KINGSLEY INSIGHT
>> September 2005
INSIDE THIS ISSUE
10 Keys to Winning (and Keeping!) Management Assignments
Management and leasing firms today are facing a more competitive – and sophisticated – set of circumstances when trying to win new engagements. With all the consultants, decision matrices, and relational considerations, it can be hard to know what is really driving the hiring decision. Despite the uncertainty, there are a few tried-and-true steps to maximize the chances of winning that big assignment. Here's our top ten:
10. Show them the team. It’s great to have a polished team of presenters, but potential clients also want to meet and evaluate the actual people they would be working with.
9. Be original in your pitch. Boiler plate material is obvious, and it can send the message that the assignment is not important to you. Take the time to customize and show something they haven’t seen before.
8. Prove you know the market. Being a big or national organization may not matter if you aren’t seen as capable in the places where your prospective client is doing business. Conversely, more localized firms shouldn’t take for granted that they’re considered to know their market.
7. Agree to measure achievements. Show confidence by evaluating performance. Bonus: put compensation at risk based on achieving goals.
6. Be proactive in service delivery. Find ways to assure prospects that you understand that your job is to help them succeed. Show them how you will lessen their workload.
5. Ask where you need to improve. Seeking constructive feedback conveys that you’re in it for the long haul.
4. Don’t forget that your competitors want the business. Competitive pricing isn’t enough – make the case for the unique value your firm adds.
3. Be accessible. Make sure the account is properly resourced, and that no one gets caught in voicemail jail.
2. Develop multiple relationships. If you have only one key contact at a prospect or client firm, what happens when that person leaves? Even worse, what if the situation is reversed? Weave a web.
1. Understand why you win and lose business. Seek specific feedback to understand what worked and what didn’t. Learn if there is a disconnect between the market’s perceptions of your strengths versus your own. Pre-conceived notions can be difficult barriers to overcome, especially when you don’t know what they are.
How many times do you find yourself sending an email instead of picking up the phone? Sociologists have been studying the effects of communicating via electronic vehicles (email, BlackBerry, instant messaging, etc.) on today’s society. These studies have shown that while there are certainly improvements in efficiency, there is limited human interaction – something that humans innately need.
Similar trends can be found in the real estate industry. Many firms have implemented Web-based work order systems, client portals, and online newsletters. These programs have increased efficiency in many ways, yet they have replaced traditional communications with clients and tenants. What net effect does this have on the relationship with your customers?
Kingsley Associates’ research has found that proactive, personal communication with tenants and clients is highly correlated to their overall satisfaction. Take some time to communicate with your customers one-on-one. Give tenants a call to follow up after a maintenance request. Write clients a personal handwritten note. Visit tenants on-site to find out if their needs are being met. These efforts will come back to your firm three-fold: improved relationships, increased customer loyalty and enhanced brand image.
Top Areas Requiring Attention Among Residents
Do you know what your unsatisfied residents' primary concerns are? We do. Over 89% of unsatisfied residents identify a community management-related area (ie. follow-though) as requiring improvement.
Why should you care? Residents' satisfaction highly influences their intention to renew. Uncovering and resolving residents' unhappiness with community management is an often-effective path to increased resident tenure.
Benchmarking Against Your Competition
Many executives look to financial indices to gauge their relative performance. Unfortunately, this only provides a cursory view. While these measures benchmark end results, they don't help you identify how to get there. Smart firms dig deeper. How do operational efficiency and fee metrics compare to the competition? Are service and satisfaction levels higher than my competitors? Are training and benefits competitive relative to the industry?
The Kingsley Index is the largest and most comprehensive performance benchmarking database in real estate today. Contact us to improve your market position in 2006.