Belief in Your Product Has Real Power: A Leasing Perspective

Having product faith is critically Important.  In multifamily leasing, the product transcends the mere physicality of the property.  The experience you provide to all:  prospects, residents, and stakeholders is paramount.  As a two-decade industry veteran, I know, firsthand, the power of product faith in leasing strategies, particularly in a highly competitive market.

You should strive for a scenario where your leasing agents and property management staff all share firm confidence in your community’s value relative to its competition. Such conviction and belief then transcends simply telling your prospects that you provide value. This collective belief permeates every interaction with them and lingers afterward, thus defining their impression of you and your property. What this positive perception does is tip the scale in your favor when selling points seem to have equalized (no thanks to the competition). For a property with negligible price differences, an absolute conviction in its best-in-class value proposition can be the ingredient that clinches the deal.

Consider this…

I once worked at an 850-unit property with luxurious amenities and high-end finishes. My experience on that property was successful and rewarding.  In an unusual twist of fate, I was selected to run a new lease-up development directly across the street.  Something supremely transformative happened to me.  That new development, which was physically inferior to my previous property, inspired me with the vision to sell a completely unique lifestyle as the way to success.  Working alongside a top-tier leasing team known for their strategic and exceptional leasing skills, we all steadfastly believed that our community was the most coveted in the market. Our demeanor and service mirrored that of a five-star hotel’s elite staff. We focused passionately on enjoying our product and lifestyle versus selling an apartment, or even just a number. It was this attitude of displaying great satisfaction from the product and lifestyle that created power and nourished a whole new approach to successful leasing and winning the numbers game.

Our lease-up story is a great case study for the multifamily industry.  Our team prioritized our product and lifestyle, even when the competition was luring residents with 2-3 months of free rent and superior interior finishes and amenities packages. We offered far less in concessions and even dared to nudge our prices up, confident in the exceptional service and community lifestyle we provided our residents. The team prioritized offering the most expensive unit on the preferred floorplan, followed by upselling to the next tier of options (of course, these high-priced-units paid off the highest commissions). This bold strategy paid off, as we beat our pre-leasing projections by a full two months, a clear indication of our approach’s efficiency.

A leasing team’s success stems from its deep grasp of leasing psychology. By fostering a collective belief in the property’s value proposition and emphasizing lifestyle over physical attributes, the team’s success outshined a competitive marketplace. By not focusing solely on price, and prioritizing value and exclusivity, while offering exceptional service and upscale units, the team got the job done. This approach led to surpassing pre-leasing projections by two months, showcasing the efficacy of their strategy.

A few tips you can apply to maximize your multifamily leasing success regardless of the type of multifamily asset you sell or produce, or market where it is located:

• Belief in your product is infectious and rare: Ensure that your prospective customer senses this belief in all company personnel.

• The product is never just about the physical attributes: It is never all about the square footage, bedroom count, number of elevators, amenities, etc. These features may get people into the door, but sell the lifestyle, the community, and the experience.

• Yes, people run to a deal: But relax your focus on price — emphasize the tremendous value and all of the above.

• HUGE… At least in my case: People will pay more if they receive — or believe to have received — urgent attention and exclusive services.

Geri Bettencourt, MBA | Co-Founder and Executive Vice President