Leasing

LEASING

INTRODUCTION // Welcome Aboard! | I’m excited to have you as a member of the Cardinal Group team. As we grow, it’s important to me to reiterate to all team members our expectations for embracing our culture & core values. We are a culture of excellence, and a culture of best idea wins; you have a voice and can influence the way we do business. So please, make your voice heard and share your ideas.

As for leasing, we believe that in many ways leasing “forgives all.” It’s one of the most important, if not the most important business function at our company and you are all directly responsible for executing and ensuring that we are truly the best in the business. Exciting, yes! High expectation, even more!

This specific lease training is intended to teach both seasoned and first time leasing professionals the “Cardinal Way of Leasing.” We are deliberate with how we train our Team and I believe we have developed a simple, yet effective, leasing platform. It is a requirement of all Leasing Team Members to follow and execute our specific system as we have worked alongside many industry’s experts and conducted extensive research on what statistically creates the best results. Therefore, our prescribed methodology is not an option, but required of all Team Members to embrace and execute upon.

Two things that will never change are the importance of practicing your craft and the effectiveness of role playing in a sales environment. Like all things, in order to become a true professional and master your trade you must practice, practice, and practice! And when you’re sick of practicing, practice some more! Work with your fellow Team Members, role play and critique each other’s performance. All the hard work will pay off, I assure you.

Here’s to all your future successes,

Del de Windt | Chief Executive Officer Cardinal Group Management

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LEASING // Basic Training | During Basic Training you are going to learn and develop valuable skills, sales skills, but skills that should make you successful in your new leasing positon and throughout your career at Cardinal Group or wherever your adventures take you. You can learn sales skills at a desk; however, you develop sales skills through PRACTICE, PRACTICE & MORE PRACTICE! That is why each element of this training module includes exercises and prescribed role playing. Each role playing exercise is another opportunity to prepare for your 30-45-Day Cardinal Leasing Examination!

Basic Training is divided into ten sections: SECTION 1 The Philosophy of Sales

SECTION 2 Market Competitors

SECTION 3 Price Deflection

SECTION 4 Phone Sales

SECTION 5 Tour Sales

SECTION 6 Closing

SECTION 7 They Said “YES!”

SECTION 8 Follow-Up

SECTION 9 Accountability

SECTION 10 Attachments

To begin, LOGIN TO CARDINAL U and complete the following courses: LEASING: WELCOME TO BASIC TRAINING LEASING: BASIC TRAINING SYSTEMS OVERVIEW

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PHILOSOPHY PHIOSOPHY OF SALES

A C C O U N TNotes: This template is set-up using the Layers features.

The die lines, safe print area, and measurements are on locked layers of the master page that are set to not print. These layers will not show when you are in preview mode.

THE FUNDAMENTALS OF SELLING GREETING Selling is all about the relationship you build with the person you are helping. Like all relationships, the FIRST IMPRESSION is critical! Whether you are selling art work, dump trucks, or apartments, your first contact can heavily impact and dictate your success or failure. The finite detail is not to be underestimated. In fact, everything the buyer sees, smells, feels and hears plays a critical role in their decision making process, whether they know it or not. This includes your physical appearance as well as the environment that surrounds you.

“You never have a second chance to make a first impression.” ~ The famous adage By way of illustration, who below would you be most likely to buy something from?

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BUILDING RAPPORT Building rapport is vital to the sales process. Building rapport is simply creating a relationship with the buyer by learning what is important to that person and finding common ground.

The best way to build rapport is by asking thoughtful and open-ended questions that allow you to elaborate or learn more by asking a second question. As you are listening you will be able to identify and point out common ground between you and the buyer. This strategy is the same for the apartment industry and others alike.

For example:  What cities did you travel to in the past? ‒ Where do you want to go next? ‒ Me too! New Zealand is definitely on my bucket list.  Where did you hike in your last pair of hiking boots? ‒ What terrains are you hiking in your next pair? ‒ That will be a serious adventure! My brother and I did that route last year.  How will the iPad be used in your business? ‒ How many users will need access? ‒ I was at a restaurant the other day and they took my order on an iPad!

