Updated: Oct 23, 2020
Among others, the market survey is one of the most common reports a property management professional will encounter. It can be extremely informative and useful when utilized properly. Here are a few reasons why the market survey is not just for leasing managers, but the entire office staff.
#1 Rally 'em up
Whether your team is far behind or well ahead, knowing where your property stands in comparison to the competition is a great way to get your team on the same page. If you’re concerned that they may not be understanding your direction or seem oblivious to how far behind they actually are in leasing, show them the market survey. Remember most people are visual learners. Running around like a chicken with your head cut off or constantly micro-managing your team could be doing them a disservice. Get them involved in your reports. When they are able to understand how competitive rates and occupancy are effecting your numbers, they tend to work with much more purpose.
#2 Stop Sleeping on Renewals
Sometimes leasing teams can overlook renewal efforts. Well, your market survey might just give them a little push. The competition is renewing more residents than your team knows, which means that you’re falling behind and potentially causing your company to have to spend more money to turn apartments. Too often, renewals are seen as the icing on the cake instead of the cake itself. Something needs to change. The market survey just may help make your point. Each and every resident should be accounted for when it comes to renewal outreach. Show them the renewal portion of the market survey, and explain to them why renewals are more cost effective than new leases.
#3 Get With The Trends
The housing industry is moving forward whether you're on the train or not. That’s right! Your competition is always coming up with new ideas to secure leases, but if your team doesn’t know what’s going on, they can easily become complacent. Sharing the apartment features section of the market survey will better prepare your sales team when it comes to overcoming objectives. Ask them for suggestions as it relates to the new trends in your area. Are there any ways you could feature your amenities to compete with the brand new lease up next door? Know your property’s shortcomings, and be prepared to sell! You could even have them brainstorm events and specials that could put you in the lead.
#4 Up the Traffic
With the digital world in full demand, walk-in traffic can be taken for granted. Reviewing the market survey could show your team how important marketing with a call to action really is. It’s not enough to just put your name out there. As leasing agents they need to understand how traffic can offset leasing numbers. Most prospects visit a property with the intention and hope of finding their new home, but if no one is coming to you, how do you expect to get leases? Review the traffic section of the market survey with your leasing staff. They may be surprised to learn that their traffic numbers are often a direct reflection of their leasing numbers. Challenge them to make follow up calls and send emails to all of your leads with the purpose of scheduling on site tours.