Renting Cycle

Wishlist

Evaluate

Lease

Move In

Settle In

Engage

Renew or Move

Wishlist

Evaluate

Lease

Move In

Settle In

Engage

Renew or Move

When a prospect is considering their next home, there is an element of excitement and hope in it. A new apartment is a chance for a new beginning.

This is when prospective residents are shopping around, typically online, and property managers can show off what makes their community unique

Tours may happen in in person, on a live video, or by leveraging a prerecorded virtual tour. Give prospects everything they need to choose Birge & Held.

Throughout your communications with the prospect, be sure to summarize the wants and needs you have discussed, and how this community will fulfill their needs.

Moving is a time when people are at their most vulnerable; emotions are heightened, and every detail and physical item needs to be accounted for and organized.

The first month in a new place is a getting-to-know-you time for everyone. The resident’s first few weeks will set the tone for the rest of their time living there.

Hosting fun events is a wonderful way to connect with residents, show the property’s appreciation, and grows the bonds between neighbors.

Moving belongings from one apartment to another can get expensive and time-consuming. Give each resident reasons to stay. A lease renewal should be treated with as much care as a prospect.

Renew or Make Ready

Rent Growth/ Vacancy

Screen

Lease

Move In

Occupancy

Explore each phase of the Renting Cycle below.

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Moving all of your belongings from one apartment to another can get expensive once you factor in moving trucks, boxes, possible missed days of work, and hiring labor assistance can often cost hundreds (or thousands) of dollars. Give the resident reasons to stay. A lease renewal should be treated with as much care as a prospect. Residents who are considering a move are typically doing so because they have either had a life change or they are dissatisfied with some element of their current situation. When a lease is coming up, help reassure the resident that your community is the right one for them, whether it is in their current home or another unit across the way.

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Hosting fun events is a wonderful way to connect with residents. In addition to brightening the atmosphere of resident life, events can show the property’s appreciation and improve communication between residents and site staff. This also grows the bonds between neighbors which helps them feel more connected to your community. Giving back is important to new renters too. Consistently communicate the ways in which you support the larger community — you’ll provide a community feel, not just a place to rent. If there’s construction that needs to be done on a neighboring apartment every day for several weeks, the laundry room needs to be shut down for a complete overhaul, or something else inconveniences a resident, there’s great potential for friction. But that also means an opportunity to re-establish a personal connection and invite residents to give their feedback. The important thing to remember during times of site team turnover, equipment repair, or larger maintenance endeavors is that your residents need to be in the know about their surroundings. Make sure you’re promoting key changes or updates to the property through email, text alerts, the resident portal, and even with quaint old paper signs where residents can find them. And encourage residents to share their feedback. Don’t underestimate the importance of your maintenance/service team or groundskeeping. These are the people who go into your residents’ homes and fix things, keep the building smelling great, and make sure landscaping is done. Let your residents know who these people are; remember the little things, like introductions and identification for safety. Assurance of security and an emphasis on cleanliness go a long way when it comes to resident satisfaction.

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Tours can happen in a number of ways, in person, on a live video, or by leveraging a prerecorded virtual tour. Today’s prospects are touring fewer properties when making their rental decisions. This means communities need to stand out and stand out fast in the market. In the past, prospects would tour 3-5 communities before landing on the one they liked. That’s no longer the case. Today that number has shrunk to 1-3 properties on average. In-person tours are a way for the prospect to meet the staff face-to-face, visit units with different floor plans, and get a feel for the amenities available. Be ready to welcome visitors at any time. Remember, at Birge & Held, it is off your seat and on your feet to greet every guest. Create a warm and inviting atmosphere in the leasing office. Few things are less appealing to a prospect than having to sit at a leasing desk, with their backs to the action, the windows and the views of the property, while being interrogated by a leasing agent. A prospect’s initial in-person contact with a leasing agent should take place in a much more inviting atmosphere than that. Leverage the Birge & Held Guest Card to go through the discovery conversation with prospects and track this information so that you can offer effective and personal follow-up. Each tour should be personalized to the individual renter. Your job is to hit everything on the prospect’s individual apartment tour checklist. Walk your tour path in advance and leverage a critical eye for all the details. This includes caring for any trash along the way, weeds in front of the model, or cobwebs hanging from the exterior light fixture. Every detail matters.

