We recently spoke at the 2010 Inside Self-Storage World Expo in Las Vegas. For those of you who missed out on our presentation, we wanted to share that information with you in a series of blogs. Each week we will provide you with a step to learn how to convert leads to rentals.
The first step to converting leads into rentals is the most obvious but most of the time of overlooked by those in the office, answer your phone and be ready to help.
It’s really tough to close a sale when you’re not answering the phone or giving that person on the other end of the call your full attention. Here is an interesting stat that we were able to gather from our members; 28% of all calls are not answered or go to voicemail, and 85% of those potential customers never call back. We usually see a 65% first call close rate in our reservation center, which means if you are missing these initial phone calls then you are virtually throwing money out the window. We know you are busy throughout the day, but make sure everyone in the office realizes the importance of answering every phone call. There are plenty of ways to accomplish this easy goal the first of which is to staff appropriately during the busy call hrs each day, or hire a reservation/call center to handle all calls or roll over for your facility.
If you use the numbers listed above for say 100 calls in a certain month you can really see how much revenue you are missing out on. If 28% of these calls go unanswered and 85% of those never call back you have wasted roughly 24 prospects. If you were to close those missed prospects at the above mentioned 65% then you are actually missing out on 15 rentals in a month.
With the average tenant renting a unit at $100/mo and an average stay or 6-8 months you are missing out on $600-$800/prospect for a grand total of $9,000-$12,000/mo. As you can see from the numbers above, you could be missing out on a lot of money on a monthly basis.
Make sure you check back next week for the second step in our series on Keys to Converting Leads to Rentals understanding your customers’ requirements.