Closing with Horsepower: Take the Application NOW!

Closing a lease deal starts from the very beginning of your contact with the customer. Getting to a signed lease is a process of professionally and responsibly closing all the mental escape routes in the prospect's mind. You do this process of closing, from the first hello until they are living in the home. If you can make the right contact, qualify properly, and give a razzle-dazzle showing, you will touch on 4 of the 5 reasons people will lease from you. Just as a quick recap the 5 reasons people lease are the following:

1.       They like you and trust you 
2.       Everyone else is doing it
3.       The WOW factor
4.       It makes good business and/or family sense
5.       There are no reasons not to lease 

Since people will only lease for the five reasons listed above, closing is the process of removing all the reasons that someone would not lease. Your closing ratios will go up just by simply ensuring you are connecting on reasons one through four above. If you are connecting with the reasons one through four above and are still needing to improve your closing ratios, then the following information can provide you the tools you need to close the deals!

Caution! You must ensure you have gained their trust, provided evidence of other satisfied/happy tenants, demonstrated a WOW factor, and established good business/family reasons if your prospect is going to ever take the home. The prospect must be properly qualified. I cannot warn you enough, closing someone who is not properly qualified to lease, or that has not sold on the four reasons above will come across as high pressure and pushy. However, if they just have not shouted at the top of their lungs, “GIVE ME THE APPLICATION,” then you may need to remove all the reasons they are thinking they can’t lease.

You should be prepared for the following objections:
Your rent is too high
The rooms are too small
There is not (specific amenity)
There is not a lot of closet space
I need to think about it

To remove the reasons and handle these objections, you must prepare and know them ahead of time. You must drill on all the reasons people will not lease from you. You must also understand that if you cannot close you will never earn the level of income you should be earning in your industry.

I have personally learned that closing requires three things that must be present or you will not be able to close:

1.       Decision Makers- All decision-makers must be there. You cannot close if all the decision-makers are not in the room. Missing even an ancillary decision-maker can make it impossible to close; even when you have completed everything perfectly to this point, your efforts will result in no lease.

2.       Belief - You must truly believe in your company! Trying to lease for a company you do not believe in, will show through and the following assistance will come across as insincere.

3.       Hot Button Issues- You must know the hot button issues of your prospect. Asking for the application to be filled out, and not knowing the hot button issues, makes it difficult to lean on those issues when it comes time to close.

Now that you know the three things that must be present to close a lease transaction, you must know what to say when your prospect gives an objection. Keep in mind closing a lease should be at a specific point in your showing. You should not attempt to close until the closing. Prospects will bring up issues with the home all along with the showing. Ignore them unless they bring them up when you are closing.

You should go into your close the same way every time. Your first close should be scripted and should work for you 20% of the time without needing to go any further. You will need to be prepared to close a minimum of thirty times. You must have thirty different closes memorized in preparation for each show. You may be thinking thirty times? Really? Isn’t that excessive. Yes, it is! If you are going to be great you must be well trained. Learning thirty closes requires further study beyond this article.

Your closes should follow the first three closes in sequence every time. This sequence will give you some closing horsepower. After the following sequence, you may need to adjust your closes to be more tailored to specific questions or objections. Regardless of any additional closes, you may learn, to get the most horsepower out of your closes, you should follow the following sequence.

First Closing Attempt: The Summary of Benefits Close
Leasing Pro: Mr. Prospect, as you know, this home is in the right community, in your price point, comes with our organization's oversight, our amazing service, and  it is a three bedroom two bathroom home specifically selected for your family, like you requested (You should throw in any hot button issues, as well ie. Basement, fenced in yard, close to the bus stop). This home is sooooooo beautiful and I am going to help you get it! (With excitement!!!!) We need to get this paperwork in to the office today, because as I showed you, our homes lease quick. This home is amazing. How do I spell your last name? (Begin filling out the application.) 

Second Closing Attempt: Two Things to Decide
This closed is utilized 2^nd regardless of the objection.

Leasing Pro: Mr. Prospect, I understand and I can appreciate that. When I was talking with Tom this past week, who is currently a tenant of ours, he had the same exact concerns as you do. What we decided after a long discussion, is that this decision really comes down to two things. One is there enough bedrooms for your family and two can you afford it? (Then do not let them talk at this point, go right to the following comments.)

We have already determined that this home has enough bedrooms for your amazing family, so let me ask you, can you afford it?  If the prospect says yes, then fill out the application. If the prospect says no, then you do not have a qualified buyer. You may need to ask again about their income.

Third Closing Attempt: Let’s Close the DoorThis closed is utilized 3rd regardless of the objection.

Before you go into this close, do not go into it right away, pause. Make some small talk to further build the relationship. Then utilize the following

Leasing Pro: Mr. Prospect, I can tell you make smart family decisions. Now, I also have to agree with you about (Their objection) I know how important this home is to your family and you would not want to close the door on another home that may be better suited for your family, am I right? Get them to nod and say yes! Mr. Prospect our company’s first priority is serving you and your family.

Now, we work full time for our tenants. If you think about it, there may be other homes out there with (Their objection solved), however the owner of that property works full time for someone else and not your family. Now, to get ahold of him, you are having to call after hours, work around his schedule, and wait weeks for a response about his home.

If you open the door with our company and continue our great the relationship you get a response, you can get ahold of us, we have x number of people working in the office for you, we have x number of technicians working for you. If something was to happen, we have x number of additional homes and all we do is service tenants.

Mr. Joe Landlord owns his home and makes money on the side with it. He does not have the experience of taking care of your family as we would.

Now, let me help you make this decision, I am going to step out. I am stepping out for two reasons: One, I know that it is hard to make this important decision with me standing here staring you in the eyeballs and two I have to call an appointment that I am running late for. I am going to call them and reschedule. I will step out and shut the door. I will give you an opportunity to talk this out (think it through), and when I re-enter I will just be looking for a yes or a no. If it is, no, I can understand, if it is a, yes, then I can help you get this home.

Remember, I told you that you would need thirty of these closes! The above are only three examples of closes that work. They are your starting sequence. Going into your closing sequence prepared provides higher success. You should be training and drilling on these closes. They work. You can then design scripts that you become more comfortable with. I believe in scripting! Scripting helps measure results. In leasing you want your numbers to become predictable. Scripting lets you know how successful you are going to be, by determining if the language delivered is effective in closing the lease!