READING ROOM    ·    FORMS    ·    NATIONAL ASSOCIATIONS

Articles |  Legal Corner |  News

Navigation  Home  Site Map  Feedback  Help  Move™, the new  RENTNET® Manager's Toolbox  List Your Community  Edit My Listing  View Your Reports  Look Up Your  Community or Portfolio

Reading Room Articles The Adventures Of Leasing Lynda : Closing By Tami Siewruk The single most important ingredient to successful closing is enthusiasm. The most successful leasing professionals in this industry all have one thing in common: they are motivated, excited and inspired. The mere thought of a future resident not leasing from them is unbelievable. Anyone can have enthusiasm as long as they have all the right ingredients. It's kind of like making a cake - if you have all of the ingredients in the right amounts, it's hard to go wrong. To help you achieve the kind of enthusiasm you need to become successful in closing; here's the recipe: 1. SINCERITY - If you aren't sincere in your enthusiasm, future residents will see right through you. Believe in your community and apartments, and disassociate yourself from faultfinding and criticism. Look beyond the lemon to find the lemonade. 2. SURROUND yourself WITH ENTHUSIATIC PEOPLE - If you're too busy hanging out on the ground with the turkeys, you can't soar with the eagles. 3. LET YOURSELF GO - When you're excited, go ahead and show it! Don't hide behind a deck of cards with a poker face. Let your future residents see your excitement… it's contagious. 4. IMAGINATION - Imagination is the substance of success. 5. USE THE RIGHT WORDS AND TONE OF VOICE - Lease with conviction. Make living in your community sound important and exciting. Paint a picture with the words you use. Imagine you just won the lottery, and lease with that same excitement! 6. Have the courage to close the sale. Leasing Professionals who lack courage tend to get caught in a vicious cycle. Their fear of closing increases the future residents fear of leasing. Your future residents will be tempted to think "If he/she isn't confident enough to ask me for a deposit, then how can I make a confident decision to lease?" Remember: Enthusiasm is contagious, and so is confidence and courage. Seven Tips For Effective Closing Tip One: Assume the Close Always assume that every future resident is going to lease. • "When do you want to move into our community?" • "Do you want to pay your security deposit by check or money order?" • "How are you going to arrange your furniture?" • "Won't it be nice to relax on your terrace after a long day at work?" Tip Two: Try the "If I" Close When you have a future resident who is leaning in your direction, but still teetering on the fence, consider the "If I were in your situation" technique. LP: "We've covered almost everything, and it seems this apartment home is just right for you. If I were in your situation, I'd really only be concerned about one thing." Future resident: "What's that?" (the reply you'll receive about 99.9% of the time) LP: "Making sure that I'd get enough use out of that fireplace to make it worthwhile. My only concern would be whether or not I'd really use it." Future resident: "Well, I'd use it on the weekends and I'd love it on Christmas morning!" LP: "That's sounds great! Let's get you moved in!" With this technique, you prompt them to tell you why they need what you have and how they would use it. It also gets the future resident mentally "moved in". Tip Three: Recognize the Right Time to Close When you use well-planned and practiced closing techniques, you can guide the future resident toward making a decision after he/she is convinced that they want and need your apartment. Closing is simply the sum total of the steps you have gone through from the initial telephone call until the future resident becomes a resident. You can think of closing like buttoning a shirt. As your presentation progresses, from the telephone call through the tour, and the future resident accepts each benefit of living in your community, you put each successive button into it's buttonhole. A leasing professional's most valuable asset is time. Every minute you waste by not closing represents lost income for both you and your community. Tip Four: "No" Doesn't Always Mean "NO!" When it comes time to close, don't assume the first "no" always means "No!". Too many leasing professionals try only once to close the future resident. When you accept one negative response as a final decision and give up, you've effectively given up on a closed lease. Why is it always a surprise when doing a follow-up call to find the future resident has leased from the competition? The truth is that the competition's leasing professional just didn't assume that the first "no" meant "No!" They recognized it for what it was - an objection that needed to be overcome - and having overcome the objection, they closed the lease. Tip 5: Test the Water Better known as the "trial close" , this technique is a way to check on how the future resident is responding to your presentation. The trial close should be used periodically throughout your presentation, and always presented in the form of a question that is designed to elicit a positive answer. For example: "Can you picture your furniture here?" or "Will you enjoy having ____ right in your apartment?" The future resident's answers will give you a clear indication of whether you need to do a little more selling, or if it's time to move directly into the actual close. Use the trial close until you feel confident that the future resident is ready to make a final commitment. The key is in obtaining enough positive answers throughout the presentation to make the future resident feel comfortable and confident in saying "yes" to the lease! Tip Six: Recognize Closing Signals Leasing Professionals know how to recognize closing signals and how to make the most of them. When a closing signal presents itself, it's time to stop demonstrating and obtain a final commitment from the future resident. Find out how good your closing techniques are. Circle the appropriate letter for the best answer, then see the correct answers down below. 1) "What is the price?" or "How much does it rent for?" a) Give them the price. b) Which style did you decide on? Location? Upstairs or downstairs? Which reply is most likely to result in a lease? 2) "When could I move in?" is a closing signal that could be answered with: a) A specific move-in date. b) When do you want to move in? c) That depends on the size of the apartment you select. Which reply leads most directly to a close? 3) "Can I have grey carpeting?" or any color request could be answered with: a) Yes b) Do you want it in grey? ( Assuming you have grey) c) It comes in three colors, including grey. Which reply leads most directly to leasing the apartment? 4) "What is the shortest term lease that you offer?" a) Six months b) How short a term do you want? c) 1, 3 or 6 months with premiums. Which reply leads most directly to leasing the apartment? ANSWERS: In each instance, (b) is the response that leads most directly to leasing the apartment. Each correct response answers the future residents question with a counter-question to which the answer is a partial commitment. Tip Seven: Know When To Stop Selling Too many Leasing Professionals find themselves so carried away by the presentation, that they continue to sell, or even question the future resident's commitment, after the lease is closed! That's right! I've even heard of one Leasing Professional who looks the future resident directly in the eye after they've made a final commitment, and asks them if they're sure! Not only does this undermine your confidence in your ability to serve them; it's also tantamount to questioning their ability to make an educated decision. Once they've made a final commitment, you've achieved your goal of providing them with an apartment home that meets their wants and needs. Do look them directly in the eye… then extend your hand and welcome them home! As Chief Imagination Officer of The Sales & Marketing Magic Companies, Tami Siewruk shares more than 20 years of experience in multifamily housing, encompassing leasing, marketing, management, training, authoring, consulting, developing, and Brainstorming! For more information on Tami's newsletter, Sales & Marketing Magic for Apartment Managers; the latest Tools & Forms Catalogue; The Annual Multifamily Housing Brainstorming Sessions™; or to receive Tami's top ideas, FREE, via e-mail, please call 727-784-9469 or visit www.SMMOnline.com.