VISION SELLING Before any of us makes a purchasing decision the fundamental question we ask ourselves is, “how does this decision/purchase add value to my life?” One of the most important, and often underperformed, skills is Vision Selling. With Vision Selling the salesmen/women assists the perspective buyer in visualizing the ways in which the product would add value to the buyer’s life.

Here’s a very general idea of what Vision Selling is: -

Don’t sell me clothes – sell me neat appearance, style, attractiveness.

Don’t sell me shoes – sell me foot comfort and the pleasure of walking in the open air.

Don’t sell me candy – sell me happiness and the pleasure of taste.

Don’t sell me furniture – sell me a home that has comfort, cleanliness, and contentment.

Don’t sell me books – sell me pleasant hours and the profits of knowledge.

Don’t sell me refrigerators – sell me the health and better flavor of fresh-kept food.

Don’t sell me tires – sell me freedom from worry and low cost per mile.

Don’t sell me things – sell me ideals, feelings, self-respect, home life, happiness.

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OBJECTIONS No matter how good you are, buyers will often object to moving forward with a purchase. Buying something represents both change and commitment, which causes certain levels of discomfort and stress. Research has proven that change and commitment are two major factors that contribute to everyday stress. Naturally, humans prefer to avoid stress, so they will commonly have objections to making the purchase. Oddly enough, objections are positive buying signals! When a guest is involved enough to state an objection, they are usually interested.

Examples…

“I really like the Never-Crash-Sensors option, but it’s not worth an extra $3,500.”

“The eye shadow colors are really cool, but I’m not familiar with the Zilonge Line brand.”

“Hyperion Funds is an option, but I think I should spread my risk across different investment vehicles.”

The stress of the purchase is often the motivating factor behind these objections. The good news is that all objections can easily be overcome if you 1) know your product, and 2) have practiced your responses.

OVERCOMING OBJECTIONS In order to overcome an objection you need to relate the objection back to the person’s primary desire to make the purchase in the first place. Christina told us that safety was driving her decision, Shannon stated that experimenting made her feel alive, and Ryan said he wanted to spend less time managing his investments.

Here are some appropriate responses to overcoming their objections:

“Christina, I completely understand your concern about the price of the additional Never-CrashSensors option, and I agree it’s a lot of money. It all comes down to the choice between savings right now or increased safety for you and your family every time you get behind the wheel. It’s hard to put a price tag on that.”

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“Shannon, I’m the same way. The brands we know give us peace-of-mind and a consistent look day in and day out. What’s exciting about the Zilonge Line is how it will give you a whole new set of options to experiment with and I stand behind its quality as a user of this brand myself.”

“Ryan, I agree diversification is important. It’s really a tradeoff between more time spent managing multiple accounts or knowing your investments are streamlined and are being well cared for. I believe Hyperion Funds is that best option.”

TEASER ALERT - Common objections in multi-family housing include: 1) Price You must know your market, especially your competition. Explain to guests how you compare with other communities and what is included in your price. Sell the value of your price, such as: amenities, location, product quality, reputation, maintenance, management and extra services.

2) Location Overcoming this objection requires selling the neighborhood. The price might reflect “convenient location” for more urban neighborhoods and “peace and quiet” for more remote settings.

Thoroughly understanding your location is the key and requires homework on your part.

3) Apartment Size If the apartment appears too small, this is where your expertise really pays off. If you know each floor plan in detail and understand what furniture will fit in each room you will help ease any concern.

4) Personal Preferences For example, “I like having the dining and living separate” vs. “I don’t like having the dining and living separate.” You and your team should work through objection response exercises specific to your community.

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CLOSING Closing is also referred to as “asking for the sale.” If you’re helping the person buy something of value you need to be confident taking them through the sales process. The fundamental sales process is the same, regardless of what you are selling.

Confidence is key, and the key to confidence is repetition! Asking for the sale is one of those things that becomes easier with the appropriate practice. What is commonly referred to as “closing” is simply asking the person if they would like to move forward with the purchase.

Just like marriage proposals, there are a million different ways to go about popping the question. Whether you do it at the restaurant where you had your first date, or pop out of the birthday cake wearing suspenders and a cowboy hat – all proposals end the same way, “Will you marry me?”

Like marriage proposals, there are several different closing techniques. However, extensive research and experience tells us that the following sequential closing strategies will be most effective: Summary, Urgency and Personal close techniques. This will be known as the “S.U.P. Closing Technique.”

