Leasing, there is nothing basic about it, part 4 - Overcoming objections

As you take your prospective resident on a property tour, you need to be able to overcome objections that are presented.  Here are some suggestions that will help:

• LISTEN: So often we leap into answering an objection before we even let the prospect finish explaining what their objection is. Listen to understand and don't jump to conclusions.
• ISOLATE THE OBJECTION:
  • a. Let me get this straight, this is the only thing that makes you hesitant in selecting your new apartment home here at ABC Properties?
  • b. Let me make sure I understand, if the apartment had a washer/dryer, it would be the perfect new apartment home for you and your family?
• CLARIFY OBJECTION: Be sure you understand exactly what the objection is. Feed it back to the prospect and ask them to elaborate if necessary. Make certain you know just what their concern is. You could create a second objection by not clarifying the first objection.
• INDICATE UNDERSTANDING:
  • a. I understand...
  • b. I can relate...
  • c. Other people have said the same thing and they have...
• "CUSHION" THE OBJECTION: "I'm glad you asked that" or "I see what you mean" are great ways to soften your response and encourage your prospect to speak freely. It also validates your confidence in yourself and your product.
• ANSWER WITH ALTERNATIVES: It's our job to show the prospect an alternative to the way they see something. Most people have a tendency to see with "blinders". If you get them to remove those blinders they may see things differently and in your favor.
• PRESENT THE OTHER SIDE:
  • a. Consider this...
  • b. Honestly...
  • c. Has it occurred to you that...?
  • d. What some people have done is...
  • e. I'm glad you mentioned it...
• OVERCOME THE OBJECTION BY SHOWING THE FEATURES AND BENEFITS.
• FINISH WITH A BOW: After you've answered their question and offered an alternative make sure all is well. You'll want to finish with finesse. Don't assume they are okay with your alternative. Try statements like:
  • "What do you think...will this work?"
  • "Does that make sense to you?"

If they answer "yes", move on.  If they answer "no", try another approach.

Here are a couple of objections and possible ways to overcome them:

"I WANT TO LOOK AROUND" or "YOUR APARTMENTS ARE THE FIRST PLACE WE HAVE LOOKED AT"

• "I understand that you want to make the best decision when choosing your new apartment home. I encourage you to look around because I am confident that you will find that we are the best value among our competitors and that you'll be back. However, I would encourage you to place a 24-hour hold on the apartment while you are looking because apartment XXX is a great apartment and that floor plan is extremely popular. I would hate for you to lose it. Do you want to start the necessary paperwork to place the 24-hour hold?

"IT'S TOO EXPENSIVE" or "IT'S MORE THAN WE WANTED TO SPEND"

• "With today's economic conditions, I understand that you want to get the most value for your money. Let me remind you of all of the things that come provided for you with your rental payment. We have an amazing fitness center. You can use our workout facilities 24-hours per day and don't need to spend the money on a gym membership. We provide a cyber-café for our residents with free coffee and internet connection. With your monthly rent payment, water, sewer, cable television, and valet trash service is included. Lastly, our convenient location provides easy access to local transportation and provides a great savings on your commuting costs."

One of the most helpful exercises that I completed while being the Leasing Director of an apartment community was to sit with my team members and talk about the objections that we were encountering.  We made a list of the objections and brainstormed ways to overcome them.  That way, we were all prepared when a prospective resident raised the objection while on property tour.  Here is a list of common objections that you and your team can start with:

• Not enough closet space. Not coat closet. No linen closet, etc.
• Wrong carpet color. Not new carpet, etc.
• Kitchen too small.
• Appliances - no self-cleaning oven, no dishwasher, no ice maker, etc.
• They need to look around.
• Your apartments are the first place they have looked.

Again, the more prepared you are when you go on a property tour, the better you will be able to address any objection that you may encounter.  Remember, the one thing you don't ever want to do is just ignore an objection that is presented to you.  You need to address the objection and use the tools above to overcome it the best way possible. 

Next week, Leasing, there is nothing basic about it, part 5 - Lead the way home (Closing).