a significant lure.

But Five Star says its offer is more about generating buzz and getting the rich folks out to open houses.

"The people that we're speaking about can go buy anything they want; it isn't really about that," spokesman Brendan Mann said. "We just want people to tune into us."

Before you say hello, you must learn to say goodbye.

I once had a boyfriend was obsessed with Internet checkers. If I happened to call him in the evening and he was relaxing at home, he was usually on his computer playing checkers. How did I know? I could hear the click of the mouse in addition to being distracted from our conversation and it did not make me feel good. The caller can tell when you are not listening and this is something that may make them feel less important. Our customers (and your girlfriend for that matter) should never feel like they do not have your attention.

The resident or future resident should feel like you are interested in what they have to say and their business is important to us. Pull away from distractions and make this important caller the center of your attention. It might be the needed behavior for setting an appointment with a future resident, letting an existing resident know we appreciate their business or for your girlfriend know she is important to you.

I'm a Blue Blood

In December I was visiting with my client, Heather Slack who is a Vice President with Alliance Residential. We discussed common sales and management themes we shared and quickly acknowledged that so much of what we know and practice today came from the early years in our career working with Trammell Crow Residential. I will call this “back in the day.”

On my first day with this company, I was told that Trammell Crow was awarded the second best company in the nation to work for by Forbes Magazine. This was part of the impressive story we were instructed to tell every prospective resident. Our sales process was hammered into our heads that we should tell the Trammell Crow Story, discuss the 30 day move in guarantee and explain the 24 hour maintenance promise. But working for Trammell Crow was more than just a story.

I believe in traditions and in a time of change I like to see companies honoring their traditions. Some of the traditions at Trammell Crow would be that we would never step over a piece of trash, wear our uniform with pride, do right by those that do right, look forward to promotion from within, attract exceptional people, have the best benefits program in the industry (people would retire without ever missing a paycheck), and proudly wear your tenure pin.

There was a time when this was the largest and most prestigious company to work for. I think a lot of it had to do with the fact that in the 80’s we were building so many apartment communities and if you worked onsite, you wanted to work at the newest and nicest community. There was a strong company spirit rooted in the honor and tradition of working for this company.

As I grew in my career, I climbed to a position that created the opportunity to meet Trammell Crow at his home in Dallas. My president, Bruce Webster, arranged it so that I would get my tenure pin from Mr. Crow himself. To this day, I feel so lucky to cherish this photo as a milestone in my career. When the partners started to “cash out” by taking their divisions public, I was in the Chicago office and saw my division split between Gables and Avalon. While each of these companies seemed to be destined for exciting times, I was very sad to leave Trammell Crow.

Today I write in my blog with fond reflection of a time gone by, when there was a huge sense of pride and enthusiasm to be the most professional company in the industry. I wore my name tag and tenure pin with an attitude of excellence and carried my business card with responsibility to carry on the traditions. For this reason, Heather and I both agreed that our blood was Trammell Crow blue. I am sad to say that Mr. Crow died last week. Today, I see remnants of the company I once knew and hope to see the allegiance appear once again for another brand as strong as back in the day.

"Magazine Ads Increase Web Traffic by More Than 40%"

Hello to my blog readers! This is a great article from ForRent.com and I don't just think that because they quoted me....the information will help you rent more apartments. Learn and live, Kate

January 15, 2009 In today’s economy it is more important than ever to effectively build your company’s brand offline and online. Magazine Publishers of America (MPA), an industry association for consumer magazines, released third-party research which offers marketers insights on purchase funnel dynamics and consumer online behavior that can have profound ramifications for advertisers looking to maximize their ROI. One of the most important things the study found is that media synergy is important and that the more media you have the better results you will achieve. When examining media, magazine ads are the most effective medium when it comes to purchase intent.

