Tuesday, February 15, 2011
I read an intriguing point in an online discussion about revenue management: “Turn cost is a factor, but it is also a sunk cost unless you wish to favor renewals over new leases.” Ah, “unless” you favor protecting your existing revenue stream! This is a huge issue…leasing/marketing vs. retention. Which should be the priority? Loss minimization vs. revenue/cash flow maximization. Filling empty...
Wednesday, February 2, 2011
Did you know that 95 percent of sales happen after the 5th attempt?
It takes more than a smile and product knowledge to succeed in leasing—you must follow-up, too. Here are a few tips to help you create a follow-up strategy that will help you increase the number of leases you’re getting:
1. Commit to Timely Follow-Up
Follow-up with everyone who visited that day. Don’t let the follow-up, well…...
Tuesday, January 25, 2011
Of all the things I tend to take for granted (sometimes) in life, breathing is one of the basics. As in: sun’s gonna rise, my heart is still thumping, got air, and they took taxes out of my check.
Luckily, managing and maintaining apartments doesn’t involve many situations that can change that whole easy breathing thing. But, there are jobs that your maintenance staff members do on a regular...
Monday, January 24, 2011
National studies have shown that the average tenure for a resident is nine months or less—a scary statistic when it costs an average of five times more to turnover an apartment than it does to keep an existing resident.
Multiply the cost to turn an apartment by the number of apartments in your community—then multiple that by 60 percent, the national average for resident turnover (according to...