Do You Have a Traffic Problem?

The First 3 Questions You Ask…

As a multifamily consultant, many of my assignments start this way:  “Rick, we just aren’t getting enough traffic.”  

Traffic generation can be an issue.  Yet often, the real reason traffic is not sufficient to maintain occupancy and income goals is often not realized.   Most clients think the remedy is more advertising and promotion.  Or the dreaded Outside Marketing!

Our years of contract leasing in multiple markets has shown us that the traffic amount is not usually the problem.  More often, it is the staff and their utilization of the traffic.  Here are the questions I ask when assessing “traffic problems”.

1. What is the staff’s response time to internet traffic?  Really. – If you are not responding within minutes, you are not maximizing this primary traffic source.  You may require more traffic…or you might just need faster response and better sales skills.
2. Where EXACTLY did the last 25-75 move-ins come from?  – What was their precise traffic source?  Chances are, the staff did not ask and does not know.  “Internet, Google, drive by, or referral” are not good answers.  We can accurately track many traffic sources thanks to the ILS’s traffic dashboards and call tracking.  Then go back to the traffic sources that produce the move ins and double down!  Check out additional tips here.  
3. What was the reason for the last 25-75 move outs?  Please, stop saying “they bought a house”.  What I look for here is not only why they moved but how they learned of the property initially.  Is there a traffic source that only gives us short term leases?  Do we really need that source? 

Obsessive with traffic identification?  You bet I am!  Knowing where your traffic is currently coming from and which sources produce the actual move-ins is a foundation to creating your marketing plan and strategy.  Outside of the automatic tracking, most properties don’t know traffic sources or what is the move-in source.  Prove me wrong.