Leasing Roundtable: Closing Techniques From Multifamily Pros
Industry experts weigh in on their favorite do’s and don’ts.
Whether you’re looking to start a career in multifamily leasing or are already a seasoned veteran, there’s always more learning to do and advice to take into consideration to be more efficient. What are some unconventional ways to reach potential residents? How about ways to quickly build up a strong relationship with prospects? These leasing experts have the answers.
Lindsey Goodstat, community manager with GeerHouse Apartments in Durham, N.C., Bell Partners Inc.; Patrick Nankivell, leasing manager, Fogelman Properties; Stacey Smith, vice president of real estate management, EAH Housing; Cari Luetge, vice president of operations, RPM Living; Mihal Gartenberg, licensed associate broker, Christie’s International Real Estate Group; Biliana Atanassova, leasing consultant, Cushman & Wakefield; Sammy Ahmed, regional leasing manager, Clinton Management; and John Dugan and Mick DiStasio, licensed real estate salespersons, Elegran | Forbes Global Properties offer their multifamily leasing tips and tricks.
What advice do you wish someone had told you when you first became a leasing agent?
Luetge: Be yourself! Create your own brand. A tour isn’t just about showcasing the property and what it has to offer. It’s very much about the experience you create and the connection that you build with prospects along the way. People will commit to someone they feel they can trust and one that will take care of them in their new home. Your goal should be for them to walk away—lease completed—with a full visualization of their life at your community. You are then the face of the community, and you will most likely be remembered over the newly upgraded smart thermostat.
Atanassova: The advice I wish I received was not to take things personally, yet to still stay true to myself. It’s something I now try to live by.
Smith: I wish someone had told me about the many opportunities that would come my way. Although I was able to advance my career, I didn’t receive much guidance. Having a mentor would have made my path more focused and linear.
Ahmed: Just keep going! I know it might sound cliche, but the beginning is always the toughest part. I also wish someone told me to learn to handle rejection gracefully. The first few rejections you receive as a new agent can chip away at that hunger to land deals, which as a new leasing agent you cannot lose.
Goodstat: It’s important to remember that finding an apartment can be stressful for many prospects, or sometimes they’re just having a bad day. If someone’s not being nice to you, it’s best to not take it personally.
What’s your favorite strategy for getting a potential resident to sign a lease?
Nankivell: Being excited about your product is crucial. If you’re excited, they will be, too! I also think forming a relationship with each prospect is the best tool for success. I love getting to know new people, hearing their stories about why they are moving and tailoring the presentation to meet their needs. Everyone is coming from a different set of circumstances and looking for different things. We narrow down what is important to them and use a needs-based selling approach to close the deal.
Gartenberg: My favorite strategy is to provide an experience in opposition to what tenants have become accustomed to in New York’s urban jungle. I create a luxury showcase of the properties I list. My team and I are courteous, responsive within an hour and never stress the prospective tenant about the process. Beyond that, we only list one category type of apartment at any given time, while keeping a list of the available inventory visible `to interested tenants.
Goodstat: A direct strategy I use is after the tour asking them which seating area in the office or common areas that they would be most comfortable in while filling out the application. A more indirect strategy I use is during the tour I ask them about their furniture setup so that they can visualize their personal items in the new space.
Ahmed: One of my favorite strategies has always been to create a sense of urgency. We all know signing a lease can be nerve-wracking and people tend to drag their feet. In NYC, availability is always quite limited, so it’s important to remind potential tenants of this fact and create that sense of urgency. Another strategy I find effective is having your potential client shop the neighboring competitors, because we all know they have done so already and it will remind them why they want to proceed with your listing.
How do you think outside of the box to reach potential residents?
Dugan: I use creative marketing such as partnering with local businesses and hosting events, along with virtual tours and social media to reach new audiences.
DiStasio: We’re always looking to showcase unique features of our units, buildings or locations that prospective residents might not think of, whether it’s a hot, new restaurant in the area, a certain time of day the sun hits the apartment or friendly neighbors—just any tidbit we can provide that would help incentivize a potential renter.
Ahmed: One of my favorite tools is virtual walkthroughs. There’s always a high volume of relocations for people who need a home as soon as they touch down in the city and they typically don’t have time to visit and shop around. I find virtual tours to be a super-efficient way to reach potential residents. Another tool is social media campaigns. In today’s real estate world, we see a ton of real estate professionals closing renters/buyers via social media.
Nankivell: I always try to find common bonds that I have with our prospects and residents. We all have more in common than what we realize so much of the time and taking the extra time to understand the person in front of you, their situation and their needs is crucial to building the relationship and making the sale. Unfortunately, in the hustle and bustle of our world the personal approach can be lacking in so many areas, and we want to be different. Get to know the person in front of you, create a rapport and let them know that they are special and you are glad they are there.
Luetge: A lot of the time, it’s literally trying something new and/or different constantly and then seeing what sticks. You don’t know what you don’t know. It’s a numbers game in the sense that the wider you cast the net, the more potential you have to catch someone’s eye. I used to tell my teams it was the “throwing-spaghetti-at-the-wall-to-see-what-sticks” method. However, then you must get back to the “old” and the basics of ensuring that you track the source of the traffic and that you’re being specific in the questions on how they heard about the property. The key is to analyze, go back to your basics, and then rinse and repeat; just adjust things when and if needed. You don’t always have to recreate the wheel, just adjust the throttle.
