Closing the Lease Deal: How to Turn a Prospect into a Tenant

According to MPF Research, the apartment rental market is showing signs of improvement, as the vacancy rate declined from 8.2% to 6.6% in the first half of 2010.

That’s excellent news for landlords. Perhaps you’re already seeing an increase in the number of prospective tenants viewing your rental properties. If you’d like to fill your vacancies quick, this might be a excellent time to review our tips for selling a excellent prospect on your rental unit. Don’t let a excellent tenant go just because you failed to close the deal and get a signed lease!

Remember, there is extra to renting an apartment than the unit itself. People want to believe excellent about where they live. Highlight the following:

• Excellent communication with owners or management: let the prospect know how well you handle interaction with tenants. Examples of fantastic communication include 24/7 emergency availability in case of emergency, a stellar call response policy, and active listening—which starts the small you meet the prospect.
• Demonstrated level of professionalism: when you’re on time, your documents are in order, the unit is clean and ready, the grounds are professionally maintained, and you have the statistics to back up why your material goods is the best, who wouldn’t believe excellent about living there?
• Location: make it your mission to know every business and attraction within a 5-mile radius. Letting the prospective tenant know there is a dry cleaner, grocery store, library, park, and coffee shop close by could seal the deal.
• Amenities: even if you don’t have a first-class gym or on-site laundry, list the amenities you do offer. Things like water-saving fixtures, low-VOC paint, professional landscaping and emancipated parking are excellent news to many excellent tenants.

When the prospective tenant shows signs of interest, be proactive and close the deal. People sometimes have a hard time making a final choice, so it’s up to you to help them:

• Have a lease application ready. Never show a unit to a prospect without one.
• Get a commitment: question them to perfect the lease application.
• Let them know you only want the best tenants, so there will be an application fee to cover paperwork and required tenant screening.
• Your goal should be to collect a signed application, first month’s rent, and security deposit at the same time. Let the prospective tenant know if they do not qualify, the rent and deposit will be returned.
• Hark back the prospect that you are showing the rental unit to additional prospects and you cannot hold it without a deposit.

You don’t have to be loud-mouthed. If you have a excellent prospective tenant who needs a fantastic apartment, it’s just a matter of putting the two together. As the rental material goods owner, it’s your job to make this win/win situation happen!