SUMMARY CLOSE “Shannon, you loved the array of colors in the Zilonge Line. They will allow you to continue to experiment with different looks. Would you like to purchase these today?”  In the Summary Close you simply summarize what is important to the buyer, how your product fits that need and then ask them if they would like to make a purchase.

URGENCY CLOSE “Christina, we only have one SUV left on the lot with the Never-Crash-Sensor system. Did you want move forward with the purchase to ensure you get the last one?”  In the Urgency Close you are making the buyer aware that by not making the purchase now they run the risk of missing out on the ability to purchase the item later. IMPORTANT: never lie (Core Value #1 – Believe in doing the right thing). There are numerous reasons for urgency: the store is closing soon, people can reserve the item over the phone at any time, prices are subject to change, inventory is running out, the sale ends today, etc. Again, find a truthful reason for urgency, there are several!

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PERSONAL CLOSE “Ryan, I completely understand where you’re coming from, I like to weigh all of my options before I make a decision too. The ability to live off my investments and spend time on the things that are most important is really commendable and I hope to be in that position myself one day. I’d like to follow-up with you in the near future if that is alright with you.”  In the Personal Close you are reconfirming the perspective buyer’s position and placing yourself in their shoes. Since you’ve unsuccessfully asked for the sale twice, this is more of a setup technique for closing in the future. It’s a strategy that gives you the ability to comfortably follow-up and attempt to close the perspective buyer in the future.

IMPORTANT: Being honest and sincere is paramount, people know when you’re full of it!

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price deflection

“HOW MUCH ARE YOUR APARTMENTS?”

GREETING

FRIENDLY, PROFESSIONAL & ENTHUSIASTIC.

gottasay #1

“HOW SOON DO YOU NEED AN APARTMENT?”

“NEXT WEEK!”

“I JUST WANT TO KNOW THE PRICE.”

$

2

price

“WHAT PRICE RANGE ARE YOU LOOKING FOR?”

“$800-$900 PER MONTH.”

“SERIOUSLY, I JUST WANT TO KNOW THE PRICE.”

$

3

GATHER INFO/ BUILD RAPPORT “GREAT, WHO DO I HAVE THE PLEASURE OF SPEAKING WITH?”

in range

“WE HAVE SOME WONDERFUL OPTIONS IN THAT RANGE.”

out of range

BUT NOT OUT OF IT... VISION SELL!

price

GIVE PRICE. VALUE SELL. BUILD RAPPORT. (SEE PHONE SALES)

phone GREETING

FRIENDLY, PROFESSIONAL & ENTHUSIASTIC.

gottasay #1

“HOW SOON DO YOU NEED AN APARTMENT?”

GATHER INFO/ BUILD RAPPORT

“WHAT’S MOST IMPORTANT TO YOU WHEN SELECTING A NEW HOME?”

VISION SELLING

“I LOVE DOGS TOO! AH, YOU HAVE GOT TO COME SEE OUR NEW DOG WASH & GROOMING STATION, IT’S AMAZING AND BEAUTIFULLY DESIGNED AND THE BEST PART...VERY SOCIAL. I’VE MET SO MANY AWESOME PEOPLE THERE, IT’S PERFECT FOR DOG LOVERS LIKE US!“

GOAL!

BOOK A TOUR.

gottasay #2

“WHAT TIME WOULD YOU LIKE TO TAKE A TOUR?”

tour greeting

FRIENDLY, PROFESSIONAL AND ENTHUSIASTIC.

get comfy

“WOULD YOU LIKE A BOTTLE OF WATER?”

GATHER INFO/ BUILD RAPPORT

“WHAT’S MOST IMPORTANT TO YOU WHEN SELECTING A NEW HOME?”

GET ID

FOR YOUR SAFETY AND CLOSING STRATEGY.

TOUR/VISION SELLING AMINITIES, APARTMENTS AND LOCATION!

RETURN TO CLOSING AREA BUILD REPORT. DO NOT CLOSE!

GET THEM SEATED

“HAVE A SEAT WHILE I GRAB YOUR ID AND ADDITONAL INFORMATION...”

