If you are currently or have ever been involved in Leasing, you know that at times it is a very time-consuming activity. Preparing the place for lease, listing it online, in the newspaper, with a rental service etc, talking to people on the phone, meeting with prospective tenants ... and the list goes on.
Many people dread a vacancy! Common sense tells us that each month a vacant unit goes unrented, we are loosing money that we can never recover. It is gone forever! There are certain things that we cannot control when it comes to vacancy rates, for example the rental market itself. There is not much we as individuals can do about the local economy, the unemployment rates etc. We can however control a lot of other factors. We can control our presentation to a prospective tenant. We can control our follow up skills. We can control what a unit looks like when we show it to a prospective tenant. And that's why it becomes extremely important that we master the art of Leasing.
First and foremost when it comes to leasing, the most important thing we have to do is remember that people buy YOU. Remember that many other buildings in your community have the same exact amenities that you are offering, maybe even a lower price, but what makes one person lease from you vs the competition is again, YOU!
Here is a list of a few things I try to pay close attention to when I have a vacancy:
1. Know your community better than the competition
2. Don't focus on the price
3. Practice an interesting pitch that engages the prospect in a conversation and doesn't just give them a lecture
4. Get prospects to be honest with you
5. Ask people to come by right away or soon as possible to view the unit
6. Don't be afraid to ask a prospect to fill out an application right away
7. Make sure the unit is clean when you show it
8. Get contact information from your prospects and follow up with them
9. Get feedback from your prospects, have them fill out a short questionnaire. This way you can track your presentation and make small changes as you go.
10. Look professional
YOU are the image a tenant will remember when they leave the property. If you made a bad impression, they will not rent from you. We have to fine-tune our people skills especially in a time when unemployment is rising, the economy is slowing down, people's futures are uncertain. There are plenty of excellent, qualified tenants out there, it's just a matter of finding them and giving them the confidence that you are the one they want to be renting from.
And remember, even if you are doing all of the above and more, not every person who walks through your door will be the perfect match for your unit. This is where your due diligence comes in and you separate the qualified prospective tenants from the rest of the pack.
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