Staycation 2014 Slideshare Overcoming Renewal Objections
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In today’s market, most residents expect that another year at your community will include a rent increase, so if you are encountering major objections it may be time to examine the issue more closely. Learn the latest intel on what drives these objections and a 7-step plan to successfully negotiate a renewal discussion.
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Staycation 2014 Slideshare Overcoming Renewal Objections
- 3. STAYCATION 2014 3 webinars over 3 days – totally free!
- 7. STAYCATION 2014 $2,450.00 In Q1 2014, on average it cost $2450 every time a resident chose not to renew. Even if you’re able to re-rent that unit for $100 more per month, that is 2 years to recoup the initial loss. Protect your revenue stream!
- 9. STAYCATION 2014 VALUE Our latest data trends show what has the biggest impact on perception of value is how connected residents feel to their property team. Is the community maintained to the level that residents feel their money is well spent at the community?
- 10. STAYCATION 2014 SERVICE Residents take note of the level of service when they feel like they are a member of an exclusive club. Give them VIP attention at every interaction and they won’t have to wonder if they would be treated better elsewhere.
- 11. STAYCATION 2014 COMFORT Apartment appearance and condition has the #2 greatest impact on perception of value, so why do we try and hold out on updates and replacements as long as possible when it comes to our longer- term residents?
- 12. STAYCATION 2014 CONVENIENCE How easy is it to do business with you? The easier it is for your residents to request or get what they need, the easier it is for them to make a decision to stay.
- 13. STAYCATION 2014 7 step plan for overcoming renewal objections
- 14. STAYCATION 2014 CONNECT If there is a team member who has a good relationship with that resident, do everything possible to have the conversation occur between the two of them.
- 15. STAYCATION 2014 LISTEN Really listen. Just because they say they can’t afford it doesn’t mean they can’t afford the dollar amount. What other challenges or frustrations are they trying to tell you?
- 16. STAYCATION 2014 REPEAT “So what I’m understanding is, …” When you repeat the objection(s) back to the resident, you’re providing them the opportunity to confirm their concern or correct a misunderstanding. It’s important to know you’re on the same page.
- 17. STAYCATION 2014 ASK Maybe the issue is the rent increase, but it is more likely there are other issues that can be addressed. Ask about their home itself. Is everything working properly? Are there any issues that you don’t know about? Do they need more space? Less space? Find out more.
- 18. STAYCATION 2014 ANSWER Address the issue and find the “yes” however small, or the solution that demonstrates a win-win. If it is truly cost, offer information on their additional costs of moving elsewhere.
- 19. STAYCATION 2014 CHECK Remember to pause after you’ve given information to see if it was useful. Ensure you are addressing what their actual concerns or objections are, not just the common objections you hear very often. Keep it focused. Keep it personalized.
- 20. STAYCATION 2014 REDIRECT Bring it back home. Let them know you’d love the opportunity to keep them as a part of your community. Ask them if they have enough information to make a decision today. If not, keep the verbal door open. Re-emphasize how valuable they are and also provide the steps they would need to take should they choose not to renew.
- 21. STAYCATION 2014 June E-book FREE DOWNLOAD!
- 22. STAYCATION 2014
- 23. STAYCATION 2014 We can come to you!
- 24. STAYCATION 2014 WEDNESDAY Closing Leases with Confidence Recording available THURSDAY Reputation Management Deconstructed Recording available
Editor's Notes
- In Q1 2014, on average it cost $2450 every time a resident chose not to renew. Even if you’re able to re-rent that unit for $100 more per month, that is 2 years to recoup the initial loss. Protect your revenue stream!
- 1 buck book: Overcoming renewal objections – covered a basic technique for addressing renewal objections. This webinar will expand on those concepts.
- Value Our latest data trends show what has the biggest impact on perception of value is how connected residents feel to their property team. Do they have a go-to person on staff? Does the team know residents’ names and general “story?” Is the community maintained to the level that residents feel pride at having their friends and family visit?
- Service Residents take note of the level of service when they feel like they are a member of an exclusive club. After all, when we go to our favorite restaurant, it’s not the other patrons that keep us coming back, it’s the staff that remembers our name and our ‘usual’, takes and inputs our order with a sense of urgency (because they know our time is valuable!) and makes certain everything is exactly the way we like it when the order comes out. Give them VIP attention at every interaction and they won’t have to wonder if they would be treated better elsewhere.
- Comfort Apartment appearance and condition has the #2 greatest impact on perception of value, so why do we try and hold out on updates and replacements as long as possible when it comes to our longer-term residents? We know we’d be updating or replacing as soon as they move out, so why not use that as a perk to keep those long term residents even longer? According to Software Advice, the top “Inside” unit upgrades that can influence renewal decisions are: New carpet/flooring Washer/dryer Kitchen appliances New wall paint
- Convenience How easy is it to do business with you? Are you open late at least a couple of evenings a week so that working residents can catch you if needed? Do you have online options for rent payment, submitting work orders, etc? Do your residents know about them? The easier it is for your residents to request or get what they need, the easier it is for them to make a decision to stay.
- 7 step plan for overcoming renewal objections
- Connect them with their Go-To Person. As people, we respond better to familiarity. If there is a team member who has a good relationship with that resident, do everything possible to have the conversation occur between the two of them. That team member will have a better understanding of their history and also be a reminder of the great service the resident probably won’t find anywhere else. That person could even be a Service Tech – whomever has the strongest rapport with the resident should take the renewal lead.
- Listen to the objection. Really listen. Just because they say they can’t afford it doesn’t mean they can’t afford the dollar amount. What other challenges or frustrations are they trying to tell you?
- Say it back to the resident. “So what I’m understanding is, …” When you repeat the objection(s) back to the resident, you’re providing them the opportunity to confirm their concern or correct a misunderstanding. It’s important to know you’re on the same page.
- Ask a few questions. Maybe the issue is the rent increase, but it is more likely there are other issues that can be addressed. Ask about their home itself. Is everything working properly? Are there any issues that you don’t know about? Do they need more space? Less space? Find out more.
- Answer the objection. Address the issue and find the “yes” however small, or the solution that demonstrates a win-win. If it is truly cost, offer information on their additional costs of moving elsewhere.
- Check in with the resident. Remember to pause after you’ve given information to see if it was useful. Ensure you are addressing what their actual concerns or objections are, not just the common objections you hear very often. Keep it focused. Keep it personalized.
- Redirect the conversation. Bring it back home. Let them know you’d love the opportunity to keep them as a part of your community. Ask them if they have enough information to make a decision today. If not, keep the verbal door open. Re-emphasize how valuable they are and also provide the steps they would need to take should they choose not to renew.
- 1 buck book: Our gift for staycation attendees – free download of this ebook
- 1 buck book: Prospects need to like you and they need to like what they see