(SEE CLOSING)

closing GET THEM SEATED “PLEASE HAVE A SEAT.”

GET ID

“LET ME GRAB YOUR ID AND THE ADDITIONAL INFO YOU REQUESTED.”

SUMMARY CLOSE

SUM UP WHAT THEY LIKED.

gottasay #3

“LET’S GET YOUR APPLICATION STARTED.”

“I’M NOT READY YET.” YES!

URGENCY CLOSE

“THERE IS ONLY ONE TWO BEDROOM LEFT AND I’M AFRAID IT WON’T BE AVAILABLE THIS AFTERNOON. LET’S START THE APPLICATION TO LOCK IT DOWN.”

OK!

“I’M STILL NOT READY.”

GOAL!

COMPLETED APPLICATION.

PERSONAL CLOSE

“I COMPLETELY UNDERSTAND, I’M JUST LIKE YOU...”

YES!

“yes!”

they said Yes!

application

GATHER ALL NECESSARY INFO TO COMPLETE APPLICATION AND HAVE THEM “SIGN”.

congratulations!

PHYCHOLOGICALLY GET THEM OUT OF THE MARKET.

ADMIN FUNCTIONS

COMPLETE LEASE/SIGNATURES. RUN CREDIT/BACKGROUND.

YES!

APPROVED WITH CONDITIONS “ALL YOU NEED TO DO IS PAY AN INCREASED DEPOSIT.”

APPROVED

WELCOME EMAIL! WELCOME CALL!

DENIED

QUALIFY IN! “ANY INCOME YOU DIDN’T REPORT OR ANOTHER GUARANTOR THAT COULD SIGN?”

NO

DENIED

DENIAL LETTER. CALL, “SORRY THIS DIDN’T WORK OUT, BUT WE HAVE A SISTER COMMUNITY DOWN THE WAY...”

accountability

PASS!

FAIL

RETRAIN LAST CHANCE

BEAT EXPECTATIONS CARDINAL LEASE CERTIFIED + BONUS

MEET EXPECTATIONS CARDINAL LEASE CERTIFIED

FAIL

CERTIFICATION

BENCHMARK 85%

FAIL

PASS 85% +

0 - 84% NEW TM • ADDITIONAL TRAINING

NEW TM •PROGRESS TO THIRD PARTY SHOP #1

BENCHMARK 90%

EXCEED EXPECTATIONS NEW TM ON-SITE TRAINER HQ TRAINER

100% ON BOTH

97-100% 97-100% TELEPHONE ON-SITE

$250

$50

$50

$100 + 1 PAID DAY OFF $50

$50

$50

N/A

N/A

FAIL

MEET EXPECTATIONS 90-96% NEW TM

• CARDINAL LEASE CERTIFIED • DASHBOARD LEASING BADGE

0 - 89% NEW TM

ON-SITE TRAINER

HQ TRAINER

• SECRET SHOP #2 WITHIN 10 DAYS • REMEDIAL TRAINING • FINAL WARNING FORMALLY DOCUMENTED • VERBAL COUNSELING & EMAIL FOLLOW-UP DOCUMENTATION • WORK WITH TM TO DEVELOP THEIR SKILLS TO PASS SHOP #2 OR “MOVE THEM ALONG” • EMAIL FOLLOW-UP DOCUMENTATION • WORK WITH YOUR ON-SITE TRAINER TO DEVELOP THEIR TRAINING SKILLS

BENCHMARK 90%

FAIL

MEET EXPECTATIONS 90% +

NEW TM • CARDINAL LEASE CERTIFIED • DASHBOARD LEASING BADGE

0 - 89% NEW TM ON-SITE TRAINER

HQ TRAINER

• TERMINATION WITHIN PROBATIONARY PERIOD • FORMAL ADP WRITE UP • AFTER 3 FAILS (W/IN 24 MOS.) = DISCIPLINARY ACTION UP TO: LOSS OF 1-MONTHS COMMISSIONS AND/OR TERMINATION • VERBAL COUNSELING AND POSSIBLE FORMAL ADP WRITE UP • AFTER 10 FAILS (W/IN 24 MOS.) = DISCIPLINARY ACTION UP TO: LOSS OF 1-MONTHS COMMISSIONS AND/OR TERMINATION