Key Findings from Research:

Magazine ads are # 1 in driving brand favorability: Magazines have 2X the impact of TV and 4X the impact of online

Magazine ads are # 1 in driving word of mouth: Among the general population and influentials, magazines are the strongest influence on personal recommendations

Seeing a magazine ad increased web traffic by more than 40%: Including a URL address such as the ForRent.com Vanity URL in magazine ads significantly increased web visits

Including a URL address increases web visits: When the URL was included in the magazine advertising creative, the percent change in visits tripled from two to six points

People were 2X as likely to visit a website after seeing a magazine ad: Magazine ads have a major impact on building web traffic at each stage of the purchase funnel

Magazine ads are # 1 in driving web search among 18-44 year olds: Magazines promoted web searches more than any other medium

Magazine ads are the #1 offline medium for driving consumers to social networks: Magazine readers are more than twice as likely to be social networkers compared to TV viewers and two-thirds again more likely than newspaper readers

Download the full report here

In a recent blog entry, Kate Good, a nationally recognized apartment marketing expert, states “Print drives traffic to the Internet. I have heard some chatter concerning dropping print ads to save money and “going to all Internet.” This has been tested before and it failed. Eventually you will see that the loss of residual marketing that print provides will adversely effect your phone and walk in traffic.”

For Rent Media Solutions continues to prove “The Power of Print and Internet” is delivering favorable results. In 2008, For Rent Media Solutions launched nine additional publications, including four After 55TM Housing and Resource Guide magazines, three ForRent.comTM-The Magazine publications, one For Rent Magazine®, and one Apartamentos Para Rentar®. ForRent.com-The Magazine instantly affirmed the powerful combination of print and Internet by increasing LEADSTM in a variety of previous “Internet only” markets by 313%.1

Source: Magazine Publishers of America (MPA) http://www.magazine.org/ 1ForRent.com internal sources

The Return of the Interview Suit, NYTimes.com

My last blog was about making certain your company retains top talent. Many of you are the top talent (because you are smart and read these blogs). I want to make sure your company tells you how important you really are. For those of you who are not feeling the love, you may be contemplating a change. Others may have found themselves the victim of the industry slow down. Break out the resume and the interview suit. This article, found in the New York Times, should get you motivated.

One note on interviewing....I once "got the job" because when I walked in the President's office, I picked up a ball of paper on the floor that looked like trash. I was hired because a "Trammell Crow Employee Never Steps Over a Piece of Trash." While you are in that snappy interview suit, look out of performance indicators such as the old piece of trash on the floor. -Kate

By ERIC WILSON
Published: November 12, 2008

This is possibly a bad moment to bring up a 1959 film called “The Best of Everything.” But, oh, was that a glorious period for the interview suit. It’s hard to imagine rejecting Hope Lange for a job when she walked into 375 Park Avenue, and the breeze caught her cuffed navy jacket, revealing a flash of its polka-dot lining and a smart blouse that matched her cream hat.

“Working Girl,” in 1988, reflected another moment for the interview suit, appropriately enough during the pinnacle of the broad-shouldered, brightly colored power suit, when Elie Tahari and Jones New York were staples of a career woman’s wardrobe.

It was so much simpler then.

For a generation of young people who were recruited to technology, financial and news media fields right out of college, and who may now be competing to hold onto the jobs they have or to find any that might be available, figuring out what exactly is the modern day “interview suit” is not so easy to do without looking like Melanie Griffith. Walking downtown the other day, the designer Nicole Miller noticed an attractive young woman who was headed toward Wall Street. The woman was wearing a gray pantsuit, which caught the designer’s eye because, for much of the last decade, corporate fashion has pulled so far away from the polished, two-piece look that the outfit, while professional, seemed dated.

“I hadn’t seen anybody in a pantsuit for so long that I thought it looked wrong,” Ms. Miller said.

But with the unemployment rate in America at a 14-year high and more than half a million jobs lost in the last three months alone, there has been a detectable shift in the way people are dressing for work. In the financial sector, certainly, the tone has become more serious, and as a predictable result, somber suits are making a comeback. Companies like Men’s Wearhouse and Tahari are reporting an upswing in suit sales, particularly for those classic navy or gray pinstripe styles they classify as “interview suits.” Arthur S. Levine, known as the suit king of Seventh Avenue (who now designs a collection of women’s career clothes in a joint venture with Mr. Tahari), said he sold 1.8 million outfits this year, almost 10 percent more than he had expected.

