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The Basic Secrets of Success It’s the little things that matter most to people. By
JACKIE RAMSTEDT, CAM, CAPS, CAS, Ramstedt Enterprises
A note from the editor: This article was written on April 1 by Ramstedt, a presenter for the May 14 HAA Education Conference & Expo which has been rescheduled to Thursday, July 23. While not COVID-19 specific, this information is still beneficial to our readers, as leasing and property management doesn’t stop, even in a pandemic.
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hether you are managing a small apartment community in a rural area or one of the industry’s largest assets, people’s expectations in principle, are still basically the same: give me good, quality products with reliable service performed by competent employees for the value of money I am spending. In today’s aggressive competition, with properties competing solely on price, your business may quickly be on the road to ruin if you can’t differentiate between expectations and advantages. Here’s a little secret you should know: contrary to common perception, residents will not live anywhere just to save a buck. You need to stand out in an overloaded marketplace by matching the expectations of today’s residents with your own business plans. This will clearly separate yourself and your business from the competition. You have to stand for something. The quickest way to get people to ignore
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you is to not stand for anything, except price. So, if you want to avoid getting beat up on price, stop trying to compete on price alone. What your property needs to stand out is not just better but exceptional customer service producing more satisfied customers. But don’t make it just the simple pleaseand-thank-you variety. Aim higher. Strive for fabulous, prominent, outrageously great service to set your business apart from all the others in your market area. Keep your word and your promises. If you want loyal residents, you need to get them to care about you. Trust is a huge factor in the formula for exceptional relationships. Seems like it would be easy to get people to trust you and your property, but the truth is, it isn’t. According to the Retail Consumer Dissatisfaction Survey, 33% of people can't find a salesperson when they shop and 25% are ignored by associates. Furthermore, here are some other interesting facts about what the general public endures: * 96% of dissatisfied customers do not complain directly to management or owners. * 90% will just not return. * One unhappy customer will tell at least nine others. * 13% of unhappy customers will tell at least 20 other people, even if unsolicited. Lack of sincerity and concern combined
with empty promises makes your credibility worthless. Offer multiple ways for them to contact you including phone, email, text, fax or live chat. We want to hear from them. The most beautiful words to their ears. When you hear this phrase, you immediately think of a person’s name being the most persuasive. This is true, however in this case, we are speaking about certain words that encourage or entice people to action more than others, in particular: free, new and guaranteed. When customers hear these words (and when the promises those words imply are backed up), they’ll enjoy their stay more than they would have otherwise. Creating unique advertising that shows your property actually walks the talk will boost your credibility rating. Money back guarantees for satisfaction, 24-hour or same-day response time to service requests and staff being available when the customer or residents needs them, are all examples of your credibility. After all, it’s what you do to back up what you said you will do that’s so powerful. Make it personal, very personal. In a study from the Journal of Applied Social Psychology, researchers found that servers could increase their tips by 23% by the simple act of returning to tables with a second set of mints. So, do the mints have magic powers? Probably not, but the
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