PART THREE

A STEADY INCREASE

Census ACS Survey - US Dept of Numbers, Sept 2016

GREAT NEWS FOR US

Census ACS Survey - US Dept of Numbers, Sept 2016

More Renters

Less Availability

TOP 10

ACROSS THE U.S.

“Slow Season”

$1,169

$1,392

SOMETHING I SAID?

“What’s your budget?”

“How much were you looking to spend?”

“Does that work for you?”

BUDGET = AMOUNT ON RENT CHECK

• Rent • Pet rent • Water/Sewer • Trash • Garage/Storage • etc.

BUDGET = AMOUNT ON RENT CHECK

“Would if be okay to ask you a few questions in order to provide you with an all-inclusive price?”

ASSUME IT’S WITHIN BUDGET Did you visit your current apartment community’s website before contacting the community office directly to

speak to someone about renting there?

$1000 - $1249 $1250 - $1499 $1500 - $1749 More than $1750

Yes 81.2% 81.9% 81.6% 79.7%

POLL TIME!

your community vs. the competition

CONFIDENCE IS KEY

“You guys are much higher than other places.”

CONFIDENCE IS KEY

“You’re

absolutely right, and you’d be surprised…”

CONFIDENCE IS KEY

“…how far each dollar goes here.” “…all of the great benefits you get for that price.”

CONFIDENCE IS KEY

• Schools

• “Others charge…”

• Team tenure

• $ per sq. ft.

• Avg resident stay

CONFIDENCE IS KEY

BUDGET BACKFIRES

• Give up gym

• Walk to work

• Meals on us

• Morning coffee

• LRO platforms

2017 TODAY’S ONLINE RENTER STUDY www.satisfacts.com

Overall Ranking

$1000 - $1249

$1250 - $1499

$1500 - $1749

More than $1750

1 Rents and specials 1 2 1 3

2 Apartment floor plans/design 2 1 3 1

3 Current availability of apartments 5 3 4 2

4 Photographs of the apartments and community 3 4 2 4

5 Information on the apartment community's apartments, facilities and location

4 5 5 5

UNDERSTANDING YOUR RENTER

Of all of the info you could obtain on the Internet, how important would the following be when shopping for an apartment?

$1000 - $1249

1 Rents and specials 1

2 Apartment floor plans/design 2

3 Current availability of apartments 5

4 Photographs of the apartments and community

3

5 Information on the apartment community's apartments, facilities and location

4

UNDERSTANDING YOUR RENTER

Of all of the info you could obtain on the Internet, how important would the following be when shopping for an apartment?

May have less resources for expenses such as fitness

memberships and going out.

“My budget is most important to me. I want to live comfortably at a nice

community, where I can host get togethers for friends and family. I’m also willing to

wait until I find the right home.”

MOST IMPORTANT - $1,000-$1,249

1 Viewing the actual apartment I can lease 4.56

2 Ability to pay rent online if there is no convenience fee

4.44

3 Response time to your emails or voice mails

4.40

4 Perception of quality customer service 4.36

5 Ability to submit service requests online 4.24

6 Security and access control features 4.19

7 Ratings/reviews of community available 4.05

8 WiFi enabled community 3.86

9 Ability to renew the lease online 3.82

10 Resident survey/feedback program 3.75

Stick to THEIR budget

Show the actual apartment

Highlight FREE services/conveniences

Point out any controlled access features

Follow up immediately

Include URL to AR page

$1250 - $1499

1 Rents and specials 2

2 Apartment floor plans/design 1

3 Current availability of apartments 3

4 Photographs of the apartments and community

4

5 Information on the apartment community's apartments, facilities and location

5

UNDERSTANDING YOUR RENTER

Of all of the info you could obtain on the Internet, how important would the following be when shopping for an apartment?

May not trust what is found online – will most likely tour

before deciding.

“I want to love my new apartment, but I need to see what I’m getting with my own

eyes to be sure this is where I want to live. A rent concession is nice but not necessary.”

MOST IMPORTANT – $1,250-$1,249

2017 Today’s Online Renter Study

1 Viewing the actual apartment I can lease 4.59

2 Response time to your emails or voice mails

4.33

3 Ability to pay rent online if there is no convenience fee

4.31

4 Perception of quality customer service 4.31

5 Ratings/reviews of community available 4.16

6 Security and access control features 4.14

7 Ability to submit service requests online 4.12

8 Resident survey/feedback program 3.85

9 WiFi enabled community 3.78

10 Ability to renew the lease online 3.70

Actual apartment - #1 of all groups

Avoid model if not comparable

Have ready answers

Make it personal

Talk concession at the end

Resident testimonial take-away

$1500 - $1749

1 Rents and specials 1

2 Apartment floor plans/design 3

3 Current availability of apartments 4

4 Photographs of the apartments and community

2

5 Information on the apartment community's apartments, facilities and location

5

UNDERSTANDING YOUR RENTER

Of all of the info you could obtain on the Internet, how important would the following be when shopping for an apartment?

The offline story needs to match up to the online story or they

may decide not to lease.

“At this price point, I’m willing to take my time to find something I really like that’s

within my budget.”

MOST IMPORTANT – $1,500-$1,749

2017 Today’s Online Renter Study

1 Viewing the actual apartment I can lease 4.50

2 Ability to pay rent online if there is no convenience fee

4.47

3 Response time to your emails or voice mails

4.38

4 Ability to submit service requests online 4.27

5 Perception of quality customer service 4.21

6 Security and access control features 4.20

7 Ratings/reviews of community available 4.16

8 Pedestrian friendly location - walking distance to shopping, restaurants, entertainment, schools, etc.

3.95

9 Resident survey/feedback program 3.85

10 Pedestrian friendly location - walking distance to public transportation

3.79

Show the actual apartment

“Worry free” living

Ease of communication

“On the go” renters

When office is closed…

Reinforce what they’ve seen online

More than $1750

1 Rents and specials 3

2 Apartment floor plans/design 1

3 Current availability of apartments 2

4 Photographs of the apartments and community

4

5 Information on the apartment community's apartments, facilities and location

5

UNDERSTANDING YOUR RENTER

Of all of the info you could obtain on the Internet, how important would the following be when shopping for an apartment?

May be disappointed if amenities and apartment features aren’t

high quality.

“I’m comfortable giving up a rent concession if the right space is available. I figure at this price, the community has to

have all of the bells and whistles.”

MOST IMPORTANT – $1,750+

2017 Today’s Online Renter Study

1 Viewing the actual apartment I can lease 4.51

2 Ability to pay rent online if there is no convenience fee

4.33

3 Security and access control features 4.27

4 Response time to your emails or voice mails

4.24

5 Ability to submit service requests online 4.21

6 Perception of quality customer service 4.17

7 Pedestrian friendly location - walking distance to shopping, restaurants, entertainment, schools, etc.

4.11

8 Pedestrian friendly location - walking distance to public transportation

3.93

9 Ratings/reviews of community available 3.90

10 WiFi enabled community 3.77

Apartment, apartment, apartment

Don’t lead with concession

Build rapport AND establish expertise

Don’t get too personal

Expecting professionalism and quality

Does it elevate their personal brand?

ROOTED IN VALUE

Living here saves… • Time • Energy • Money • Loss

FINAL THOUGHTS

THANKS FOR ATTENDING!

SEE YOU NEXT MONTH!