LowesForPros.com - Jump-Start Your Marketing Plan

Is your marketing plan treading water instead of walking on water? Give your marketing plan new life by focusing on product, price, promotion, people and perception.

Becca Wilson, president of Spherexx.com, an Internet marketing solutions company in Dallas, Texas, estimates the average cost for converting a prospect into a new lease is $162. With that expense, you can’t afford to have a stale marketing plan. Invigorate your marketing to bring prospects to your door.

“We emphasize the five ‘Ps’: product, price, promotion, people and perception,” says Melanie Poole, vice president of marketing for Atlanta-based Norsouth Management Company. A successful plan addresses all of those.

Product
Before reviewing your advertising or any other strategies, walk the property with your maintenance team and leasing staff. Set realistic expectations for where your property stands. You can’t sell a Class B property as a Class A property, but you can make small improvements to landscaping, signage or basic curb appeal to improve your chances of converting prospects when they arrive. Freshen the paint in your clubhouse, spread fresh mulch, power wash the breezeways and make other cosmetic touches to improve the property’s appearance.

Price
Before you position your property, send out your leasing staff to do a market survey of the area to note your immediate competition, and the number of units, availability and price range for each of those properties. Competing managers might not be willing to give out this information, but if your leasing staff shops the competition personally, they have some sense as to where they’ll fall in terms of customers service and price.

“Look at where the competition is listed, whether print or online,” Wilson says. “They won’t tell you their success rate with each medium, but you can get the broad scope.” Be sure you understand how to differentiate yourself from neighboring properties.

Before you decide to cut rental prices, consider offering front-loaded rental incentives. If the annualized cost of a rent cut is the same as one month’s rent, consider offering the first month free upfront rather than reducing your revenue. That way, your residents won’t have “sticker shock” when your marketing plan brings occupancy back and you decide to resume regular rates.

Promotion
Think critically. Don’t reuse the same ineffective copy and images and expect better results. Ask whether the ads drive traffic to your Web site and whether your staff is effective in converting prospects into leases. Wilson says when you advertise, you should be asking yourself, “Is this converting people to a lead?”

In an ideal world, you’ll hit prospects with three different points of contact, such as drive-by directional signs, your Web site and advertisements that direct traffic to your site. A prospect might not know what flagged them to your property and will give you an answer based on what they think you want to hear.

Listen to what your prospects and residents want. Sometimes, small gestures, like $25 gift cards to a local coffee shop or movie rental store, can help make the difference. Other times, you might need to offer amenities, such as improved kitchen lighting or ceiling fans to attract or retain the best residents.

People
Employ a “secret shopper” to observe your staff’s standard skills, such as how promptly they answer the phone, whether they offer their names and use the prospect’s name, how diligently they schedule appointments on-site, how effective their sales technique is during an on-site visit and their closing technique.

Properly motivate employees to succeed by offering closing bonuses. “Having happy employees is one of the main keys to being successful. Offering bonuses can help motivate people to succeed,” Poole says.

Perception
A resident referral plan will tell you quickly how your property is seen in the community. Satisfied residents will send well-qualified applicants your way. Dissatisfied residents won’t want to take you up on the offer.

Be sure that you have brochures and other collateral to send out with your leasing staff. Send them to meet with HR directors at local businesses, and leaders of faith communities and other local organizations. See what you can offer local organizations, such as free meeting space or a partnership to host a blood drive. These gestures can go a long way to improving your reputation in the community.

Find the biggest traffic draws in your area, such as a local shopping market, and put a flier on every car in your neighborhood. If phones aren’t ringing, there’s no need for the leasing staff to be sitting around the office.