1/27/2015. Welcome to the NALP Course: Why Your Competition Matters WHY YOUR COMPETITION MATTERS. Welcome. Course Schedule. Welcome.

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1 WHY YOUR COMPETITION MATTERS Welcome Welcome to the NALP Course: Why Your Competition Matters. 2 Welcome Course Schedule NALP courses may be taken in classroom form or online. The classroom and online courses share a structure and activities and all media. The complete set of NALP courses is: 1.Bringing in New Residents: Be Prepared 2.Marketing and Maintaining Your Community 3.Why your Competition Matters 4.Relevant Laws and How to Apply Them 5.The Sales Process and Building Relationships 6.Effectively Meeting the Needs of Current Residents 7.The Market Survey Presentation For more information about this program or any of NAAEI's education programs, ask your instructor, contact your local apartment association or contact NAAEI at (703) or education@naahq.org. This course includes three modules and will run for approximately two and one half hours. Each module will include a mix of activities, discussions and watching videos and slides. The approximate time structure of the course will be: Component Time Module 1 - Gaining Customer Loyalty 45 minutes 45 minutes Break 15 minutes Module 3 - Your Role in Improving Your Community 45 minutes 3 4 Introductions Learning Goals Introduce yourself to the group and answer one of the following questions: Have you ever quit doing business with a company and they earned back your business? Have you ever been shopped by a competitor? At the end of this course, you will be able to: Gain the loyalty of your customers. Understand your competition. Improve your own community. If you were told your community was going to have a new manager, how would you typically react to such a change? 5 6 1

2 Module 1 - Gaining Customer Loyalty Module 1 - Gaining Customer Loyalty The Ultimate Question 7 8 The Ultimate Question: Earn the Loyalty of Your Customers The Ultimate Question: Earn the Loyalty of Your Customers The Franklin Covey video you will see is about earning the loyalty of your customers. "The Ultimate Question: Earn the Loyalty of Your Customers." After you watch the video, we will discuss your reaction to it. Now you know the ultimate question. Remember this question when you think about your community's level of customer loyalty. The question, as you saw in the video, is: How likely is it that you would recommend this company, product or service to a friend or colleague? 9 10 Module 1 - Gaining Customer Loyalty Activity: Customer Loyalty Customer Loyalty Activity: Your Net Promoter Score Calculate your Net Promoter Score: % Rated 9 or 10 (of 10) LESS % Rated 6 or Less EQUALS %N Net tpromoters Are you happy with your answer?

3 What to Look For Why Shop Your Competition? What to Look For A Competitor or a Comparable? In order to help prospective residents lease at your community you need to know what your competitors are doing! Shopping the competition can be done two ways: Mystery or Undercover shopping - you pose as a real applicant. Relationship-building you call on your competitor and explain your desire to build a positive relationship with that community. Competitor any community, even if a different architectural style, competing with you for prospects Comparable any community with an architectural style and features similar to yours, competing with you for prospects. How Often? Look For: People. Product. Pricing People Product Look for: The tone in their voice (or in their s). The way they appear. The organization of their leasing office. The ease with which they present their community. The questions they ask you when you "mystery shop" as a prospective resident. Look for: Appearance of the community. Signs, website and marketing materials. Features and amenities. Think about how your community compares to others and especially to the best of the best

4 Pricing How to Shop Your Competition The better you understand your competitors, what they offer and what they charge, the better you can explain the value of your own community to prospective residents. Look for: Different prices for different unit styles. Price per square foot. Fees and additional add-on costs An Experienced Leasing Professional: How to Shop Your Competition How Would You Shop Your Competition? The video you will see will show an experienced Leasing Professional talking about how to shop your competition. What do you think is most critical to look for when shopping your competition? Be as specific as you can Activity: Brittany Goes "Shopping" Brittany Goes "Shopping" Watch this clip that tells the story of Brittany, a Leasing Professional, shopping her competition. As you do, think about what Brittany learns about the community and what opportunities she misses