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During the Search Phase, prospective residents are shopping around, typically online, and property managers can show off what makes their community unique: one-of-a-kind property features, site-specific services, new gym equipment, pristine laundry facilities, etc. This is a critical time in the Renting Cycle when it’s most important for renters to find the place that’s right for them. Prospective residents aren’t only interested in whether there’s granite in the unit and the quality of the gym’s treadmills. (Though those things matter.) They also want to know that the property has modern technology for renters, such as: the resident portal, Wifi, and app-based laundry machines. Vacancy turnovers are also a critical time for a site's rent growth. Site teams must get their units turned over in a timely manner, but also with standards that will ensure the unit is chosen quickly. Many site teams lose prospective renters by not ensuring that inventory is accurate and units are made ready and up to standard in a timely fashion.

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When a prospect is considering their next home, there is an element of excitement and hope in it. A new apartment is a chance for a new beginning. This may mean an extra bedroom for a dedicated workspace, or a community with a pool for affordable family bonding time. The most sought-after amenities include:

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Much like with a new job, the first month in a new place is a kind of "getting-to-know-you" for everyone: property managers, site teams, and of course, your new residents. The way you treat residents once they’ve officially become part of your community sets the tone for the rest of their time living there. Simply put, residents stay because of great service beyond the initial contact. On the financial front, keeping residents happy and engaged with your community also means that you don’t have to deal with vacancy costs, extra advertising costs, or getting referrals. Things can be hectic during the move in. Call each new resident two weeks after move in to check to see if there are any issues with the space or if they need any local recommendations. You can convert a new resident into a raving fan! Happy residents tend to stay longer and recommend your property on social media, to friends, and to future residents.

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Engagement doesn’t end when a renter has signed on the dotted line. Some would say that this is just the beginning! Moving is a time when people are at their most vulnerable; emotions are heightened, and every detail and physical item needs to be accounted for and organized. Look for ways to help new residents navigate the moving process and personalize their experience right from the start of their relationship with your community. You might make recommendations about local entertainment and services: restaurants, nail salons, dry cleaners, barbers and hair dressers. When new resients move in, take extra care to invite them to community events, and introduce them to everyone you come in contact with.

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Help the prospect get to yes by summarizing the wants and needs you have discussed — and how your community and a certain apartment home will fulfill their needs. Practice potential closing strategies:

THE RENTING CYCLE

PHASE TWO: THE SEARCH FOR HOME

PHASE ONE: THE PROSPECT’S WISHLIST

PHASE THREE: EVALUATE THE OPTIONS

PHASE FOUR: IT'S LEASE TIME

PHASE FIVE: THE MOVE IN

PHASE SIX: SETTLING IN

PHASE SEVEN: RESIDENT ENGAGEMENT

PHASE EIGHT: RENEW OR MOVE

Parking

If you’re renting in an urban area, parking can be somewhat of an issue. For tenants who have cars, especially in areas with less public transportation options, parking is of the utmost importance.

According to the American Pet Products Association, 70% of American households own a pet. It is no surprise that people love their furry friends. Renters are no exception.

A Good Pet Policy

On-SITE Laundry

It isn’t always feasible to spend a few hours a week at a local laundromat. Loading your car up and traveling to a laundromat is a hassle, and can create stress and extra costs.

Appliances

Be sure to point out any storage options, including shelving units in closets, kitchen cabinets with ample shelving inside, and any bathroom vanities with good drawer and cabinet space.

Storage space

Some renters will want outdoor space like a balcony, deck, or porch. Others want community spaces. If your property doesn’t have a this, share insights about public parks and recreation nearby.

Outdoor areas

Most renters do not own a full set of appliances. Including an oven, refrigerator, and dishwasher in your tenant package will certainly add immense value and attract quality tenants quickly.

The which close: Offer shoppers an either/or option to encourage minor commitment. “Would you rather be upstairs or on the ground floor?” The summary close: Recap the benefits the prospect said are important. “Let’s summarize, Mrs. Smith: You said you wanted vaulted ceilings and the gray color scheme, and the large windows will work well for your plans. It’s available now, which works well for your schedule, don’t you think?” The “If I could, would you?” close: Use this close when they express specific, firm objections you can overcome, such as location, carpet or price. “It seems we have everything you want except new carpet. If I could convince my manager to put in new carpet, would you lease this unit today?” The incentive close: Give them a special that might not be available later. “We are offering a ‘look and lease’ special for anyone who leaves a deposit on their first visit. I can offer you half off the deposit if you lease right now — but today only.” The team close: This isn’t really a technique as much as just using the different experiences and perspectives of two people to work together. Different people will pick up on different buying signals and objections. Work as a team!

Prepare for objections: There will be more than a few! Remember that this is not a high-pressure sale. Don’t get offended by objections or take them personally. This is how a prospect signals they may need more or different information.