I came across this blog post this morning:
I-PHONE Leasing Challenge!
6/1/08-8/31/08
· The contest with be measured by the Sales Effectiveness Rating % (Net Apps / UATS)
(% calculated as the # of Net Applications Taken / Units Available to Sell during the period)
· Bi-Weekly result updates
· Prizes will be awarded after the final calculations on 9/15/08
· 2 I-phones will be awarded to the top effectiveness rating % scores
· 1 I-Phone will be awarded based on Managers input.
Where are we at as a portfolio today?
-95.4% occupied
-7.0% LTL
-Under in Rental income for May 37,486.00 YTD 104, 551.00 under.
-Rental income 2008 we have made $14,981,097.00
Where were we last year?
-95.8% occupied
-6.5% LTL
-331,641.00 Beat Rental income at the year end
-Rental income 2007 we made $14,286,577.00
Tips for Leasing Success
-Craigslist ads update every 3 days
-Rise and shine
-Prospect master list
-Proper traffic entry
-Thorough follow up
-Walking ready inventory
-Communicating prospect feedback
-Know your comps
-Ask for commitment
-Contact information
-Resident Referrals
-Stand and greet
-Smile –on the phone too.
-Outlook alerts – (follow up and e-lead checks)
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What is really cool about this is they are communicating critical information, so no one is in the dark, and they provide tips on how to get the goal. My bet is, with this approach, the goals are likely always met or exceeded!
I’m not sure what to make of this. First of all, I agree completely with Eric that the transparency is excellent. However, as we all know, you can increase your occupancy by either increasing your apps OR reducing turnover. And since reducing turnover is a vastly more profitable than new apps, why isn’t that the focus of the challenge? Of course, apps can be more of a “quick fix”, so I can understand that benefit. I guess I think that a more powerful campaign would have combined a renewal percentage along with new apps.