When your community isn’t upgrading and it seems like all your competitors are it can be easy to lose excitement about leasing. However, selling apartments that aren’t upgraded isn’t the kiss of death for your community. Here are some ways to combat the objection:
- You’ve already identified your competitor’s advantage so now you must find yours. Upgrades aren’t the only thing that matter to prospects. What is the one thing– or hopefully more– that gives you an edge over your competition? Is it your location? Perhaps your apartments are larger in square footage. Maybe you have four maintenance men on staff whereas your comps only have two. Find something that makes your community stick out in a good way and sell that feature!
- Prospects often give credit to new appliances and upgrades when it comes to making an apartment look good, however, any good leasing agent knows it’s all about how you present your product. Spending a few bucks on a mini-model can camouflage your apartment’s flaws and show your prospects the decorating potential! Odd color tile in the bathtub? Find a fun shower curtain to coordinate the colors. Old carpet in the living room? Get a cheap, decorative area rug from Ikea!
- One major point that communities without upgrades or renovations fail to communicate is that you pay for them, but they’re not actually yours. If a prospect pays an extra $50 each month (or $600 per year) for upgraded appliances it isn’t like a down payment—the money just goes down the drain. Create an in-house flyer that breaks down the added monthly and yearly costs of an apartment with upgrades compared to the money they’ll save at your community. Then brainstorm ideas of how your prospect could better spend that money!
- Remember, when it comes to your community, renovations don’t have to be all or nothing. If upgrades are going to be a deal breaker for your prospect, consider renovations on a case-by-case basis. Instead of rental concessions, offer black appliances or vinyl wood flooring. Not only will your prospect be happy and lease, but you’ll be investing in your property at the same time!