A luxury apartment company’s sales team had a closing rate that was going down, while the number of leads had never been better. A complete sales training program was put in place and things weren’t getting better.
Coyle began by observing the communities and learning what target demographic represented the most profitable tenants. Coyle then referred a panel of independent professional evaluators to look at the marketing and advertising campaigns and then visit the properties, posing as potential renters. Site visits were completed by the evaluators, who provided open-ended feedback. Coyle used this information to create a concise set of standards for sales agents to follow, cutting the existing measurements in half. Measurements were composed from the customer point of view and were centered around benefits instead of features and procedures.
Community managers were given 30days to prepare and a BETA round was deployed, providing a benchmark. The communities were solicited for input and the program was modified and moved forward.
The company learned some unexpected things. First, the advertising campaigns were not in synch with the realities of the communities in terms of lease availability and pricing. This was tightened up. Next, the sales team learned that when potential renters arrived on site, the staff needed to prospect and gauge much better in order to personalize the presentation. Closing rates increased and morale improved given the measurements were simple, making the incentive program fully transparent.