Selling the Lease
December 11, 2013
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Selling the Lease by Jim Aviza
With so many options available to renters and so many properties that are very similar, how can you get them to choose you over the competition? Appeal to the emotional aspect of their housing needs. Selecting a home is more than a matter of economics to renters. As investors, we know how to determine market values for rental and purchases. We’ve done our study of what people are willing to pay based on square footage, features, locations, amenities and so on. But the one thing that can tip the scale in our favor is to provide an answer to their question, “Will I be happy here?”
From the start of working with your prospective renter, you should be building rapport. Find out what their “triggers” are and use those to anchor them to your property. Do they like sports? There’s a great gym (or park) right around the corner. Do they like cultural events? Point out the theaters, galleries, museums, and other points of interest in the area. Are they new to the area? Talk about the wonderful people in the building, in the community or organizations they may want to join. Do they like to cook or entertain? Point out the counter space for food preparation, the openness of the floor plan for hosting gatherings. Find out what their interests are and make it a point to turn features of your property into benefits they can envision as part of their future in that particular home.
They will also get a sense that you are interested in their happiness and that will carry over to liking you as well. When people like you, they do business with you! Remember to keep your relationship professional. Do not blur the line between friends and a professional relationship. Be personable, find out what they want and then help them see how your property suits their needs above and beyond the price, location and condition.