As a leasing agent or property manager, there is a good chance that you have heard someone say, “but the price is too high” when touring a prospect. Understandably, each person tours the community with a set budget in mind with strict guidelines to stay within that price range. But, this statement does not have to be an instant no; in fact, your price is worth every penny, and there are many ways to ensure that each prospective resident walks away still considering your community even if it is slightly out of their budget.
Remind Them What is Included in the Rent
Many people place utilities and other essential apartment living aspects in a different category to the rent itself when budgeting. If your monthly rent includes any other utilities or services, let them know; this might encourage them to reconsider their budget and realize that the price is worthwhile. If each apartment also comes with parking included, make the prospect aware because many places upcharge, and the prospective tenant may end up with an abundance of hidden fees and costs.
Cover Your Amenities
At the end of the day, your amenities can save residents money. Consider a fitness center, for example. If a prospect leases with you, they can cancel their $75 monthly gym membership, saving them money that can go towards their lease instead. Do you also have a pool or basketball court? Remind the prospective resident that they will no longer need to go to the local aquatic center or YMCA. Your amenities add value to your community, and it’s essential that prospects consider this when determining whether or not your apartment is worth the monthly rent.
Insist That They Get What They Pay For
If your prices are high in your community, it is probably for a valid reason. Remember that just like with many things in life, you ultimately get what you pay for. If an apartment’s price is too good to be true, there’s probably something wrong with it. Things like the age of the property, the location of the community, and the crime rate can all impact the pricing. If a prospect wants the best value for their money, it’s a better idea to slightly increase their budget to find a community that better suits their needs.
Next time a prospect tells you that the price is too high, take the time to remind them of what is included in the rent, the amazing amenities, and that they get what they pay for. Do you have any questions about tackling this argument? Ask away in the comments below.