“We are back to a time when every company expected both women and men to wear suits and we didn’t have a Casual Friday,” said Gloria Mirrione, a managing director of A-L Associates, a financial services placement firm. “They are looking for a sharper style. I recommend a strong suit that says you are collected and ready to work.”

Still, there are a lot of possibilities for error, and even fashion professionals differ in their opinions about what style will make the best impression. For example, on the great debate of pants versus skirt, Simon Kneen, the creative director of Banana Republic, had this advice: “I would definitely go with a pantsuit because that gives a better silhouette.”

Ms. Miller said the opposite: “I’m really against pants. They look too casual in most situations.”

Who to believe? There isn’t always a right answer, but each decision an applicant makes — pants or skirt, bright color or neutral, heels or flats — sends a subtle message that may play a role in how she will be perceived in an interview. To relieve some of that pressure, designers and career counselors offered some points to consider when deciding what to wear.

PANTSUIT, SKIRT SUIT, OR NO SUIT?

“There is no one right way to dress,” said Karen Harvey, a recruiter for top fashion and retail jobs. “But there are a lot of don’ts.” The key is to research the corporate culture to learn what a potential boss might expect. But on a basic level, “it doesn’t have to be a suit at all. I recommend clean and simple lines — anything that doesn’t distract the interviewer from understanding the qualities you bring to the table.”

Jenna Lyons Mazeau, the creative director of J. Crew, said a pencil skirt or tailored trousers, worn with a simple cardigan (preferably cashmere) and a beautiful necklace, looks as sophisticated as a pantsuit. A more individualized look is also a modern way to approach an interview, she said, suggesting that the applicant is creative, free-thinking and confident. But it also depends on the field, and the sportswear ensemble look may be best suited to creative fields. For corporate interviews, the options are still slim, and usually require a suit of some sort.

Mr. Kneen argued that the advantage of a pantsuit is that it elongates the legs, and “it’s all business when you’re wearing pants,” he said. He recommended double-face fabrics, which look more expensive and feminine than pinstripes. Another traditional choice would be a solid wool crepe dress worn with a matching blazer, as long as the dress is well fitted and flattering.

“And if you decide to wear a white shirt, make sure it is pristinely clean,” he said. “A new shirt is always the whitest.”

TO STAND OUT OR TO BLEND IN?

“I’m a big fan of sticking with navy or gray pinstripes,” said James Purcell, a onetime Seventh Avenue designer who now works as an image strategist for executives and politicians. “But avoid a solid black suit. It’s the worst thing a woman could wear because it shows any sign of dandruff and every gray hair that you have.”

But color can be a tough call. The majority of human resources professionals recommend wearing the classics — navy, black or gray — but, then again, playing it safe can also run the risk of looking too uniform.

“To me, the most important thing is give people something to remember,” Ms. Lyons Mazeau said. “There’s going to be a lot of people out there competing for a job, so pick a color, as opposed to wearing all gray.” But no brights, she said, and “if you are a blonde, pinks can look less expensive. This is not about wearing a neon sign.”

Earthier colors, like brown or a rich blue, impart a distinctive personality without coming off as overpowering. But beware of pastels: “I think that lightly colored suits, unless they are absolutely perfect, can feel a little Eastery,” she said.

Lisa Axelson, a senior vice president of design at Ann Taylor, said colorful accessories are another way to add color to a basic suit without risking an outfit so loud that the candidate appears out of place in a conservative environment. Prints, meanwhile, are discouraged. As Ms. Miller said, “They’ll remember you better, but what you want is for them to remember your personality, not to be totally distracted by that person who came in wearing the loud print.”

ISN’T THERE SOMEONE TO COPY?

Take cues from what powerful women are wearing, as in Michelle Obama or Sarah Palin. Mrs. Obama wore a J. Crew cardigan with a textured skirt on “The Tonight Show With Jay Leno” that demonstrated a classy combination of polish and ease. And Governor Palin, despite the controversy surrounding her campaign clothes, was most often wearing sensible suits from Tahari Arthur S. Levine that she had mixed and matched. Mr. Levine was upset that news programs were so impressed with a red suit with a ribbon belt that they assumed it was by the likes of Oscar de la Renta, not the Tahari suit sold at Neiman Marcus for about $498. About 20 other suits from his collection worn by Ms. Palin cost less than $198.

