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Leasing 101
- 1. Welcome to… Leasing 101 2009 Heather Kattelman
- 2. Leasing 101 2009 Heather Kattelman Formed in 1974, The Richman Group its affiliates have gained on-the-ground experience from the management of nearly 100 properties. Our corporate philosophy is based upon a commitment to aggressive, proactive property management. Formed in 1974, The Richman Group its affiliates have gained on-the-ground experience from the management of nearly 100 properties. Our corporate philosophy is based upon a commitment to aggressive, proactive property management.
- 4. Maintenance Supervisor Cleaner Assistant Manager Property Manager Maintenance Technician Grounds- keeper LEASING CONSULTANT Leasing drives the revenue of the property. $650 X 12 months = $7,800.00 An average of only 2 leases/month/Consultant for the year… X 2 X 12 months = $187,200.00 2.5 Consultants = $468,000.00 X 90 Properties = $42 Million / YEAR Leasing 101 2009 Heather Kattelman
- 9. Leasing 101 2009 Heather Kattelman Are YOU Ready? It starts with YOU!
- 16. Leasing is a “Sales” process: Leasing 101 2009 Heather Kattelman 1 Step Process, Need-Based Purchase The purchaser knows they need the product. You must convince them that they should buy it from you. Soft Sell 2 Step Process, Impulse Purchase The purchaser must be convinced that they need the product AND that they should buy it from you. Hard Sell
- 17. 4 Major Parts to the Success of Leasing Leasing 101 Know your Community Ask for the LEASE! Know your Residents Know your Competition 2009 Heather Kattelman
- 24. Legalities of Leasing Leasing 101 “ We have a wonderfully diverse community! Anyone who meets the application qualifications is welcome to live here!” “ It’s actually our policy to keep all of our residents’ personal information confidential and we will do the same for you when you move in.” “ I’m very sorry, but because of Fair Housing regulations, I cannot answer that question.” 2009 Heather Kattelman
- 26. Legalities of Leasing Leasing 101 “ Well, obviously things can happen anywhere and no community can guarantee a resident’s safety. We encourage our residents to take steps to ensure their personal security. We recommend that you remain aware of your surroundings. We also work very closely with the local law enforcement in the area.” “ You are able to obtain crime statistics for specific areas by contacting the local police department. There are also websites that contain this information, such as ______. If you are going to check these, it’s a good idea that you compare our address with the one you currently live at and any others you are considering. In addition, these reports typically do include all reported calls, not those that are actually verified and have everything from the smallest complaint to the largest crime.” 2009 Heather Kattelman
- 27. Legalities in Leasing Consumer Credit Laws Leasing 101 Equal Credit Opportunity Act (ECOA) Fair Credit & Reporting Act (FCRA) of 1996 Fair & Accurate Credit Transaction Act (FACT) of 2003 2009 Heather Kattelman
- 28. Legalities of Leasing Equal Credit Opportunity Act Leasing 101 The Equal Credit Opportunity Act (ECOA) ensures that all consumers are given an equal chance to obtain credit. This doesn’t mean all consumers who apply for credit get it: Factors such as income, expenses, debt, and credit history are considerations for creditworthiness. The ECOA makes it unlawful to consider any of the following when making the decision to extend or deny credit: race, color, religion, national origin, sex, marital status, age, or source of income. 2009 Heather Kattelman
- 29. Legalities of Leasing Fair Credit & Reporting Act of 1996 Leasing 101 The primary purposes of the Fair Credit & Reporting Act of 1996 (FCRA) was to ensure fair and accurate credit reporting and to protect consumers' privacy. In addition, if a person is denied based on information that is obtained through a Consumer Reporting Agency, they must be provided an “Adverse Action Notice” and the contact information for the Reporting Agency that provided the information. 2009 Heather Kattelman
- 30. Legalities of Leasing Fair & Accurate Credit Transaction Act of 2003 Leasing 101 The primary purpose of the FACT is to help consumers fight the growing crime of identity theft and fraud. Accuracy, privacy, limits on information sharing, and new consumer rights to disclosure are included in the act. Free annual credit reports, fraud alerts and active duty alerts for military personnel are all a result of the Fair & Accurate Credit Transaction Act. 2009 Heather Kattelman
