Leasing: Overcoming Objections - The Competition Objection
Let’s discuss one type of objection that can be very intimidating:
The Competition Objection: “The apartments up the street are …… “
(1) Establish that they are comparing apples to apples.
Are the floor plans the same size?
Is it the same construction?
Are the amenities the same?
(2) you need to know your competition inside and out before your prospect walks through the door.
Shop your competition regularly.
Keep a copy of their floor plans and community amenities on hand.
Stay informed. Remember, you’re dealing with very educated shoppers.
(3) Be ready to compare your product to the competition’s product.
What are the unique features of your floor plans?
Does your fitness center have newer equipment? Is it open longer hours?
Is your clothes care center more conveniently located with newer machines?
(4) Don’t let the competition win on price or concession.
Objection: “Next door they are offering 2 months free!”
Response: "I noticed that. Let me ask: why do you think they have to do that?”
Remind the residents that large concessions now will have to be recovered in the future. Let them know that you are more interested in resident retention and may be willing to guarantee the rental quote for a longer period of time.
🌱 Take a minute to review Sprout’s five steps to preparing to overcome objections:
1. WHY do prospects object? There are many reasons including:
The prospect dislikes decision making.
The prospect isn’t comfortable or distrusts the salesperson.
The prospect doesn’t see enough value in the product.
The prospect is not in a hurry to make a decision.
2. When faced with an objection we first need to LISTEN carefully! Many times we are so quick to try to overcome the objection, that we really don’t HEAR what the prospect is telling us.
3. Now it’s time to isolate the objection. Make sure you understand what the real objection is. You can do this by restating (word for word is great) the objection to help you better understand and buy yourself some time to respond. “I want to make sure that I understand. So what you are saying is that if this unit was downstairs it would be the perfect apartment home?”
4. Acknowledge and validate their concerns: Feel - Felt - Found Method. “I understand how you feel. In fact, we’ve had several other residents who felt those same concerns. What they’ve found is that….”
5. Be prepared to respond to various types of objections.