“The point is, you can look like you are wearing designer for not a lot of money,” he said.

HOW TO FINISH A LOOK?

“The bag you carry is key,” Ms. Axelson said. “You don’t want to be walking in with an old shopping bag. You want a beautiful, chic tote that carries your BlackBerry and your résumé. A tip for people who wear black suits is to pack a small lint roller in your tote bag.”

And if there’s room, some designers advise packing a nice pair of heels to change into just before arriving at the interview, so that they remain unsoiled.

“There’s nothing wrong with wearing flat shoes and bringing heels,” Mr. Purcell said. “Maria Shriver has somebody who carries her shoes for her. High heels help your stance. The American Orthopaedic Association may say I’m crazy, but the right heels will help you get a job.”

The Return of the Interview Suit, NYTimes.com

By ERIC WILSON

Published: November 12, 2008



THIS is possibly a bad moment to bring up a 1959 film called “The Best of Everything.” But, oh, was that a glorious period for the interview suit. It’s hard to imagine rejecting Hope Lange for a job when she walked into 375 Park Avenue, and the breeze caught her cuffed navy jacket, revealing a flash of its polka-dot lining and a smart blouse that matched her cream hat.



“Working Girl,” in 1988, reflected another moment for the interview suit, appropriately enough during the pinnacle of the broad-shouldered, brightly colored power suit, when Elie Tahari and Jones New York were staples of a career woman’s wardrobe.



It was so much simpler then.



For a generation of young people who were recruited to technology, financial and news media fields right out of college, and who may now be competing to hold onto the jobs they have or to find any that might be available, figuring out what exactly is the modern day “interview suit” is not so easy to do without looking like Melanie Griffith. Walking downtown the other day, the designer Nicole Miller noticed an attractive young woman who was headed toward Wall Street. The woman was wearing a gray pantsuit, which caught the designer’s eye because, for much of the last decade, corporate fashion has pulled so far away from the polished, two-piece look that the outfit, while professional, seemed dated.



“I hadn’t seen anybody in a pantsuit for so long that I thought it looked wrong,” Ms. Miller said.



But with the unemployment rate in America at a 14-year high and more than half a million jobs lost in the last three months alone, there has been a detectable shift in the way people are dressing for work. In the financial sector, certainly, the tone has become more serious, and as a predictable result, somber suits are making a comeback. Companies like Men’s Wearhouse and Tahari are reporting an upswing in suit sales, particularly for those classic navy or gray pinstripe styles they classify as “interview suits.” Arthur S. Levine, known as the suit king of Seventh Avenue (who now designs a collection of women’s career clothes in a joint venture with Mr. Tahari), said he sold 1.8 million outfits this year, almost 10 percent more than he had expected.



“We are back to a time when every company expected both women and men to wear suits and we didn’t have a Casual Friday,” said Gloria Mirrione, a managing director of A-L Associates, a financial services placement firm. “They are looking for a sharper style. I recommend a strong suit that says you are collected and ready to work.”



Still, there are a lot of possibilities for error, and even fashion professionals differ in their opinions about what style will make the best impression. For example, on the great debate of pants versus skirt, Simon Kneen, the creative director of Banana Republic, had this advice: “I would definitely go with a pantsuit because that gives a better silhouette.”



Ms. Miller said the opposite: “I’m really against pants. They look too casual in most situations.”



Who to believe? There isn’t always a right answer, but each decision an applicant makes — pants or skirt, bright color or neutral, heels or flats — sends a subtle message that may play a role in how she will be perceived in an interview. To relieve some of that pressure, designers and career counselors offered some points to consider when deciding what to wear.



PANTSUIT, SKIRT SUIT, OR NO SUIT?



“There is no one right way to dress,” said Karen Harvey, a recruiter for top fashion and retail jobs. “But there are a lot of don’ts.” The key is to research the corporate culture to learn what a potential boss might expect. But on a basic level, “it doesn’t have to be a suit at all. I recommend clean and simple lines — anything that doesn’t distract the interviewer from understanding the qualities you bring to the table.”



