What To Do When Objections Arise During Renewal Time
Not all objections come up during the initial visit, tour, or sit down interview. For some communities, the most objections are brought to the table during renewal time. Resident retention is important to any community, as it’s your residents that truly grow that sense of a true community in the first place. Pleasing residents is key to retaining them, avoiding vacancies, and keeping your community as a whole happy. When objections arise during renewal time, how you approach those objections makes all the difference.
Most of these renewal objections have to do with the costs associated with the renewal. Naturally, residents want to know why their rent may have been raised, they want to know why prices compare the way they do compared with other communities, and they want to know why they may be paying more monthly than some of their neighbors. What is important to settling these objections is to have your details laid out and ready to communicate to residents when needed. If your community charges more monthly than a nearby community, explain why this is and what factors go into your pricing. If a resident objects to paying more than a neighbor, explain why certain circumstances or amenities may be the cause. For instance, one resident may pay more because they have two bathrooms, while a neighbor has one and a half.
Another common objection may have to do with hustle and bustle around the community. If you’ve been working on putting in a pool, building a new community building, or fixing the roofing in certain residences or certain buildings, this can create a lot of noise and commotion around the community. For these objections, it’s important to explain that these annoyances are temporary, and once they’re finished the end result will benefit the entire community as a whole.
No matter the objection being brought to the table, there are ways to address these concerns and leave the conversation with happy retained residents. With open and clear communication, informative details and explanations, and a positive attitude, community management teams can do what they need to do while still keeping their community residents happy. If you’re interested in learning more about overcoming objections that arise around renewal time, we at OccupancySolutions.com can help. Contact us today to get started.