Sources of Power

After calling over 100 professional leasing associates in the industry last month I have compiled the ultimate list of what makes an average leasing associate an outstanding leasing associate. Here is what they told me...

Competition:
It is not enough to simply know the competition.... You have to KNOW the competition. Historically shopping the comps, understanding their floorplans, the facilities and amenities and their current pricing adn specials was enough to make you special. Today there are so many other factors that a professional leasing associate has to spend more time "defining" the competition. KNowing how and where they are marketing their aparmtents. Understanding how their specials adn their pricing are generated (via yield management, manum,allythrough thier property management system? Where are the competitors marketing their communities? Print media, Internet listing services, social marketing? Are they using other media such as signs, flgs and banners? Are they using special incentives such as drawings, crusises? Today's professional leasing associate must successfully research their compeition to really understand what makes them competitve.

Knowledge:
Certainly depth of knowledege about your community is important, make that vital. But you also have to have a breadth of knowledge about so many other opportunities. From Ebay to face book, from what resturants are orrering to the school system. Local politics and how the economy is impacting the local, regional and national environment. The Internet is a double edge sword. You can much more easily find information but your prospects are also so much more knowedable than ever before in our industry.

Legitimacy:
In his book "You can negotiate anything", Herb Cohen said; "Ligitimacy comes int he form of the printed word." Historically, diplomas, certificates of complettion, business cards gave us ligitimacy. Today you have to have a facebook page, a my space page, a video on You Tube and a blog to be considered ligitimate.

Work & Effort:
Fortunately, some things never change! For as long as time, work and effort give you power. If you are willing to put in the extra effort and time to satisfy your prospective residnet's needs, you win. You have the power!

Time Investment Principle:
Getting your prospect to investtime is not as easy as it used to be. In the past the prospect came to your office and you were the sole source of information about your community. Today there are so many sources of information the prospect can believe they know more about your community than you do. Just go to "rate my apartments.com and look up your community. Social networking now has the power to let your residnets, existing and past make uncensored comments about your communty. Never before has the work and effort you are willing to put into the leasing environment plasyed such a significant role in your base of power.

Friendly Associations:
Like everything else in the Internet world your interaction with the community outside the walls of your "community" plays a vital role in how powerful you appear to your prospective residnet.
Leasing Skills:
Risk-Taking:

Where have all the leasers gone?

My Space, Face Book, You Tube, Google Maps, 13 Internet listing services, Craig's list, virtual tour, video messaging, 24/7 predefined electronic email follow-up, on-line leasing, instant resident screening, automated lease generation, yield management pricing, daily automated special generation and on and on and on....

What do all of these have in common? They are tools, albeit new tools, they are tools for the professional leasing associate. All of these tools will never take the place of the face-to-face or ear-to-ear relationship of a live, warm, caring leasing associate.

In this day and age of technology I fear there is a real sense the leasing associate no longer plays the same role in the leasing process.

NOTHING COULD BE FARTHER FROM THE TRUTH!

More than ever before the leasing associate must play a role with the prospective resident in making the buying decision. Yes, the process has changed and it has changed for the better. Recent statistics tell us the average prospect is viewing their new digs on-line long before they see a community and if you are still sending a snail mail thank you card to your prospect I applaud you. Nothing is as warm as getting that personal hand written note from your new friend. However it is too late. They have received 9 emails from other communities enticing them to make the decision before your mail ever gets there. So why not do both, for different reasons.

However, this does not mean the professional leasing associate is passe', it simply means the professional leasing associate working in today's market must learn to CREATIVELY use these new tools to do what they have done for their entire career... define, build and reinforce the relationship they create with their prospective resident. Let's remember 'People buy from people they like' - the prospect can't get the same rapport, empathy, sympathy or attention most want and need from technology.

So review your presentation as a professional leasing associate and make certain you are using all the tools to be "state-of-the-art" and you are using your common sense to make the connection with every prospective resident you talk with and see at your community real or virtual.

I am a total believer in the technology tools but I refuse to lose my faith in the practical need for a professional leasing associate to drive the process.