Jenna Lyons Mazeau, the creative director of J. Crew, said a pencil skirt or tailored trousers, worn with a simple cardigan (preferably cashmere) and a beautiful necklace, looks as sophisticated as a pantsuit. A more individualized look is also a modern way to approach an interview, she said, suggesting that the applicant is creative, free-thinking and confident. But it also depends on the field, and the sportswear ensemble look may be best suited to creative fields. For corporate interviews, the options are still slim, and usually require a suit of some sort.



Mr. Kneen argued that the advantage of a pantsuit is that it elongates the legs, and “it’s all business when you’re wearing pants,” he said. He recommended double-face fabrics, which look more expensive and feminine than pinstripes. Another traditional choice would be a solid wool crepe dress worn with a matching blazer, as long as the dress is well fitted and flattering.



Skip to next paragraph



A tailored pencil skirt and feminine blouse by Nicole Miller.





Elegant trousers and a sunny cardigan from the Worth Collection.





A slouchy pantsuit from Theory.





A Banana Republic pantsuit.

“And if you decide to wear a white shirt, make sure it is pristinely clean,” he said. “A new shirt is always the whitest.”



TO STAND OUT OR TO BLEND IN?



“I’m a big fan of sticking with navy or gray pinstripes,” said James Purcell, a onetime Seventh Avenue designer who now works as an image strategist for executives and politicians. “But avoid a solid black suit. It’s the worst thing a woman could wear because it shows any sign of dandruff and every gray hair that you have.”



But color can be a tough call. The majority of human resources professionals recommend wearing the classics — navy, black or gray — but, then again, playing it safe can also run the risk of looking too uniform.



“To me, the most important thing is give people something to remember,” Ms. Lyons Mazeau said. “There’s going to be a lot of people out there competing for a job, so pick a color, as opposed to wearing all gray.” But no brights, she said, and “if you are a blonde, pinks can look less expensive. This is not about wearing a neon sign.”



Earthier colors, like brown or a rich blue, impart a distinctive personality without coming off as overpowering. But beware of pastels: “I think that lightly colored suits, unless they are absolutely perfect, can feel a little Eastery,” she said.



Lisa Axelson, a senior vice president of design at Ann Taylor, said colorful accessories are another way to add color to a basic suit without risking an outfit so loud that the candidate appears out of place in a conservative environment. Prints, meanwhile, are discouraged. As Ms. Miller said, “They’ll remember you better, but what you want is for them to remember your personality, not to be totally distracted by that person who came in wearing the loud print.”



ISN’T THERE SOMEONE TO COPY?



Take cues from what powerful women are wearing, as in Michelle Obama or Sarah Palin. Mrs. Obama wore a J. Crew cardigan with a textured skirt on “The Tonight Show With Jay Leno” that demonstrated a classy combination of polish and ease. And Governor Palin, despite the controversy surrounding her campaign clothes, was most often wearing sensible suits from Tahari Arthur S. Levine that she had mixed and matched. Mr. Levine was upset that news programs were so impressed with a red suit with a ribbon belt that they assumed it was by the likes of Oscar de la Renta, not the Tahari suit sold at Neiman Marcus for about $498. About 20 other suits from his collection worn by Ms. Palin cost less than $198.



“The point is, you can look like you are wearing designer for not a lot of money,” he said.



HOW TO FINISH A LOOK?



“The bag you carry is key,” Ms. Axelson said. “You don’t want to be walking in with an old shopping bag. You want a beautiful, chic tote that carries your BlackBerry and your résumé. A tip for people who wear black suits is to pack a small lint roller in your tote bag.”



And if there’s room, some designers advise packing a nice pair of heels to change into just before arriving at the interview, so that they remain unsoiled.



“There’s nothing wrong with wearing flat shoes and bringing heels,” Mr. Purcell said. “Maria Shriver has somebody who carries her shoes for her. High heels help your stance. The American Orthopaedic Association may say I’m crazy, but the right heels will help you get a job.”

You've Got Feedback!

Yes, I still use AOL. I know it is for tweens and gmail is quickly taking their market share, but AOL is just easy! I use this box for my personal mail and for my Mother so that I can be her technical support department. One of the things I love about AOL is that when I log in I hear the ever familiar "You've Got Mail." LOVE IT! And, it makes me think of Meg Ryan and Tom Hanks checking their email for love notes from each other...top 10 movie but of course I'm a sucker for a romantic comedy that includes a wonderful dog!

