Leasing:
Why We Buy
Are you looking for new, more effective ways to rent apartments?
So was I, and I found them in a book for retailers called, Why We Buy: The
Science Of Shopping, by Paco Underhill (ISBN 0-684-84913-3). Although the
tips are designed to close more retail sales, we can easily adopt the
strategies to property management to help us rent more apartments. Here are
ten ways increase your occupancy by adapting this retail study to your sales
process.
- People need to be in a store for 10 minutes for them to feel comfortable
enough to buy. The same theory applies to leasing apartments. Don't whisk
prospects on tours and/or ask for their personal information within the first
three minutes.
- There is a transition zone in the first 10 feet inside a store. Many
retailers make the mistake of putting store specials or shopping baskets
right inside the door. The study showed that almost quadruple the number of
customers pick up baskets and flyers if they are about 10 feet in the store.
The lesson for leasing professionals: Don't put brochures, newsletters and
other sales materials right inside the door.
- Almost every customer immediately goes to the right when entering a
store. So, make sure there is a subtle sales message or directions to the
leasing office on the right. I tested this theory at a trade show. I had my
two books for sale, Profit Potentials and
2340 Sales, Marketing & Resident Retention Tips.
The book I put on the right side of my table sold faster -
no matter which book it was. Since most people go to the right, think of how
your floor plans are displayed. Many of us have floor plan "plaques" on
walls or desks. If you have a lot of a particular floor plan available, move
that one to the right side of the line up.
- Interactive stores close more sales. Researchers discovered you are more
apt to buy if you can test the product first. Customers now practice
shooting hoops in their new sneakers, ride bikes around the store, or taste
products. You can easily apply that concept to the rental housing business.
Some communities already have with interactive leasing offices and models:
throwing darts for money off rent, sharing pool and fitness center passes
with prospects, having jukeboxes, pinball machines and toy boxes in models.
The proven theory: The longer the prospect stays with you, the more apt they
are to buy.
- If there are shoppers waiting in line, the impression of service
diminishes. So make sure you have enough people in your office during the
busiest times.
- If you use golf carts during tours of your community, install cup
holders. Hey - you just offered them a drink - are they supposed to chug it
before the tour?
- Update your model as frequently as your customers come back. Track
prospects - if they come back every two weeks, that's how often you should
put something new or different in the model. This will keep your look fresh
and updated. The new thing can be as little as a different scent or an
accent piece.
- Do SOMETHING in your model. Pop popcorn, change the TV channel, put
towels in the dryer, etc. while you are in the model. This gives rental prospects
time alone. The more time they have to look around, without a leasing
consultant watching their every move, the better chance you have to make the
sale.
- Swap advertisements with local retailers. Hang signs in the models saying,
"It's okay to touch this new mattress from ABC Store. It's designed to be
the most comfortable mattress, especially if you have lower-back trouble."
You can do this for sofas, "surf" these TV channels, check out how fast our
Internet access is, etc. The more prospects touch, the more apt they are to
lease. Have stuff for kids to touch in the model, too.
- Give prospects a comfortable area to review your sales material. A
leasing consultant in California conducted a mini-survey one Saturday and
could not believe how many prospects looked her brochure -- in their cars.
Brainstorm ways for prospects to stay on your property while reviewing your
materials. Once they drive away, there is a higher chance you'll lose them.
One community offers a half price lunch at the corner restaurant to
prospects. Prospects go for lunch, review the materials, and come back and
rent. Another leasing consultant in Montgomery, AL has applications in her
models. She says the more relaxed setting helps her close more sales.
Why We Buy... taught me valuable lessons on how our customers approach our
leasing process. The best part of the tips is that most can be implemented
immediately with little or no money - a property management professional's
dream come true! Implement just a few of the strategies above and increase
your occupancy. They are increasing sales for retailers across the country.
Now it's your turn.
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