- 32. Legalities of Leasing SND List & OFAC Specialty Designated Nationals and Blocked Persons List & Office of Foreign Assets Control Leasing 101 Following the events of September 11, 2001, and the passage of the U.S.A. Patriot Act special attention has been given by all to ensure that terrorist are not permitted to use the United States to finance their activities. OFAC has designated individuals, banks, companies and other entities who are considered a threat to national security or who participate in activities that are against foreign policy. These names are placed on a Specialty Designated Nationals and Blocked Persons List (SND) and can be found on OFAC’s website at www.treas.gov/ofac . It is unlawful for any US person to engage in any business with a person or entity on this list. “ Red Flags” are placed on credit reports on individuals that match information on the SND List. This means there is potentially a match and identification and comparison to the SND information should be closely checked. If you believe that this is the same person you must call the OFAC Hotline to verify and report it. 2009 Heather Kattelman
- 34. Legalities of Leasing - Privacy Leasing 101 You may not release information to anyone that is not listed on the Lease as either a Lease-Holder or Occupant. You May Not: Release an apartment number Confirm or deny residency Release a telephone number Give access to an apartment Provide information about any resident or occupant 2009 Heather Kattelman
- 35. Privacy
- 36. Leasing Pyramid
Notas del editor
- Leasing 101 Leasing Course Developed By: H.Kattelman Welcome to Richman Property Services and to Leasing 101 – a presentation of the RPS training department. Please take a moment to print your course workbook, if you haven’t already done so by clicking on the attachments in the upper right-side of this window. Once you have your workbook, please click the arrow to continue.
- I’d like to share just a little history with you about the company you have decided to join… Formed in 1974, The Richman Group its affiliates, including RPS, have gained on-the-ground experience from the management of nearly 100 properties. Our corporate philosophy is based upon a commitment to aggressive, proactive property management. Formed in 1974, The Richman Group its affiliates have gained on-the-ground experience from the management of nearly 100 properties.
- Most everyone wants to be successful in their personal and professional lives! Here are a couple keys to success at Richman: Knowing what is expected of you. After all, it’s much easier to complete a task if you know what it is, right? Exceeding the expectations you have and that of those around you at Richman.
- Leasing Consultants are the “Front Line”, the back-bone of our company. When I say “Leasing Consultant’s”, I mean everyone involved with our residents and prospects from the groundskeeper to the maint technician, and the property manager, assistant manager too – you’re all leasing consultant’s at certain times, right? You make a difference! Let’s talk money for a minute… we’ll say that on average, using VERY conservative numbers company-wide, an apartment rents for $650/month. Over the course of a year, that apt is worth $7,800. If each “Leasing Consultant” ONLY leased 2 apartments/ month for the entire year, we’d be at $187,200. We’ll say we have 2.5 LC on average since some site have more people and some have less. So with this, we’ll be at $468,000 for the year. NOW, let multiply that times about 90 properties… That’s OVER $42 MILLION / YEAR! This really illustrates just how valuable each of you are!
- Leasing consultant’s have a variety of responsibilities but one of the most important is to find out a prospect’s needs and fulfill their needs with your community and an apartment home. APARTMENT DEMONSTRATIONS and all items pertaining to leasing an apartment home are the priority. Take a moment to print and review the Leasing Consultant Job Description which is available under the attachments above. Once you have completed this, click the arrow.
- Marketing is a key secondary focus of a leasing consultant. This may include marketing the community to the area businesses, retailers, etc. Marketing also includes on-site community events and involvement. This is because we want to retain our current residents and keeping them happy be offering enjoyable activities, social events, and other programs assist in these efforts. One of the most important objectives in marketing is to make a positive and memorable impact. If this is not accomplish with the efforts put forth, it more than likely will not be a successful technique.
- There are of course numerous other tasks that leasing consultants are responsible for as well, such as: Resident Retention efforts like planning summer pool parties and holiday gatherings or helping with the monthly newsletter, doing service request call-backs and renewal letters. Processing applications, completing verifications and other administrative paper to get approved through compliance and then move in. Certainly computer work such as: OneSite data entry for entering daily traffic, follow up, move ins, etc… You will have community inspections including checking your apartments to be sure they’re ready for move in, also walking apartments as they move out. Additionally, checking your tour route every morning to be sure it looks great! In addition, there will be plenty of other miscellaneous items that come up throughout the day that as a team you all will work together to make sure is completed.
