Leasing Apartments | The Three 10’s Rule

Today on Leasing University, I am going to cover the 3 10’s. If you can create these three crucial elements in a prospect's mind, then you have an excellent shot at getting the lease. If you can’t, you basically have no shot at leasing an apartment to them no matter what you do.

Think of all the objections leasing agents face from prospects:

·        The rent is too high.

·        No covered parking.

·        The bedroom is too small.

·        I don’t like the appliances.

That list can go on and on.

No matter how many objections property managers face in the leasing process, all of these objections are often times just smoke screens the prospect is giving you to mask the real issue that is preventing them from signing a lease with you – their lack of certainty.

Even if you answer every objection a renter has, it is still only going to lead to more objections until you address the real problem – creating certainty in the prospect’s mind.

Every lease is the same. Despite all the differences, each prospect comes into your leasing office with; individual needs, objections, values, pain points, previous renting experiences, etc...

Despite all that “stuff”, the same 3 key elements must line up in any prospects mind before you will ever have a shot at closing them.

It doesn’t matter the type of community you are a leasing agent at; A, B, C, Luxury, a brand-new lease-up or an old garden style property built in the 1960’s. It also doesn’t matter how much money your prospect to spend on rent.

If for a single moment in time, you can create these 3 crucial elements in a prospect's mind, then you will have an excellent shot at closing the lease. Conversely, if even one of these three elements is missing, then you have basically no shot at all of getting a lease signed with that prospect.

The Three 10’s

We call these 3 core elements The Three 10’s.

With the context being a prospects current state of certainty on a scale from 1 to 10.

For example; If a prospect is at a 10 on the certainty scale then she is in an absolute state of certainty at that moment.

Conversely, if the prospect is currently at a 1, then they are in a state of absolute uncertainty at that moment.

Now, in apartments when we talk about certainty, the first thing that pops into our mind is certainty about the particular unit the prospect is looking to rent.

In other words, before there is any chance of a prospect signing a lease, they have to be absolutely certain that the apartment is right for them.

The unit needs to meet their needs, look right, feel right, have good value etc.…

So, the first of the Three 10’s is your unit.

In other words, your prospect has to feel like the unit is the perfect place to call home.

The best way I can illustrate this is to have you take out a sheet of paper and draw a long horizontal line across it. On the left side, the start of the line, place the number “1”. Now under the number “1” I want you to write the words “Total Dump”. At the end of the line, the far right side, place the number “10”. Now, under the number “10” write the words “Perfect Place to Live”.

So, a “10” means the prospect feels the unit is the best apartment in the world. If you were to ask a “10” what they thought about the apartment, they would probably say something like:

“This apartment is perfect, it meets all of my needs, it looks great, feels great, smells great, this is the perfect apartment for me, in fact, I can’t believe it’s still available and hasn’t been snatched up by someone yet.”

On the other side of the scale, a “1” means your prospect feels the unit is a total dump. If you were to ask a “1” what they thought about the unit, they would probably say something like:

“This apartment is a total dump, it looks like a dump, smells like a dump, it’s built like a total dump and the sooner you get me out of this dump the better I will be”.

Now let’s take a moment and talk about the middle of the scale, a “5”.

A “5” does not mean that your prospect is “sitting on the fence” and could go either way. A “5” is more like “I can’t make up my mind about this apartment so please help me.” 

The important thing to remember is that although being a 5 does indeed mean your prospect is 50/50 on their certainty about the unit, it does not mean you only have a 50% shot at getting them to sign a lease.

The same thing goes for levels 3 and 7 on the certainty scale, which are basically mirror images of each other.

In the case of a 3, your prospect thinks that the apartment they are looking at is basically a dump, although not nearly as dumpy as if they were at a “1”.

At a “7” your prospect thinks the unit is great, although not nearly as great as if they were at a “10”.

In both of those cases, however, whether the prospect looking at the unit is at a “7” or a “3”, there are two important things to remember:

First, your prospects level of certainty is less set-in-stone than if they were at the level to the left or the right of them.

Second, their presence at either level does not directly translate into a better or worse chance of ultimately getting them to sign a lease.

In other words, their current state of certainty is just that, current. It is not permanent, and they are eagerly waiting to be influenced by you, the property manager or leasing agent.

Now, when it comes time to ask them to sign a lease, it doesn’t take a rocket scientist to realize that the closer you have moved them to a “10” in certainty about the unit the better of a chance you have at closing them.

On the other hand, the closer your prospect is to a “1” the worse chance you have at getting them to sign a lease. If your prospect is anything less than a “5” in certainty about the unit, you have basically no chance at getting them to sign a lease.

Ok, so let’s say you are able to get your prospect to “10” in certainty about the apartment they are looking at. Raise your hand if you think you will get the lease. If, you think you will get the lease, unfortunately, you are wrong.

If they are at a “10” in certainty about your unit, the correct answer is “maybe”, maybe they will sign a lease maybe they won’t.

What if the prospect doesn’t trust you, the leasing agent or property manager?

Let’s say that during your tour of the property and unit, you accidentally said something or did something that rubbed the prospect the wrong way to the point where they no longer trust you? What are the chances of them making a decision as important as where they are going to live with someone they don’t trust? I’ll tell you what they are, ZERO.

Plain and simple, if the prospect does not trust the leasing agent there is no way they are going to sign a lease.

That is what makes up the second “10” in the Three 10’s. YOU, the leasing agent.

For example, do they think you are a likable, trustworthy person who is not only an expert on the housing market in your area, but you also pride yourself on putting your residents needs first.

They feel that you will make sure that if any problems arise once they move into the apartment, you will be right there on the spot to resolve them. That would be a “10” on the certainty scale about you the leasing agent.

Conversely, if they think you are a total scumbag who will lie to them and say anything to fill that apartment, they would be a “1” in certainty about you.

Maybe it was how quickly you answered the phone or the way you answered the phone when they first called about the property. Maybe it was the way you dressed, how you greeted them and shook their hand.

Maybe it was the questions you asked and how you identified their needs and values and the questions you asked to see if they were financially qualified for the lease.

Perhaps you came off as caring more about getting a lease than resolving their pain and getting them into the perfect apartment.

Whatever the case, my point is that in the same way that you have varying degrees of certainty about how the prospect feels about the apartment, there are also varying degrees of certainty about how the prospect feels about you, the leasing agent.

If you want your prospect to say “yes” when you ask them to sign a lease, then you are going to have them as close to a “10” as possible in their certainty about you and the unit they looking to rent.

Ok, so let’s say you are able to get your prospect to “10” in certainty about the apartment they are looking at and you the leasing agent. Raise your hand if you think you will get the lease

If they are at a “10” in certainty about the unit, and they are a “10” about you the leasing agent, the correct answer is still “maybe”, maybe they will sign a lease maybe they won’t.

What if your prospect doesn’t trust the property you work at? For example, let’s say your prospect just read a Yelp review that claimed your property was “where the bedbugs and convicted felons come to fight with each other”?

What are the chances of them signing a lease with you under that circumstance?

It is really quite simple. If your prospect doesn’t trust the community you work for, then there is absolutely no way they are going to sign a lease with you.

Again, I don’t care how certain they are about the first two 10’s, they will simply not sign a lease if they think the property is a bad place to live at. That is what makes up the 3rd of the Three 10’s.

The Three 10’s:

1.     The Unit

2.     They Trust and Connect with the Leasing Agent

3.     They Trust and Connect with Property

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That said even when you become a black belt in leasing you will still need leads coming into the leasing office that are hot, qualified and looking to sign a lease today.

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