Last night my team sent out another installment of my newsletter which means when I log in a few hours later I will hear "You've Got Feedback" (well, it rings in my head when I read my email). Today, I found feedback and confirmation. If you look at the previous post on Wednesday, January 7, 2009 "Fewer folks popping bottle tops as champagne sales fizzle" you will see I was writing about things we can do to step ahead of our competition in difficult market. Scott Knauer, Principal and Chief Investment Officer with Orion Residential, shared with me some thoughts to support my 2009 strategies.

Scott agrees with me that the name of the game is to get our unfair share of the leases. To do so people need to spend more on advertising, marketing and training and they need to spend it cost effectively.

Next, he reminded me of a strategy that Jack Welch follows about our people productivity. Mr. Welch believes that there are people out there who are deserving of a great job with a great company but they do not work for him. He lives by the concept that it is important to trim the dead wood, this means that the bottom 10% of team members either need to meet your expectations or move on because there are better people out there that need jobs. Does this make you shake in your designer shoes a bit? Me too. But I think I agree. Embrace your fear as it is a key ingredient to success. That which we are afraid of we overcome by facing head on and conquering. This always makes us stronger and smarter.

Last year I worked with Scott Knauer consulting for one of his portfolios. He reminded me to calculate breakeven occupancy, what is the level of occupancy that the property needs to cover debt service and then determine the number of leases needed to achieve break-even. This is how we determined our goals. I am passionate about goals. They must be realistic, measurable and active.

I want to say thank you to Scott for his feedback and invite you to do the same. My father taught me to never stop learning. So, I may be the teacher when I turn on my microphone but I earn the right to teach by always being a student.

"Fewer folks popping bottle tops as champagne sales fizzle."

"New Year's resolutions take an outward turn in tough times"

Tough headlines to start a new year. Successful companies know that the most important thing you can do to maintain success during a slow market is to review and revise your current tactics. Updated training for your employees and implementing new and creative marketing strategies are the best way to ensure that your community is seeing traffic and signing more leases. It's also important to stay up to date on current industry news and trends.

Economists and industry experts believe that one of the big trends in 2009 will be people choosing to rent instead of buy! Due to the fact that many people are simply unable to purchase because of stricter lending guidelines along with the additional responsibility of maintenance and unexpected fees and expenses some people have decided that they prefer the renter lifestyle. Many developers are building "condo style" apartments with upgraded finishes such as stainless steel appliances, granite counter tops and luxury club-style amenities. Armed with this knowledge you can increase your traffic, resident retention and new leases by shifting your marketing and approach. Create a community where your current and future residents can feel "at home".Most people predict that 2009 will be just as challenging as 2008. In order to survive in this market you need to be prepared with a unique sales approach, fresh ideas and motivated employees. Here are a few to get you thinking:

1. Do you really know what marketing sources are working for you? Remember many people are using several Internet listing services and publications when looking for an apartment. Make certain your are tracking all sources, not just one.

2. Print drives traffic to the Internet. I have heard some chatter concerning dropping print ads to save money and "going to all Internet." This has been tested before and it failed. Eventually you will see that the loss of residual marketing that print provides will adversely effect your phone and walk in traffic.

3. Does your team know how to sell and apartment or just "show" an apartment? In 2009 tour guides won't close leases. Train your team to gather information, demonstrate features and benefits, overcome objections and ask for the lease.

4. Have a plan to get the customer back for a second visit. Everyone feels the need to "look around." What are they shopping for? A better deal. Your sales strategy should include a promotion to get the customer back after shopping the others.

5. Does it really need to be said? Ok, yes, I have been saying it for years and we are still not doing this...rent ready apartments lease. If you don't have an apartment that is ready to move into, with zero defects, customers will look elsewhere.

Get back to the basics with Legendary Leasing or get your employees brainstorming with 50 Sales and Marketing Ideas Under $500. My seminars are known for providing new marketing ideas and approaches and motivating your sales staff to get more signed leases. I would love to help you exceed your goals for 2009!

Happy New Year from Kate Good & Team!