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Leasing Apartments - 10 Keys to Getting The Lease

Topic: Rental property

Leasing apartments can be a challenging task with competition just across the street or around the corner. Plus, your community may be afflicted with understaffitis, which is a plague in the apartment industry. So here are some tips to overcome adversity, make your apartment prospects feel welcome, and lease apartments!

1. Acknowledge Your Guests - With many apartment communities understaffed, you may be overwhelmed with your day-to-day activities and apartment prospects walking in the door. Therefore, there is a good chance you will have a line of people waiting for you or your team. And from a prospects perspective, there is nothing worse than feeling ignored as you wait your turn! But even though you may not be able to get to the prospects right away, take a quick moment to acknowledge their presence. Even a quick, "Hi! As you can see, we are quite busy today, but I will get to you as soon as I can" will go a long way to making your prospects feel at home and more relaxed.

2. Be Professional - Sometimes the most simple steps are the most often forgotten. Dress professionally. Smile. Shake your prospects hand. Listen. Make sure to talk in a professional manner, which means no slang, innuendos, or other inappropriate behavior!

3. Don't Give Price Right Away - How many times do you greet an apartment prospect coming through the door, only to have them immediately ask what your pricing is? And frankly, it's easy to just say your prices, isn't it? Well, as hard as it might be, just hold off! When you are leasing apartments, it is important that you understand what exactly the prospect is looking for. At the same time, you want the prospect to understand exactly what they are getting for that particular price. So if you answer right away, you aren't doing either of these things. One way to make sure you get this information before giving out pricing is to ask, "Do you mind if I ask you a few questions about what you are looking for today?"

4. Understand Your Renter's Needs - By asking the question above, you can now start the process of truly understanding your prospect's needs and custom tailoring your plan for leasing apartments. This goes beyond just how many bedrooms they need, and works to understand their entire lifestyle. Why are they moving? What didn't they like about their previous home? Are they moving from within the area or will this be a big change for them? The questions are endless, and helps to provide apartment solutions that specifically fit their needs.

5. Establish Rapport - Although you will undoubtedly need to get answers for some key questions, try not to sound as if you are taking a poll of your guests. Let the conversation flow naturally, with their answers giving opportunities for future questions, and at the very least showing that you actually care about their lives. Some topics don't really matter at all with the leasing process, such as their Cocker Spaniels name, but sometimes free-flowing conversations can lead to some interesting insights, such as their dog has hip problems and it is hard to make it up and down stairs easily. There is a good chance they might not have thought about that fact originally, but now you know that a 1st floor apartment may be the best option for them. (Although make sure all apartments are available to them, per Fair Housing!)

6. Sell Based Upon Need - Once you have established your apartment prospects needs, leasing apartments should incorporate these very needs into your leasing process. For example, by knowing that your prospect is very health conscious will give you opportunities to talk about the 24 Hour Fitness gym just around the corner. Knowing these pieces of information will help you define your presentation to fit their specific lifestyle.

7. This IS a Big Decision - Remember that your apartment prospects are making a decision involving thousands of their hard-earned dollars. In fact, this decision is likely the largest financial decision in their lives at this point. So what does that mean to leasing apartments? Make their leasing experience equals the magnitude of their spending decision.

8. Don't Just Show The Apartment, SELL The Apartment - Too many leasing consultants think showing an apartment is opening up the door and letting the apartment prospect roam around. But at that moment, you have a captive audience. You have the opportunity to continue building rapport, expanding on all the great features that match their interests, and actually selling them on the idea of living there! Your competitors might have great amenities and a wonderful style, but they don't have the most important thing - the prospect in your community. So use that advantage and sell while you have the chance!

9. Ask For Their Business! The number one largest mistake consultants make in leasing apartments is to not ask for the prospect's business. Too many feel uncomfortable with this process, but ultimately, you have to have faith in your own work. Do you provide great service and a wonderful living experience? Then feel confident about asking for the deposit or lease!

10. Follow Up - Even though you've asked for a deposit or for them to lease, you may not get the lease right away. In fact, this is especially true considering what a large financial decision it is for them. At this point, you have established rapport, understood their needs, and laid the groundwork for the future lease. But all of this effort is lost if you never bother contacting them again. So in less than 24 hours, take a moment and give them a call, but make sure you have a goal in mind and a plan of action. You aren't calling just to say hello, you are calling to get something accomplished.

Following these 10 steps will help immensely in successfully leasing apartments!

About the Author

Brent Williams is the founder of Multifamily Insiders, which provides information and ideas on leasing apartments, apartment marketing, and more.


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read more... 12/18/2012

At the seniors only colpmex I live at, it is no. And yes.It is for seniors only age 60 and over. Seniors as young as 50 or 55 okay but have to meet income and health guidelines. There is also some pressure to move oldsters , especially single ones out of general apartment population as a single housing authority has apartments for everybody and another for seniors and another housing colpmex for assisted living qualified individuals.But back to the seniors. A family member or members may live with a disabled or physically or mentally challenged senior to assist them in daily chores. There may also be a paid family member to help with family chores. And there may be a married couple. But the rent is divvied up and set accordingly as to how many people live there. And the housing authority has to be told how many people will live there. Visiting family and friends may join senior for up to 21 days any longer and paperwork, number of tenant and rent amount is changed upward or person may be evicted.Tenant may also be evicted for having people living with them and not telling housing office. Except in winter if the people have no place to move to or the resources to do so. Then they are moved out when weather improves in spring
read more... 12/18/2012

it depends on eatlxcy how long ago you purchased your current home. FNMA (Fannie Mae) will acknowledge you purchase of the existing home, and in some states it must be over a year ago. Also, most Lenders will require a Comp Rent Schedule on the current home, as well as you would have to have 30% Equity in your current home in order to use if as a rental home with rental income. Maybe you can carry both payments. I work in the industry and it really is different state by state. Good Luck
read more... 05/04/2012

Ah yes, nilcey put, everyone.
read more... 05/04/2012

Please keep tohrinwg these posts up they help tons.
read more... 05/04/2012

Read all comments: 18


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