*S*A*F*E* Leasing: EXECUTION

With Systems in place to monitor and measure on-site performance, a method to encourage and enforce Accountability, and a Focus on your goals… there has to be Execution.

SAFE – Systems * Accountability * Focus * Execution

SAFE Leasing is so named because its key concepts represent a style of leasing that is both effective and “good” for the leasing professional, the rental prospect and the owner. This comprehensive sales and leasing program puts more prospects into apartment homes!

Top companies create training programs and Systems that make leasing professionals accountable to specific lease production performance expectations. They use shopping report evaluations and other tools to create Accountability that provides feedback to the individual leasing consultant while spurring the on-site team to higher performance levels. The intense Focus is on the property goals and the owner’s objective of increasing the value of the asset. Yet, even the best strategic plans and well-designed systems are for naught without Execution.

Well-planned good intentions do not amount to any measurable difference unless they are executed!

This final aspect of SAFE leasing, the “E” in the word SAFE, is the most important. With no execution, even the greatest marketing and leasing plan cannot produce positive results! Execution implies that a leasing plan has been proven effective as measured by the final results. The means have justified the end! The leasing team has used well-designed Systems as their tools and has remained Focused on their goals. Periodic monitoring and feedback combined with ongoing training and coaching have kept the leasing professionals and their teammates Accountable to goals and objectives.

It sounds like one big party with everyone just pitching in!

WRONG!

If it were THAT easy, every company would be equally successful. Some make the mistake of thinking that once the marketing plan has been written and the team has been trained, the job is done. It has been said, “If you fail to plan, you should plan to fail!” There is some truth to this, but the best plan never implemented is simply a bad plan!

The ability to execute a plan comes from a combination of preparation and desire. Successful companies provide effective training, both formal and informal, along with a clear understanding of the corporate expectations and measurable goals. The team members are further motivated to properly execute through a system of rewards and penalties. Accountability in these top-performing companies is high, as team members are anxious to prove they are capable to achieve results! Successful Execution is easy to identify by improved shopping scores and MOST importantly, more leases!

 Execution is never an accident.

It happens because corporate leadership knows where they want to go. There is clarity of purpose and a common image of what success will look like. The right people are in place, prepared and motivated to reach their target. In leasing, that goal might mean a specific number of leases per month on an individual basis or it could be a targeted closing ratio over a set time period.

Whatever the situation, real Execution requires a defined, measurable goal that when reached will be easily identified.

Execution is knowing where you have to go and there being no question when you have arrived!

*S*A*F*E* Leasing: FOCUS

With Systems in place to monitor and measure on-site performance, and a method to encourage and enforce Accountability, you must now Focus on your goals.

SAFE – Systems * Accountability * Focus * Execution

SAFE Leasing is so named because its key concepts represent a style of leasing that is both effective and “good” for the leasing professional, the rental prospect and the owner. Systems allow the management company to monitor and measure on-site performance. This creates Accountability that provides feedback to the individual leasing consultant while spurring the on-site team to higher performance levels. Becoming Accountable to specific training, performance, and expectation, these Systems sharpens the team’s FOCUS helping them to concentrate intensely on the property goals and see clearly the owner’s priorities.

Systems           √

Accountability          √

Now… It’s all about FOCUS!

S*A*F*E Leasing Requires “FOCUS”

Focus is the discipline to concentrate your efforts, resources, and attention on a particular objective or goal. A company’s Focus becomes its primary area of concern and responsibility.  It should receive the company associates’ full enthusiasm, energy, and concentration. All successful management companies create training curriculum, promotions, mandates, and rewards that help their teams remain focused.

As part of the ongoing training initiative, companies may choose to Focus on identified ‘problem areas’ – seeking to correct one behavior at a time – in order to capitalize on the positive return from that simple change. But Focus STARTS in the initial training of on-site associates – something we refer to as Leasing 101.

Many organizations offer a “Leasing 101” type class which lays out basic principles of sales based on their corporate philosophy. It is best that new employees learn and understand company goals and priorities from day one. You cannot expect new employees to read your mind about what is most important to you as a company!