- People buy from people they like AND people buy from people they trust! In this industry YOU TRULY Make the difference because in a sense if the prospect does like you and isn’t willing to BUY YOU, they won’t lease an apartment from you! Let’s look for a moment at what type of characteristics we would typically find in a successful Leasing Consultant… R ESOURCEFUL, I NTUITIVE, C OMMITTED, H ONEST, M OTIVATED, A TTITUDE, N EVER GIVE UP These are a great start! Complete the CHARACTERSTICS ACTIVITY in your workbook to see if you have the what it takes to a successful Leasing Consultant. Once you have complete the workbook activity, click the arrow at the bottom of the screen.
- Are you ready? Keeping in mind that it really does start with you and there are no “Do Over’s” with First Impressions how you look counts! For this reason, Richman has given you some guidelines to follow. Please take a moment to review the RPS Dress Code policy. You may view it by clicking on the attachments at the top of the page. The dress code is also available in the employee handbook that you should have received with your new hire paperwork on your first day. If you did not receive this, please ask your supervisor for a copy of it or contact human resources and they will be able to get it to you. It is also available on the rps support website. Once you have printed the dress code policy from the attachments above and reviewed it, please click the arrow at the bottom of the page.
- At Richman, you are not alone; this is a team effort and you have a support network of people that are here to help you. You know your community teammates – they are your core support network! BUT, there’s more! Hopefully you’ve met your Regional Manager, if not I’m sure you will very soon. And our Senior Vice President, Heather Garden You also have a Regional Maintenance Supervisor or Director of Maintenance, our National Support Specialist (Heather Davis), a Compliance Supervisor or Specialist, our Director of Business Applications (Jeanne Daniels) and myself, your National Training Coordinator. Additionally, if you are a new community that has just been built, there is key New Development Support from Robin Druckman as our Marketing and Design Coordinator and a Warranty Maintenance Supervisor. Please take a moment to note your support network in your course workbook. If you need additional help in finding out who an individual in for you site, please consult with your supervisor. Once you have filled in this information click the arrow at the bottom of the screen.
- RPS is invested in this relationship for the long-term and hope you are too! Our commitment to you is: To provide clean, well-maintained communities at an affordable price where residents can enjoy coming home and, To invest in each team member by providing the knowledge and resources needed to be successful.
- We ask the you commit: To maintain a POSITIVE ATTITUDE To assist every resident and potential resident in selecting their new home, additional decisions, and services throughout their residency To make a mental investment in the training opportunities available to me
- Before we go any further, there are a few items that need to be completed. These are all items that will help you to become better aquianted with your property and be more prepared to lease apartment more effectively. The Community Knowledge Worksheet should be completed first. It will take you some time to finish this worksheet but once done, you find yourself referring back to it throughout the remainder of your time at this property and be so glad you took the time to complete it! Next the learning activities – this is a series of several activities that help you learn a variety of techniques that will benefit you in leasing to prosepects. It is important that you complete all of these activities as you will need them for the last project. Finally, your Leasing Portfolio – this is a required element that all office team members have of their own. This is a professional binder that is kept with you at all times during the leasing process. Specific instructions for how to set up this Leasing Portfolio are available by clicking on the attachments above. You will locate all of these items in the attachments at the top of this window for you to print. They are also available by visiting the rps-support website. Once you have complete all items, you may continue. Please keep in mind that this will likely take some time, so you may exit out of this course temporarily and log back in when you’re ready to finish. The course will pick up where you left off.
- Leasing is a __________________-sell. Compare other industries… Groceries Water Purifier Car Insurance Car Sales
- The Community Knowledge Worksheet: Can anyone tell me something that you really had to research to find the answer on the Community Knowledge Worksheet?
- If you know them better, you can serve them better. If you know who they are, where they work, play, visit, etc… you may find clues as to where to find more great residents like them!
- Shop your comps – In person and by the phone. Use the Competitor Questionnaire and Shopper Worksheet to “shop” your competition. You can sell against your comps if you know what they have. Create a comparison checklist that shows what you have versus them and keep it in your Leasing Portfolio.
