In a recent visit to Tallahassee, FL, I spoke with my Dad about how he’s been able to reverse the trend of higher vacancy rates for the rental properties he owns.
About 3 years ago, my father hired a rental management company to rent and manage his rental properties. At that time, his average vacancy rates were less than 5%. After about two years his vacancies shot up to 15%-20%!
How did his vacancy rates become so high? The management companies he hired were order-takers instead of sellers.
The critical difference between my dad’s success renting a house and the management company lack of success boils down to salesmanship. A salesman, my dad, asks a potential renter what is keeping them from signing the dotted line. An order-taker doesn’t find out what issues are preventing the sale.
Next time you hear ‘no’ from a prospect, summon your 4-year-old self and ask why. Successful salesmen understand why prospects think the way they do and offer solutions that render their objections moot.