Planting the seed of Focus from the very beginning and nurturing it with ongoing reinforcement keeps your team members from losing sight of the goal even in the toughest conditions or rental markets. Even mistakes and disappointments of the past can be used as learning tools to reform Focus. Evaluating the current process in an ongoing fashion, makes it possible to affect change where needed to shift or regain Focus where it has gotten off track or been lost.

Set goals, communicate those goals, and focus on achieving them…it is as simple as that!

Heard of “Focus Factor”?

It’s a supplement regimen that claims to help users stay on track and better concentrate on important tasks.

If only the apartment industry had such a performance enhancer!

Your company and property goals should be in writing – simple and specific – for all team members to have in hand. More than a mission statement or company motto, your ‘focus factor’ should be a clear and sharp set of directives and measurable goals that each team member uses as a map for today’s activities and efforts.

Team Focus does have a long-term impact…but it is also a “right now” kind of compass that should reveal our immediate plan of action!

*S*A*F*E* Leasing: ACCOUNTABILITY

Once you have Systems in place to monitor and measure on-site performance, you must make on-site professionals responsible for meeting desired standards – that is Accountability.

SAFE – Systems * Accountability * Focus * Execution

Being Accountable to a measurable set of standards results in higher sales performance levels.

Leasing Requires Accountability

Accountability is the “insurance” used by top sales-performing companies. With well-designed Systems for sales/leasing employee selection and training, good performance is never merely assumed. Just as there is a follow-up system for your rental prospects, you should build into your accountability procedures a follow-up for leasing performance.

The mystery shop has long been held as the primary tool for measuring sales performance of on-site leasing personnel. So developing a routine that gets shopping reports immediately reviewed and forwarded to all parties including the person who was shopped is essential to the accountability process.

Accountability starts with giving the on-site leasing professional a full understanding of the company’s expectations. Employees are responsible to each other to perform to the best of their ability and in the best interest of the organization as a whole. Each person is accountable for her decisions and actions – or the lack thereof!

Accountability is critical to improving and growing any organization. Starting new employees with exposure to your training Systems sets them up for success. From the beginning, everyone knows the expectations and how to reach that standard of performance.  Because leasing is the ‘front line’ of the multifamily management industry, many companies focus intensely on the performance and production of their leasing associates.

Accountability – Consistency and Fairness

Clearly communicating leasing expectations is a fundamental objective. These expectations include the shopping score thresholds that the company considers “acceptable” for any leasing professional. Some organizations offer bonus incentives for consistent high scores, but at the same time there are consequences for failure to meet and maintain those standards. Managers or associates who might have earned bonus incentives for lead conversions may in turn forfeit those funds due to a low shopping report score in the same time period.

Many of the leading real estate management companies have a three-strike rule when it comes to shopping report performance. While the third strike may not always result in a termination, certainly there are actions taken to address the situation, redirect the associate or perhaps discuss with them whether sales is an appropriate career course.

Consequences for poor sales performance usually include re-training or counseling at the very least. Some companies utilize forums where seasoned leasing professionals who demonstrate consistent top performance share ideas and tips with those who recently received a less than satisfactory evaluation. These roundtable type events are designed to be fun, upbeat, and DYNAMIC!

Positive Reinforcement is Crucial to Accountability

Positive feedback and upbeat corrective actions are used to instill a sense of confidence. While meting out what might be seen as punishment to a low performer, providing encouragement as well is vital. Try to find something positive in even the weakest presentation!

Try to build on the positives!

 Aggressive pursuit of leasing excellence along with high shopping scores should never be confused with intimidation or bullying. When constructive criticism, established consequences and positive reinforcement for perceived strengths just aren’t cutting it – you simply have the wrong player in the position. At that point, you may be forced to rehire.

Set realistic expectations and appropriate rewards and the right person will hold themselves personally accountable. The real driver in accountability is the person’s individual desire to do a good job. They know that when they fail individually, they have personally let down their entire team… and their company.

 

Accountability and Rewards

Recognition for a job well done is one of the most important motivators to most employees. Top leasing professionals sometimes earn designations like “Superstar” or “Top Shop” and receive recognition in newsletters or other intercompany settings – maybe even on the company’s Facebook page!