- Why do you think Leasing Consultant don’t ask prospects to lease an apartment? Fear Rejection: Our prospects EXPECT us to close. It’s OK if they say “no”, that just means that you need to overcome an objection. Think of it as them saying “maybe”. Remember a Leasing Consultant closes on average, seven times before the prospect says “yes”. Lack of confidence in product: This can easily be eliminated. Know AHEAD OF TIME what you have to show. You should have already walked the apartment(s), opened the model, mini-models and/or show units and know for sure that they are in excellent condition! Shop your competition. You do not have to believe that your product is 100% perfect for YOU, you have to believe that because of you, your sales & customer service abilities, your team and your apartment community, that THIS is the perfect place for your V.I.P.! Poor Presentation: If you know you have not given a good presentation, this will certainly cause hesitation when it comes to closing. Ask yourselves: Am I familiar with all our floorplans (without having to look at a brochure)? Do I know which apartments to show & have I seen them? Do I know the most common objectives and do I know how to overcome them? Do I have excellent community knowledge of our property and the area around us? Don’t want to appear “pushy”: Feeling “pushy” usually comes when you have not built a good rapport. If you have truly identified their needs and wants, matched them with an apartment that you have available and given an enthusiastic presentation that lets them know that this is the perfect home for them… “closing” will simply be a formality. It will be a natural conversation. Closing Techniques: Trial Which One Assumptive Urgency Incentive Priority Waiting List
- Occasionally you may be asked about your current residents by a prospect during their tour of the community. You should NEVER provide information about the demographics of your residents or community. Invite the person to ‘drive by the community in the evening or on the weekend to see for themselves’. Give an appropriate, Fair Housing - compliant answer but imply otherwise by your tone, body language etc…
- There are many different ways you may be asked about resident demographics, such as: What kinds of people live here? Are there a lot of older people that live here? Are there a lot of kids? Are there any other families? No matter the question, the response is the same in each case. “We have a wonderfully diverse community! Anyone who meets the application qualifications is welcome to live here!” Sometimes you have prospective residents that push harder for more information. In this situation, you could add that: “It’s actually our policy to keep all of our residents’ personal information confidential and we will do the same for you when you move in.” If they still persist, very professionally state: “I’m very sorry, but because of Fair Housing regulations, I cannot answer that question.” These responses are very important and must be memorized by every Richman team member.
- Another commonly asked question is in reference to safety and security. Property owners and managers have become the targets of a legal trend called Premises Security Liability.
- Just as with the question about resident demographics, you may be asked in a variety of different ways such as: What kinds of crimes have been committed here? Is this a safe place to live? Do you think it is safer on the second floor? No matter the question, you still respond the same, “Well, obviously things can happen anywhere and no community can guarantee a resident’s safety. We encourage our residents to take steps to ensure their personal security. We recommend that you remain aware of your surroundings and get to know your neighbors. We also work very closely with the local law enforcement in the area.” Again, this is not something can vary. Everyone needs to memorize this response so when the questions are asked, you know what to say.
- There are several laws that pertain to consumer credit that effect our industry and we need to be aware of them and how they can effect us.
- The Equal Credit Opportunity Act (ECOA) ensures that all consumers are given an equal chance to obtain credit. This doesn’t mean all consumers who apply for credit get it: Factors such as income, expenses, debt, and credit history are considerations for creditworthiness. The ECOA makes it unlawful to consider any of the following when making the decision to extend or deny credit: race, color, religion, national origin, sex, marital status, age, or source of income. There may be additional protected classes in certain states or local municipalities.
- The primary purposes of the Fair Credit & Reporting Act of 1996 (FCRA) was to ensure fair and accurate credit reporting and to protect consumers' privacy. In addition, if a person is denied based on information that is obtained through a Consumer Reporting Agency, they must be provided an “Adverse Action Notice” and the contact information for the Reporting Agency that provided the information.
- The primary purpose of FACT is to help consumers fight the growing crime of identity theft and fraud. Accuracy, privacy, limits on information sharing, and new consumer rights to disclosure are included in the act. Free annual credit reports, fraud alerts and active duty alerts for military personnel are all a result of the Fair & Accurate Credit Transaction Act.
- The only exception to this policy would be in the case of: A law enforcement investigation, without a subpoena. You must verify the official’s badge, contact the main office the official works for to verify his/her status and document the request for verification in the resident’s file. Include the name of the official and the information for the department in which he/she is working for. A law enforcement investigation with a subpoena.