As a property manager, attracting qualified leads is only half the battle. There are several things that can go wrong between the inquiry and closing stages of the leasing process that can lower your conversion rates, leading to higher marketing spend and more time on market. If it’s been a while since you’ve calculated your conversion rates, take a minute to perform a quick health check on your leasing metrics using our free template!
If you’re familiar with your conversion rates and you’d like to optimize them, you’ve come to the right place!
We’re covering seven tips and tricks for boosting your conversion rates and streamlining the leasing process, including:
- Make your rental listing stand out
- Maintain a low response time
- Be prepared to offer alternatives
- Remove friction from the leasing process
- Keep an eye on your ratings
- Follow up with leads as quickly as possible
- Implement technology to modernize your business
Let’s explore these tips in a little more detail:
1. Make your rental listing stand out
According to the National Association of REALTORs, over 97% of homebuyers searched for listings online. Since the majority of renters are younger than homeowners, it’s safe to assume most prospective tenants are using the internet for their home search. Wondering where to list your rental properties to see the best results? Binary Fountain’s 2019 Renter Insight Survey found that a whopping 58% of renters first checked Zillow, followed by Google (51%) and Apartments.com (48%).
Leads want to see as much of the property as they can before they decide to tour, so make sure your listing includes updated, well-lit, high-quality photos of the property. Provide a detailed description, and anticipate and answer any questions that a prospective renter may have. Be transparent about your pricing. Not only does this build trust, but scheduling a tour before the lead realizes they don’t like the place wastes everyone’s time.
2. Maintain a low response time
Make it a habit to respond as quickly as possible to inquiries. It’s likely that your lead is inquiring about other properties at the same time, and your prompt response may mean the difference between a lease or a loss. This applies to current tenants as well — quick replies and consistent communication will help your chances of retaining repeat renters.
If you’ve fallen victim to a flooded inbox (who hasn’t?) consider offloading your lead conversations to the Showdigs Live Operations Team! Our in-house, US-based team of leasing professionals are trained to handle all of your lead calls, texts, and emails, freeing you up to focus on other important aspects of your business.
3. Be prepared to offer alternatives
A lease can fall through for a number of reasons: the property was outside the lead’s budget, the move-in date changed, or it was leased to another tenant before the lead got the chance to sign. Have a few potential options top-of-mind so the lead doesn’t fall through the cracks. Encourage them to view your other listings online, or better yet, reach out via text or email with a few links to other properties that you think would be a good fit!
4. Remove friction from the leasing process
Today’s renters are searching for convenience. Ensure their house hunt is as painless as possible by offering tours on their schedule, either through virtual tours, self-showings, or on-demand agent-led tours. This way, the lead isn’t waiting until your schedule frees up, and will ultimately shorten your leasing cycle.
5. Keep an eye on your ratings
Per the same Binary Fountain survey, 85% of renters say they look at online ratings and reviews even after a friend or family member recommends a property. Not all of your reviews will be positive. Accept this, and use negative ratings as an opportunity to remain kind and professional in your response. Leads want to know who they’ll be renting from — engaging with your online reviews provides them a look into how you conduct business.
6. Follow up with leads as quickly as possible
If you’re a Showdigs user, automated follow-up with a link to your rental application is sent to the lead after they finish a tour while they’re still at the property. But if you’re not using Showdigs, ensure that you’re following up quickly and effectively. Answer any questions they may have and figure out what they may have liked and disliked about the property (this will also allow you to prepare alternative options, like we discussed earlier)!
If the lead is taking too long to apply, feel free to give them a friendly nudge. A quick text may be the push they need to apply! Ask if there’s anything else they need from your end, and include the link to the application.
7. Implement technology to modernize your business
Paperwork is quickly becoming obsolete. In the digital age, each step of the leasing process can be done digitally. If you haven’t yet, take the time to digitize your pre-screening, payment system, and signing process. While this may seem like a daunting task, modernizing your business will allow you to surpass your competitors, and save time in the long run.
Use these tips and tricks to ensure the leasing process is easy for you and your leads. Convenience means an increase in your conversion rates, and a higher likelihood of repeat tenants. If you’re looking to optimize your leasing and decrease your time on market, check out all of the features that Showdigs has to offer!