You have how many units? 10? 50? 600? Then won’t you be excited by a recent survey done for Apartments.com: Of the 1500 respondents, 95% of them indicated they plan on moving in 2010. Read the news release here. You’ve probably already done the math on how many residents that means for you. 9? 48? 570? No matter who you are this could have an enormous impact on your business. Of course, this is great news if you have a side income from leasing moving trucks. For the rest of us though, it is almost as chilling as a blast from the Arctic Express.

Once we thaw out from being frozen with anxiety, what are we to do? First, we remember what we have known for years, that some of our clients are going to move. It just happens. Enough said. What we must consider is how we keep that number to a bare minimum.

At this point we really get to work. The next step is to have a plan. This plan should not be limited to drastic situations like the one predicted for this year, it should be foundational to our leasing business. Our retention program should actually be integrated into our new resident registration. According to Mary Spain of Apartment Finder, “50% of your current residents will have decided with the first 7 days of moving in whether they plan on renewing their lease.” Providing a positive experience for our clients is important from the very first contact we have with them, and doesn’t stop. Spain adds “40% of renewal decisions are made within the first 8 months of the lease.” What is the number one reason why people move? “Inadequate service.” From their first phone call or walk-in to our offices, to the most recent maintenance visit, our customers are looking to feel welcomed to their homes, to feel a sense of place, to be wanted. Spain reports there is a bonus for us too: “Residents are willing to pay more to receive better service.”

Keeping the residents we have is about the basics. We remind ourselves, and we have a system for reminding ourselves, that we are selling our property during every interaction. As Cythinann King teaches in her presentation, we need to know our Product, Package, Price, Promotion or Publicity, Placement in the market and Personal Selling. We’ll always be using this knowledge whenever we market our properties. Most important though, we have to put some of our passion into the final point, Personal Selling. The research from which Spain draws indicates the second reason why people lease, after location, is the “personal selling style of the consultant.” We humans justify our purchase logically, and we make most of them emotionally. It is our job as Property Professionals (and Vendors as well) to help our prospects and customers feel they have made the right choice. And by feel I mean have sensations of comfort and confidence. Experience gladness; be aware, on some level, that they are in a professional relationship that works for them. That they are part of a community. Whether we just met the person thirty seconds ago, or whether we have been enjoying the privilege of their business for years, we are filling our units when we make an effort to understand our clients’ needs first, and then try to fill them.

If you’d like specific ideas on how you might improve retention in your business, try some or all of these: network with other association members and ask for their best practices, post questions or advice in the Comments section of this article, contact me (AndrewR[at]SpectraART.com) for a suggested reading list, or enlist the aid of a consultant. Remember too to come and see Mr. Landlord at Hawthorn Suites on April 20. You’ll leave there with his time-tested recommendations.

Once again sponsored by Jetz Laundry Service, Charles Walters of Parkland College Business Development returns to have an interactive session in which we learn to Move Your Prospects into Clients. Mr. Walters is an independent instructor teaching on topics of leadership, management, customer service and professional sales through the Business Development centers of community colleges throughout Central Illinois. He has 15 years experience in sales in the publishing industry. Additionally, he has experience in selling carpet cleaning services and add-on sales with Stanley Steemer®. He’s a partner with the Strategic Development Institute (SDI) and is currently involved in training email efficiency and information management courses.

Please join us November 19th. Whether you are providing a loan, selling your painting services or leasing a unit you can always be learning about this final stage of the sales transaction which has such a decisive impact on your business. Registration for lunch begins at 11:30 a.m. and your meeting with luncheon begins at 12:00 p.m.. We’ll be meeting at the Hawthorn Suites in White Oaks II & III. (Trade Show room). Please RSVP with Marita no later than November 16th by calling her at 217-344-2222 or send her an e-mail at marita_booker@sbcglobal.net.

You’ve used the techniques and tips you learned at the September meeting for using the phone to attract prospective residents to your property. Now that they are there, what do you do to make the property as enticing as possible? Have you worked on your relationship with the resident who is leaving? You want your visit to their unit to be as comfortable for everyone as possible. Have you taken a fresh look at the path to the available unit, today, and picked up any litter the winds may have carried there? What about getting your paperwork in order ahead of time? These are just a few of the things you will want to develop the habit of thinking about each time you present your property to the public. A valuable, concise checklist of seven other tips is waiting for you when you click on the link to the eHow article, How to Show an Apartment.

Join us on Thursday, October 15 when we share more recommendations for apartment showings from experts and your expert peers. The meeting starts at 11:30 at Hawthorn Suites in Champaign.