I can't even begin to count how many times I have asked a site team about their competition, only to get a blank stare or answers that were far from reality. "Tell me about ABC Apartments which you list as one of your primary competitors on your comp sheet." Most of the time they can tell me if they are newer, older, etc., but not the details to help them understand or help them sell their own site and product. Many times, unfortunately, they say they have never physically shopped them. OMG!
I have written about the shortfalls of really knowing their own product (how many outlets in the living room, feet of counter top space in the kitchen, how many drawers in the kitchen, etc.), and how this knowledge can make them a better leasing/sales person. You can't truly sell your own apartments or come across as credible if you don't know your own site and apartments. The other side of the coin is knowing your competition. On occasion I have had managers who have visited the competitors, but then it may have been last year or cannot really answer specifics about the product. Everyone....everyone at your site should visit the comp's at least twice a year. So the question is, what do your really get and what areas are critical?
Nothing is permanent but change, and sites change. Staff changes, fixtures change, amenities change, and sometimes for the bad as well as the good. How good of a job are their leasing people doing? What does their office and desk area look like? What does their advertising and lease package look like? How well is the site being maintained? Have traffic patterns changed making it easier or harder to ingress and egress the site? How is their lighting (means you should look at after dark as well and review breezeways as well as parking areas)? Have they made upgrades to their interiors? Have they upgraded counter tops and appliances? How does their floor plan compare to ours and what are the positive and negative points? Does their square footage include balcony and patio? Are their dimensions listed accurate? Have they changed their pet policies? Are they using lease optimizer software? Have they changed how they accept payments? What does their web site look like and what is available as far as features through their site?
As you can see so much can be obtained, analyzed, and used and all you have to do is take a field trip and get out of your office. Observe and learn is also another key point. You might learn a new way of saying something listening to them talk on the phone or to a prospect. You might also learn what not to say as well, but let's focus on the positive. On the other hand, never...and I repeat never, say anything negative about your competitors to your prospects. Point out the positive and how you are better. If a prospects states they have visited XYZ Apartments use your gained knowledge to show how you are better. I have actually had leasing specialists say, "Oh you don't want to live at XYZ Apartments because their kitchens are small." Instead say, "I am sure if you visit our competitors you will find we have the largest kitchen space in the market and more cabinet space to provide the highest quality of living."
We must constantly be learning and to do that constantly be assessing the market. We also must be continually find ways to excel and exceed, as well as making sure we are the most knowledgeable we can be by training ourselves and others. Knowledge is power and can lead to success for you and your team.
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