Sales – the art of responding to objections as a rental owner

Are there aspects of being a rental owner that were not explained as “part of the job” when you purchased your first rental?  Things like finance 101 and true costs associated come to mind.  Many don’t understand the 360 degree job of being a landlord.  Are you a landlord by default?  Find yourself as a rental owner because your home didn’t sell?  In this market perhaps the most important aspect of owning a rental is understanding how the interaction with a potential resident is a sales opportunity – yes, your job description now includes sales!

The vacancy rate has increased during this “perfect storm” of economic woe.  It is time to get very proactive when showing your homes for rent.  You may notice many more showings and less applications – natural consequence of the market.  This is your que to ask questions about the likes and dislikes of the visitor, phrasing them in open ended sentences such as:

If you were to rent this home are there things that you anticipate needing?  Are there features you find attractive?  How would your furniture fit inside the home?

When you get a response such as “the bathroom doesn’t have any cabinetry.” you will want to act proactively in the moment responding with something such as “we can purchase an organizer to hang above the toilet, would that take care of this for you?”

Often you may need to overcome objections to an upper level unit.  If this is preventing the rental of the unit what can you do?  Think creatively!  Hire movers to bring the large items from the prior residence and move them into the new residence as a part of your sales incentives at the property.

What if the concern is crime or safety?  This is a concern that a rental owner needs to be careful responding to.  No person can suggest a property is safe, so rather than respond to a subjective question offer sources of information.  In Portland, Oregon we can recommend a resident go to www.portlandmaps.com for crime statistics and comparison.

Knowing your property and area can be the best asset to overcoming objections you have.  Obtain information on schools, amenities nearby such as shopping and parks, and have it available for the residents. 

Being proactive, asking questions, and responding with solutions will have you leading the pack to fill your vacancies.