Rewards can be monetary, merchandise, or even exclusive invitations to corporate events, special training for VIP sellers, and more. Recognition is a cornerstone of encouraging repeat high sales performance. In addition to incentive, some top sellers are recognized by having highlights from their actual shops printed in company publications or read at corporate meetings. This type of recognition also doubles as a learning tool for other team members as they hear and read the positive (and instructional) comments from the shoppers. Leasing accountability can be rewarded by a call from upper management to congratulate a leasing professional for a great shop or for a record number of lead conversions for a given timeframe.

Competition in Accountability

Accountability of leasing performance continues to heighten, as the responsibility for leasing excellence appears to be moving up the ranks! Rather than simply holding a training director or regional manager alone responsible, now upper management seems to be interested and involved in the constant monitoring of shopping report scores and performance evaluations because they, too, are ultimately held accountable.

 Accountability starts at the top! A little healthy competition is a good thing!

Some companies offer a trophy to the manager whose area sales performance outranks his peers. The trophy only stays with the manager as long as their team has the top scores. Some of the more common gauges used for accountability are average shopping score and average occupancy rate. This interesting competition melds shopping performance with actual property operations to produce a number that truly reflects leasing excellence.

Your Systems are only as good as the people who work them! Accountability means everyone has a stake in the overall success of the property. By showing that being accountable not only helps the company but also has its rewards, you can increase buy-in.

Better sales performance leads to higher occupancy rates and a greater ROI, which means everybody WINS!

*S*A*F*E* Leasing: SYSTEMS

The roller coaster ride that is the real estate market can sometimes get downright intimidating!

How can you be SAFE in this treacherous and competitive rental market?

SAFE – Systems · Accountability · Focus · Execution

You MUST have Systems in place to monitor and measure on-site performance. The old management saying is still true today: “If you can’t measure it, you can’t manage it!”

Systems that measure performance make on-site professionals responsible to desired standards and achievements.  We like to say it is better to lease SAFE than sorry!

Effective Systems are the foundation to SAFE sales and marketing. Systems allow companies to operate in a purposeful and calculated manner.

Training Systems

Leaders in sales performance use thoughtful and simple Systems to maintain superior sales skills and achieve leasing excellence. Some companies utilize Training Systems that hone not just sales skills but also professional and personal skills.  Some curriculum includes classes that encourage a balanced life.

Enthusiasm, conflict resolution, and a zest for life are skills that are as crucial as telephone techniques and overcoming resistance. If the leasing professional is happy with their job and content with life, the rental customer can see that in their presentation. A well rounded training program could well teach leasing professionals how to be the kind of person that others like to do business with!

While sales techniques are an integral part of your training curriculum, it’s also a good idea to integrate your corporate traditions into this process. If your on-site personnel have buy-in to their product and the company, the prospect will be able to see this. Their leasing presentation will have more energy and be more persuasive. However, it’s not all about the ‘warm fuzzies’!

The fact is that top performing companies in sales typically invest significantly in sophisticated and high caliber Training Systems which focus on a performance-oriented curriculum. They educate not only on-site leasing staff but also service technicians, bookkeepers, porters, and managers. They review corporate culture and general sales training, and they introduce the staff to the shopping report – the tool by which their performance will be measured.

Classroom training, mentoring, mirroring, one on one coaching, web-based training – companies utilize different platforms based on their needs and the return on their investment.

Recruiting Systems

The road to being an industry leading company starts with recruiting and hiring the best people. Some organizations express their commitment to finding quality people by employing a full time recruiting team who personally interviews all on-site candidates. Many times, best employee prospects come from the referrals of other quality on-site employees.

In employee selection, you must start with a core group of qualified and skilled managers – key players who become magnets to attract other quality on-site professionals to the team. Offering comps for referrals doesn’t hurt!

Personality and key characteristic profiling is another system or hiring tool used by top sales performers. They identify characteristics and traits that are common in proven sales people already on staff, and then they match leasing professional candidates to these identified “key” traits.

Systems simply for systems sake are not what we advocate.

Find what works best for you and go with it, but stick to your Systems!

Systems will help establish a SAFE leasing effort that puts more prospects into apartment homes.