DOLBEN Leasing Contest: May 2014

Overcoming Objections

It would be great to think that every prospect we tour would walk in and love everything about our community, especially our apartments, but we all know it’s never quite that easy. Objections can be a major road block on a tour but learning how to overcome them can be a huge asset in helping you close the deal.

First, put yourself in their shoes: What objections do most of your tours have and why? If you stay one step ahead and already know what they will call attention to, you are better prepared to have a response that may help them see the objection in a different light. Using this feature/benefit selling is one of the easiest ways to overcome objections. At Ashton Green, none of their buildings have elevators, and it always seems like they have the most top floor apartments to rent at once. By advertising them as “heart healthy” apartments, they can make a small joke that may at least break some of the tension when the prospect expresses their concerns. Even though carrying groceries up four flights of stairs is not always ideal, Ashton Green’s leasing staff points out that being on the top floor actually has its own set of benefits – no one above you! While this may not work on closing every deal, it certainly has helped their leasing staff fill those top floor vacancies.

One of the toughest objections some of our properties face is newer construction within our market studies. It seems like everyone wants the shiny, new product down the street with stainless steel, granite counter tops, and a sleek, modern design. This is something that The Groves at Piney Orchard has struggled with and Kensington at Chelmsford is just starting to experience. The Groves like to point out that they are in the top rated school zone, which for families, is a huge benefit. If your community still includes utilities in the rent, chances are that the new competition does not, and while they may be offering a great move in special, the rent will probably drastically increase upon renewal. These are both helpful things to remind prospects when they tell you they are also exploring those newer communities. There’s also something to be said for older, stable properties. New construction can be a nightmare for the Property Management staff as well as the residents, especially if construction will still be underway when they move in. It never hurts to remind them of this, too. If your community has a mix of renovated and non-renovated apartment, try marketing the older ones as “classic” instead of focusing on the premium charge you have on the upgraded ones. Sometimes showing this cost savings will help you lease up some vacants you would otherwise have a tough time renting.

Another important way we can address objections is actually just listening. So often we may be too quick to respond or give prospects an overly rehearsed response, which can come across as insincere. Listen to what they’re objecting and why. Try to get a better understanding if their objections are deal breakers, too. They may present a laundry list of things they don’t like, but we want to find out if those are items they can overlook or if they would actually prevent them from renting at your community. Take the time to clarify and repeat back to them what they have said. When you follow up with them after the tour, be sure to repeat back any objections you may have heard and again point out any features or benefits that may alter their thoughts. This is another way to show your prospect that you listened, but you still believe that your community is the best place for them to rent.

What are some common objections you have at your property, and how do you overcome them?

~The Tigers