Reasons Why You Are Struggling with Getting Leases
If you are a building owner or property manager, this is always a big question when it comes to filling vacancies.
"Why are we not getting leases?"
Most property managers will either question their leasing specialists or the amount of traffic.
But here's the thing- is it really the traffic that is hurting you? What IF you had lighter traffic but you were able to convert 30-40% of that traffic? Wouldn't that be the same thing as having 3 times the amount of traffic and only converting 10%? AND that's not even factoring in the amount of marketing dollars going into increasing traffic!
So essentially, the higher the conversion ratio, the less money needed on marketing spend!
So what about the leasing specialist? What is their current conversion ratio? Are they strong closers?
If your building already has plenty of foot traffic, then you are golden! Because all you need to do is fine-tune a few things...
The first MOST important thing you should ask yourself as the property manager or building owner: does your leasing specialist have enough training?
If you hired this leasing specialist to simply fill a role in the office, and this person has NO training, this is going to negatively affect your building's results.
Now, we're not just talking simple leasing training, because a lot of people have that when they start a job as a leasing professional. What we are talking about here is training on your SPECIFIC community.
Does this leasing specialist know every single floor plan and could sell your community in their sleep? Is this person OBSESSED with your community? Are they passionate about the lifestyle that it brings to the residents?
Are they happy when they are selling the community to prospects?
It's one thing to pass out brochures and simply "talk" about a community to prospects, but it is a totally different thing when a leasing specialist BELIEVES in the community they are selling.
Is the leasing specialist sold on the community for themselves?
If the answer is no, then how do you expect for this person to sell the community to others?
It's kind of like that saying, "do what you preach"...
Well that's exactly true when it comes to leasing. If you don't believe in the community, then no one is going to believe in what you are selling them.
At Wise Owl Company, we are FIRM believers in knowing the community inside and out before we staff any building with our leasing specialists. We won't EVER dare to sell something to someone else if we don't believe in the product and feel passionate about it. And that's a huge reason why we are also able to get results for our clients. We NEVER staff a building with leasing specialists that "don't care". Because this is a set up for under-performance and huge disaster...
Now of course, passion is not the only thing that is going to sell a building to others. It's also other factors such as having good conversion ratios. And let us tell you, that takes A LOT of practice and does not just happen over night. More on this topic later, but our leasing specialists have phenomenal closing ratios, this way we can get to work for you right away and you don't have to deal with the delay in your leasing performance.
If you are looking for a further analysis of your current leasing specialists, Wise Owl is glad to help, simply give us a call or text today! We also offer on-site leasing training and seminars, where we will work with your current on-site leasing specialists and help them crack the code to selling your building so they can start to produce wild results!