We sat down with Ty Cayce, the owner of Urban Key Property Management to talk about the slow season and how he makes it a non issue in his business.
Read on to learn more about...
- How our flexible pricing model has affected Ty’s business
- Why Ty isn’t worried about the winter slow season anymore
- Ty’s best tips for property managers
What does the slow season normally look like for Urban Key?
Mid November until the end of December has always been the dreaded slowest time of year for us. Normally, I expect to see 5 to 7 move-ins during this time.
However, this year in 2019, we had made a change before heading into this slow season. Showdigs offered to switch us to their new flexible pricing model ahead of its official launch, so we could test it out and offer our feedback.
For new readers, can you explain the flexible pricing model?
Showdigs handles all inquiries and schedules all tours with prospects. Once those tours are scheduled, we then simply select which showings we want our staff to handle and let Showdigs network of licensed agents handle the rest. Now, whether we’re double/triple booked, someone is out sick or on vacation, or we just want a weekend off we never miss out on prospects interested in viewing our vacancies. Plus, we’re only charged when Showdigs agents handle the tour!
How did the new flexible pricing model affect your typical slow season?
This year when I reviewed the November 15th to December 31st time period, I confirmed increased activity and more lease signings/move-ins than anticipated. I found 15+ move-ins when I would have expected to see 5 to 7 only. To say that our leasing activity has doubled expectations is absolutely true, if not even more than that!
The singular change that we made during this time was moving to the Showdigs new flexible ‘take over’ model. This has undeniably improved our operations, demonstrated the incredible missed opportunities of weekend and evening tours we weren't capturing, and clearly ushered in a new way of refocusing our energy and efforts on other high-value tasks.
How has this changed your perception of the “slow season?”
I’d encourage Showdigs to push back when other PMCs talk about the 'seasonal downturn' objection to higher vacancies or lack of 'business activity' as this can be avoided. Please confidently offer up our quantifiable proof of Urban Key's successes during this same time period. Cheers to changing the game in a massive way and closing the chapter on how we used to do it!
What other strategic changes have impacted your business?
Over the last 10 years running our PMC, I believe we’ve witnessed three ‘game changers’. The move to online marketing channels, usage of online applications and integrated screening solutions/eSignature capabilities, and finally online payments. Each dramatically changed how we ran our business. As we transition into this new decade, we’ve just discovered and fully embraced what I believe is the 4th “game changer,” which I believe will be more disruptive and significant than the first three. Showdigs dynamically solves the entire labor-intensive process from when you start showing until you’ve secured a new resident.
We anticipated efficiency gains internally with how we handled operations and how our staff spent their work hours. It's delivered on this expectation plus so much more!
When we confidently explain that we’re able to show seven days a week and that we can guarantee their property is our number one showing priority, clients are sold.