5 Brittany Goes "Shopping Question 1 Brittany Goes "Shopping Question 1 Best Answers In the clip you just watched, what significant things did Brittany learn on her visit to Greenview Apartment Homes? She saw the grounds and the fitness center. She learned that the fitness center at Greenview was for residents only. She saw the mobile app that Greenview used to show photos on a smartphone. She saw a good example of a non-pushy Leasing Professional, Tyler. She found out Greenviews current rents for 1- bedroom apartments Brittany Goes "Shopping Question 2 Brittany Goes "Shopping Question 2 Best Answers In the clip you just watched, what could Brittany have done to learn even more about her competitor? She didn t ask Tyler for floor plans. While she shopped primarily for one apartment size one-bedrooms she could have tried harder to gather information about two and three-bedroom apartments. She didn t get to see a model or a vacant apartment but she could have asked Tyler if she could come back to view an apartment. It didn t look like she had shopped Greenview s online presence at all; she simply called and made an appointment Summary Module 3 - Your Role in Improving Your Community Shop your competition and learn what they're doing and how your community measures up! Shopping your competition also helps you learn some best practices from other communities. Share your findings with your community's staff and leasing team

6 Module 3 - Your Role in Improving Your Community Create a Clear and Compelling Strategy Copa Airlines: Create a Clear and Compelling Strategy The Franklin Covey video you will see is about how to create a strategy. Copa Airlines: Create a Clear and Compelling Strategy." After you watch the video, we will discuss your reaction to it Copa Airlines Activity: Question 1 of 3 Copa Airlines Activity: Question 1 of 3 Sample Answers What was Copa's strategy to become a great airline? Set specific performance goals. Communicate the goals. Tell how to reach the goals. Each employee at Copa, at all levels, knew their role and how they impacted the bottom line. Copa employees bought into the goals and worked together to achieve them. Copa changed its entire culture by empowering their employees at all levels Copa Airlines Activity: Question 2 of 3 Copa Airlines Activity: Question 2 of 3 - Sample Answers How can you apply elements of Copa's strategy to your community? Set specific performance goals for your community. Make sure every team member knows what role he or she is responsible for and how that role impacts goals. Think about everyone: porters, housekeepers, landscapers and maintenance staff. Continuously talk about the goals and achievement

7 Copa Airlines Activity: Question 3 of 3 Copa Airlines Activity: Question 3 of 3 - Sample Answers How did Copa make sure everyone was involved in the strategy and goals? Copa used two methods to involve everyone: "Cascading," or passing the company goals to every level in the company. "Knitting," having shared goals between departments t or between people, so they have to work together to achieve the goal. How can a porter or make-ready technician or assistant manager help achieve the goal? Summary In a great organization, the mission cascades throughout the whole organization! Do you know how you contribute to your organization s mission? Module 3 - Your Role in Improving Your Community Trim Tab: How to Initiate Change Trim Tab: How to Initiate Change Trim Tab Activity: Question 1 of 3 The Franklin Covey video you re about to see is about how to initiate change. Trim Tab: How to Initiate Change." What's a "trim tab" and what is its significance relating to causing change? After you watch the video, we will discuss your reaction to it

8 Trim Tab Activity: Question 1 of 3 - Best Answer Trim Tab Activity: Question 2 of 3 A 'trim tab" is a tiny second rudder attached to the big rudder on a ship. Despite being tiny, compared to the size and weight of the ship, the trim tab determines the ship s course. How was one person able to energize a team of professionals and even a whole community? Trim Tab Activity: Question 2 of 3 - Best Answer Trim Tab Activity: Question 3 of 3 Principal Madeline Cartwright used her position and her influence to start at a very basic level (cleaning the boys restroom) to inspire others to act. Just her own example was the trim tab needed to make significant changes throughout the rest of the school. How can you become a "trim tab" at your apartment community? Meet in your small groups and suggest how you can be a trim tab in your role Trim Tab Activity: Question 3 of 3 - Best Ideas Summary Think about something small that you can do to rally your work team. Remember your sphere of influence. What areas can a leasing professional impact? As a team member, your actions and attitude can inspire trust and empower others to make a difference. Daily moments of choice mean you can choose to be a trim tab. If you do, what you model will set the tone for those you lead. Small things, over time, can have a tremendous impact

9 Module 3 - Your Role in Improving Your Community Activity: Making Change Happen Activity: Making Change Happen 1. List one thing you want to change the most in your community. Ask yourself if you could change anything about your community what would you change? Be creative, but realistic Activity: Making Change Happen Summary 2. Select a desired change and brainstorm possible solutions. When making change happen: Be creative. Be realistic. Use your network. Be solutions-oriented, not problemfinding. You have the power to make your community the best it can possibly be. Change isn't always easy, but it's possible. Use the techniques you've studied and we ve discussed in this module! Course Summary You should now be able to: Gain the loyalty of your customers. Understand your competition Improve your own community. You can take these skills back and apply them on the job! 53 9