Property owners attempting to rent their properties know that improving the lead-to-lease conversion rate is one of the most important things. The problem is figuring out how to do this and getting it right.
Good property managers dig deep and have come up with some effective steps to get this done. This saves money and time. It ensures everyone’s satisfaction, even the tenants who get the home of their dreams.
Benefits of Taking These Steps
- Shortened vacancy rates
- Less time and effort spent on marketing
- Productivity boost
- More time focused on tenants and tenant satisfaction
- Zeroing in on better leads
1. Improving Marketing Process
Before finding leads, your marketing has to target tenants that match your property.
This means looking for qualified tenants, which can be effectively done with the right technology, like a customizable listing widget. Today’s customers are looking for video tours, 3D tours, and high-quality pictures.
Customers even expect to schedule a tour directly online.
A customizable listing widget usually has specified filters that help customers look for places that match their desires, like price, location, and even amenities. Offering that enables you to find more qualified tenants.
Usually, this is the kind of information a good property manager keeps an eye on using today’s technology.
2. Tracking the Process
Lead tracking is vital. You need to know where each lead is in the application process.
You need to know the moment they view your listing and the moment they make contact or try to request additional information.
Tracking leads help you see where they are coming from. This should help you fund the kind of marketing that’ll bring in leads. Tracking technology can also help you determine where you are losing leads.
Sometimes, your leasing process may need a little more tweaking.
3. Focusing on Virtual and Self Tours
Virtual or self-guided tours are a must in today’s rental market. Finding experts who can create these digital tours may be challenging, but today’s renters often expect it.
The truth is that having it helps eliminate folks who probably wouldn’t want your place and would have wasted your time.
Good property managers have already made connections with photographers and videographers who can effectively beautify a property through the lens.
Virtual tours expand the number of people who take a tour of your property because it’s so accessible. People can easily check out your property on their phones.
4. Initiate Online Applications
You’re probably starting to see a pattern here. Today’s renters want convenience and expect you to offer it online.
On top of those online tours, they also expect to fill out and turn in an application online simply. These applications can be submitted at any time.
It’s vital to set up software that will allow applicants to track their applications. People prefer this over calling to find out what’s going on with their applications.
These portals can be active even if your property is occupied. It would help if you took advantage of that and set up a waitlist, which helps keep your property rented.
5. Always Have a Leasing Contact Center
Having a good contact center to rely on is essential. No matter how good you are at listing important information, you’re still going to get calls.
Potential tenants don’t like to call back too often, nor do they like leaving messages.
This is the reason you should always have a contact center that’s open all the time to take calls. These folks will use the data you provide to offer guidance and answer questions when you can’t.
6. Utilize Smart Tenant Screening
The internet has made things so much better and efficient. This includes tenant screening technology, which has gotten pretty good, but that is only helpful if you use it.
The right tenant screening software can check credit scores to help you find the right tenant.
The software can crawl deep into the web to find any criminal offense to help you screen out potential renters.
Effective tools can analyze potential tenants and their willingness to pay their rent by exploring their rent history.
7. Use E-Signing and E-Payment Tech
E-signing is a must. It helps move the tenant application along much faster. You should also offer an e-payment option to ensure the process is as easy as possible.
Doing this helps generate revenue faster, making it easier to skip additional work done in person.
This doesn’t mean you won’t ever get the process done in person. There are a few folks who prefer to do things like this in person.
For those people, you’ll have a personable property management team here in Florida, making your life easier.
Hopefully, these points help you see that your lead-to-lease conversion rate can be improved, especially if you work with an experienced property management team already doing this and more.
