If you have been in the multifamily housing industry for even a short time you’ve probably noticed that everything often looks and sounds alike between communities. I mean, how many communities have a pool? Fitness center? Covered parking? My guess is many.
The apartments even look alike don’t they? Most companies use some type of neutral color palette to appeal to a wide demographic. Many developers use the same floor plans across their communities.
And the experience … in many ways, the customer experience is very similar too. Someone walks in, s/he is greeted by an associate (probably wearing a shirt/blouse in a “property management blue” color). The prospect has a seat, is offered water and is asked a series of questions at the desk. Everyone then takes a walk to the apartment and around the community-more small talk ensues and it ends back at the office with an invitation (hopefully) to lease an apartment.
In today’s highly competitive apartment market what is your competitive advantage?
What sets you apart from the 10 other competitors your prospects are also “checking out?” What makes you memorable? Different? How will you be remembered?
You’ve probably heard of the “Three P’s”-which is a quick way to analyze performance on the three main areas that affect community performance, “Product, Price and People.” So, if something is not going well at a community the three questions someone might ask are:
“How does our product compare with our competitors and with what our customers want?”
“Is our pricing competitive and in-line with comps, the market and consumer expectation?”
“Are our people an asset or liability?”
I would encourage you to take a look at the “Three P’s” and see what you do well and where you have opportunities for growth…I know, I don’t like that phrase either! In addition to what you rock at, you need to know where things suck. Where are your weak spots? What are people complaining about on ratings and reviews sites?
So, how is your product better? And again, you may need to get creative about determining just how to sell the benefits of your product over your comps! Remember, almost everyone has a pool, so just stating you have a pool may not be enough!
Is your price point where it needs to be? I know that you might not have a lot to do with pricing-however you can provide feedback both when you think the rent is too high or too low. BTW: If your rent is higher than your comps-and you’re pretty “filled up” use that to your advantage. When someone asks why you’re more expensive than some other communities, the message you want to send is that you’re in high demand, which results in higher rental rates. It’s not always going to work, but it might!
Lastly, I want to talk about PEOPLE. Once you’ve analyzed all of the numbers and amenities etc. I believe that sales ultimately comes down to how you connect with each and every customer that walks through the door. I have seen leasing professionals who felt that their ultra luxury product alone would make the sale, and that is often not enough … especially when there is comparable product in your market.
Regardless of product or pricing you can always compete by being “good people!” You can always make people feel welcomed into your office. You can always take the time to ask good questions, to find the perfect home. You can always ask the closing question, even if you don’t think your prospect liked the apartment. You can always follow-up. You can always choose to be nice.
I believe that good people can overcome poor product and poor pricing. However, bad people can negate great product and great pricing! So, be the best competitive advantage you can be! It’s worth it!
