Get your coworking space sales-ready: an iWSM checklist
By William Edmundson
You’ve done a great job of getting the prospect inside your doors, but are you doing everything you can to turn that prospect into a newly signed member? From the moment they step inside to exiting with terms in hand, you may be missing crucial details that keep them from signing that agreement.
Many coworking space operators and managers miss key components of a strong sales strategy. Even long-running, profitable workspaces may be losing out on easy wins. Here are some best practices we have identified as essential to a location's sales performance.
It’s the Little Things: 7 Elements to Check Every Day
When it comes to the appearance of your coworking space, attention to detail is crucial. Remember that a prospect is considering your workspace as their future office and you and your team as extensions of their business. Take a moment to consider if your space is as appealing as it could be, relatable, and appropriate for your clientele. Sometimes, as operators or managers, we become so accustomed to our surroundings that we fail to notice deterioration, inconsistencies, or damage that may be evident to a fresh pair of eyes. Try to view your space from a new perspective and make necessary improvements:
How is your entry experience? Is the reception desk free of clutter? Does your receptionist know who is coming in and is prepared to greet them by name?
Are your facilities ready for use right away? Are the meeting room tables clear and chairs tucked in?
Did you check for any damage? Are the walls free of smudges, scuffs, and dings? Are there any unsightly stains in the carpet or furniture upholstery? Are all light bulbs in working order?
What about your common spaces? Are they visibly stocked with supplies and snacks? Are kitchenettes tidy and odor-free? Are restrooms clean and in good condition? Are trash cans emptied and tucked away out of sight?
Are the shades and blinds raised to the same levels? That seems innocuous, but in a suite it’s worth checking!
Is the walkway and outside area trash-free?
Is your landscaping in good condition? Communicate regularly with your property manager so that they are alerted to any issues and remediate them promptly.
Turn this eye for minutia into a selling point! Highlight the seamless, distraction-free service you offer. Are other coworking spaces making the effort to level the desks, adjust wobbly chairs and tables, and even align the screws on the light switches? These seemingly small details can have a significant impact on how your space is perceived, and prospects will remember these differences as they’re evaluating other options.
Consider whether your space looks occupied and inviting. Even if you don't have the newest furnishings in the most recent styles, you can still differentiate your coworking space with meticulous attention to detail. When you’re staging available offices, give them a personal touch: a framed photo, a coffee mug, a jacket draped over the chair. Make it easy for prospects to envision themselves working in your space.
Level-Up Your Tour
Once you have prepared your space, the next step is to focus on what to do when a prospect is actually in your coworking center. It's crucial to conduct a needs assessment with the prospect. Take some time in one of your conference rooms before the actual walk-through to discuss their requirements and arm yourself with the information you need to make a relevant and persuasive pitch.
During the tour, make sure to highlight the services that align with the prospect's needs. Are they looking for specific features with their office space? Are mail management services a critical consideration? Tailor the tour accordingly to focus on their top concerns, but still plan to show them all the services your space offers. Even if they don't intend on utilizing all of them, a mailbox member may still be interested in an hourly day office down the line if they know it’s available.
Are you offering digital mailbox services with a partner like iWorkSpaceMail with iPostal1? Demonstrate the convenience of digital mailbox services, showcasing how this service can streamline their business operations and enhance their productivity. Highlight the convenience, security, and efficiency it offers, presenting it as a value-added feature that sets your coworking space apart from the competition.
Perhaps you have specialized facilities like large training rooms or podcast studios. While they may have no immediate plans to host workshops or start their own content production, just knowing they’d have easy access to these resources can be an additional incentive for them to become a member.
Be mindful not to show a prospect too many office spaces. It may give the impression that your coworking space is unpopular and lacking occupants, which can later on harm your ability to negotiate. We recommend showing no more than three offices to a prospect in a single tour. Prioritize showing them office spaces that are readily staged for new occupants and highlight their features and benefits.
For an even better impression, allow them to chat with a current satisfied member who you have good relations with and that you know also keeps their office space in good order. A reliable first-hand perspective may be the ultimate selling point for some prospects.
Are You Empowered to Sell?
An essential aspect of sales readiness is ensuring that you and your team feel comfortable and confident in selling. It's important to recognize that not everyone excels in both center management and sales roles. While a terrific center manager may not be a natural salesperson, the reverse could also be true — your superstar salesperson does a poor job of keeping the space presentable. Assess the strengths of your team and provide any necessary training or support to improve their sales skills.
Simplify the process and eliminate variables by doing as much prep-work as possible: research the prospect, know your agreement and pricing structures inside and out, and don’t hesitate to contact your lead before they even schedule a tour to set expectations and understand their needs.
Additionally, make sure your sales manager knows how much flexibility they have for closing a deal. Consider these questions:
Do they feel empowered to make adjustments and negotiate?
Time is of the essence, and prospects do not want to wait around to hear back on their questions and counteroffers. If competitors are quicker to make an acceptable offer, then the prospect will go elsewhere. Allow and encourage your sales manager to make reasonable accommodations to keep the conversation moving forward.
Do you prefer offering free months vs. discounted months?
Sign-up promotions are a popular way to attract more members. You may have a preference for how these promotions are structured based on your cash flow needs or protecting your price points — but does your sales manager know?
Do they know a range you allow them to negotiate or how many free months they can offer?
If you’re allowing your salesperson to negotiate the listed price, do they have clear limits for how much room they have? Remember, a negotiation means that both sides get something. Consider offering a discounted rate or a free month in exchange for a signed agreement and deposit by Friday, or a date that is within a few days.
Is there no discount or free months, only firm pricing and value selling?
If your prices are fixed, then your sales manager ought to focus on the additional value a membership at your coworking space provides beyond just the surface-level amenities. Emphasize the benefits and added value of everything your coworking space offers. The free coffee machine in the lounge, the fitness center access, and the parking garage are all features that add tangible value to their membership, even if they’re not necessarily a component of the list price.
Understanding your preferred negotiation approach is crucial for an aligned selling strategy. Ensuring that your coworking space is sales-ready requires attention to detail, understanding the needs of potential clients, effectively communicating the value your space offers, and empowering your team to negotiate. By implementing these best practices, you can maximize your close rate and achieve long-term success in the competitive coworking industry.
William Edmundson has been in the coworking industry since 2010 leading and growing coworking brands and consulting. He is a former President of the Global Workspace Association and is SVP of iWorkSpaceMail with iPostal1.
Click Here to learn more about digital mailbox service.
Follow iWorkSpaceMail
