Categories Property Management

7 Tips for a Better Lead-to Lease Conversion Process in Single-Family Properties

Single-family property managers are always looking for ways to improve their business, both to save money and to improve customer satisfaction. Many times, you’ve already tweaked the leasing process to save money and reduced costs in your business.

Have you examined your entire lead-to lease process and identified the key points where technology can help you? The benefits of speeding up your lead-to lease process and improving your conversion rate throughout your leasing and advertising funnel are numerous.

  • Reduced vacancy rate and time on the market
  • Fewer employees dedicated to leasing and marketing
  • Increased team productivity, morale and motivation
  • Get more and better qualified leads without spending extra time or money
  • Your company can benefit from clearer and more efficient processes
  • A better experience both for tenants and owners

Property managers are increasingly turning to technology to streamline their lease-to-rent process. We’ll walk you through the lead-to lease cycle and show how the right technology can help.

#1. Step Up Your Marketing Process

Your marketing strategy and spending is a key area to consider for cost-savings and efficiencies. Make sure that your plan is focused on finding the best qualified leads and then moving them to the application stage.

Listing Widgets for Customized Listings

Start by examining the degree of customization in your listings, and the technology that you use to manage them.

Listing widgets let you customize your listings easily on your website. A listing widget allows you to embed virtual 3D tours and video in your listings. You can also include a link to schedule tours so that your prospects can do this on the move.

You can also use a listing tool to categorize and find your audience based on the criteria you choose. Prospects can search for homes using enhanced filters based on amenities, location, and price.

Track your property listings in real-time

You don’t just sit back and wait for people to approach you once your listings are live. You monitor your listings to ensure they are getting the attention they deserve.

You can choose how to integrate your applicant leads into your marketing strategy with customizable software. It doesn’t matter how you do it, but you should still set up your software so that you can measure and compare views to the number requests for applicants. Watch the market and make adjustments to rent prices, amenities or other factors as necessary.

It’s important to know where your leads come from so that you can spend your money and time on sources with the highest ROI.

#2. You can track your entire process using technology

No one will fall through the cracks with sophisticated lead tracking. A lead-tracking software (supported by customized software) will track where each prospect is at in the process, from first contact to tour to application to screening to signing.

Lead tracking can also give you a better macro-view of your lead to lease cycle, allowing you to make better decisions about optimizing it. You can track where the leads come from and which types of leads they are. You can also determine where and when you are losing leads. This information will help you to tighten up the process and get more qualified applicants.

#3. Virtual and Self-Tours

Virtual and self-guided home tours, once a nice-to have, are now a necessity. According to Matterport, a digital twin technology company, listings that include virtual tours and immersive photography generate 49 percent more leads. 95 percent of the people interviewed were more likely than others to contact a property that had a 3D tour.

Aside from increasing the number of leads, Increase your pool of leads: Prospects are able to tour your home at any time, anywhere. This increases the number of people that see your posting.

Collect leads that are highly qualified: Tenants get more information upfront about your properties, so they’re more likely to meet your criteria.

The 3D tours are a little pricey but will last the entire life of your property. You can use the same virtual tour until you decide to renovate or update a property. Make sure to check the protocol and make sure that nothing has changed.

This level of transparency may have an impact on your conversion rates. Try A/B-testing (measuring impact of including or excluding one variable) to evaluate the effectiveness of virtual tours.

#4. Activate Online Applications

Prospects can submit an application online at any time and anywhere. This allows you to capture more tenants outside of normal business hours. Most applicants are able to track the progress of their applications online. This eliminates the need for them to call you to find out their status.

You can capture information about applicants using an portal , but an application portal will make the process more efficient.

With the application portal, tenants can save their applications and return to them at any time. The applicant will be notified when they are finished. Propertyware users can also see the status of the application, even if the applicant hasn’t completed it.

A pro tip: If one of your properties are not available, you should still set up a waiting list for your application process. If the property becomes available again within the next few months, you will already have a solid tenant lined up.

#5. Use a Leasing Contact Center

You’ll still get a lot of phone calls. A detailed listing for your rental property will help to eliminate some calls. Consider using a leasing contact center instead of hiring staff to answer those calls. Your staff can focus on other important tasks by letting the leasing call center handle all of your prospects’ and applicants’ questions. You should be aware, however, that the quality of any call center will be determined by how well you can provide data. It is crucial to the success of any call center team to have detailed listings and technology to guide them.

#6. Digitalize tenant screening

You can check criminal records and credit scores all at once with a good online tenant screening tool. A great tenant screening tool like Propertyware’s AI-powered screener measures the tenant’s willingness to pay and their ability to pay, to create a comprehensive score.

A prospective tenant with a high debt load may not have a good credit score, but may be willing and able to pay the rent. A tenant screening tool powered by AI will consider their entire payment record and not just the low credit score.

#7. Take advantage of electronic lease-signing and e-payment solutions

E-signatures and epayments allow tenants to complete their lease process while on the move, just like online applications. You can generate income for yourself and your owners faster. The system will notify you as soon as the lease has been signed. You’ll also save time by having everything recorded.

You’ve probably set up an efficient lead-to lease machine that is working well for your business. As with anything, there is always room for improvement. Look at your current process to see if you can improve your on-market time, vacancy rate, and revenue.

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