Gartenberg: I actively market my listings, while some agents wait for the phone to ring once they list the home online. I proactively reach out to past and current tenants, as well as friends of tenants, who want to explore our inventory. I also call agents that have brought clients to our buildings in the past. It’s a helpful way of going the extra step to bring in new residents.
Any tips on how to quickly build rapport with prospects?
Gartenberg: Listening to prospective tenants and their needs is the best way to build rapport. What’s important to them? What are they looking for? What kind of commute would be helpful to them? And with every answer I learn, I’m able to shape their tour and also guide them to the apartment that will suit them the best.
Nankivell: Make them feel like they are the most important person in the room, sit down with them, take the extra five minutes and get to know them, what they’re looking for and what brought them in to see you. In the day and age of a fast-paced world, it’s important to stop, take a breath and give them your undivided attention. This will set you apart from the competition.
Smith: Be sincere, be honest, be knowledgeable and be available.
Luetge: Being yourself is key but you should also know when to amp it up or pump the brakes. Not everyone is outgoing, just like not all are quiet and reserved. By learning about your prospect through asking questions and listening, you’ll be able to gauge your approach.
The top things that I have found to render success in all areas of life with building rapport are honesty, authenticity and being genuine. By not solely focusing on the sale, the conversation is smoother, easier and less like a business transaction and shifts into more of a conversation between two friends/acquaintances catching up. You still have a job to get done but it just got easier!
Atanassova: I always listen, smile and acknowledge their needs, and use their name during phone calls and emails or while on tour. This builds trust and makes them feel cared for. Planning for a tour or a conversation and knowing the basics about each person also adds a personalized touch.
What are the top three things that prepare you for a successful property tour?
Gartenberg: The top three things that I do to prepare for a successful property tour is to arrive early so that my energy is calm and collected, turn on the AC (a must in 90-degree weather!) or, if it’s dark, turn on the lights and, lastly, make note of any maintenance issues or anything out of place that I should share with the landlord.
Atanassova: To prepare for a successful property tour you need a great attitude, to always be positive and a knowledge of the product, the clients’ needs and how we can meet them.
Ahmed: Know your product inside and out. There is no excuse for an agent not knowing and understanding the property they’re showing. Then, ensure the building and units you’ll be touring are in show-ready condition, as well as the common spaces throughout the property. This will help create a positive impression and provide a smooth, informative experience for the prospects. Also, understand what the client is looking for. It’s always best to keep the showing of units to a minimum as you don’t want to overwhelm the shopper with a ton of options as this will create a more difficult closing for the agent.
Goodstat: I always ensure refreshments and snacks are prepped in the office to offer them when they first come in to make sure that they feel comfortable. I also walk the apartments that I want to show them and the path to get there from the office prior to the tour to make sure it’s 110 percent showable. Then, I prep marketing materials beforehand in a folder that they can take with them at the conclusion of the tour, so they have something tangible on their way out.
Smith: Curb appeal is very important. You very seldom get a second chance to make a first impression. Make sure the property is clean, organized and welcoming. Then, show up informed and prepared. Be confident in sharing information about your community and neighborhood. Be able to speak intelligently about the programs at your property. Also, practice safety.
Luetge: I always revert back to the 5 Ps in property management: people, product, price, promotion and place. However, for this exercise my top three look like this:
People: While this P is typically about the people that are employed with the property, I’d use it in reverse here and with reference to the prospective resident. If they’ve put in a guest card or you’ve had a phone call with them, you need to know their needs when they come in. Do your homework.
Product: Know your product from top to bottom and then also know your competitor’s product. This allows you to speak with confidence and builds trust that you have all the information they need to know.
Price: You must know what your price is, what their price range is, and it does tie into any promotions that you may be offering at the time of touring. Knowing where your comps sit can help in sealing the deal as well, especially if your value beats their pricing or if it’s simply that you’re within their price range and they’re not. Never get in a position of the “IDKs” about your property. It could lend to someone feeling uncomfortable in whether you have their best interest at heart.
What do you believe is the trickiest part of your job?
Atanassova: It’s always tricky when I have to say “no.” For as many times as we can provide a resolution to our residents, sometimes, we just cannot honor a request. In those instances, I try and be compassionately firm explaining the why without being pushy.
Goodstat: As a leasing professional, it’s time management. In this position, your uninterrupted time is minimal. I navigate that by using time management strategies like the Eisenhower Matrix or the ABC-123 method.
Nankivell: Most of us who have worked in property management know that we wear many different hats. We are leasing consultants, project managers, social media content creators, resident counselors, resident retention specialists and the list goes on. Because we are wearing all of our different hats and involved in so many different projects, interactions and shared responsibilities, we have to be able to multitask and not just multitask but master the art of it! I have had to learn the importance of prioritizing.
Smith: Maintaining a healthy work-life balance is one of the trickiest parts of the job. Property management, while rewarding, can be very demanding. When you care deeply about your residents and team, it’s easy for work to bleed into your personal time. However, it’s important to make a conscious effort to practice self-care and set boundaries.
DiStasio: NYC is such a dynamic market and no transaction or listing process is the same so it can be really challenging to manage clients’ expectations. We try to hedge this by providing an insane amount of detail on possible variables to hedge any potential mishaps but sometimes no amount of preparation can get ahead of what’s to come. We always try to operate with transparency and kindness.
