Every property manager aims to ensure their clients (owners and tenants) are fully satisfied with the services provided while saving costs for the business. Property managers can try speeding up their lead-to-lease process while honing their conversion throughout their leasing and marketing funnel to achieve such goals. This is done by incorporating technology’s crucial role in making the entire procedure more efficient. The benefits involved are vast, and some include a better experience for your tenants and owners, reduced vacancy rates and time on the market, and increased leads without dedicating more money. Property management businesses, such as myHomeSpot all of serving Pensacola, have witnessed the power of tech in making their lead-to-lease process more efficient. This guide will walk you through how it can also help your company do the same.
Upgrade Your Marketing Process
Property management business owners can find efficiencies and cost-saving measures in their marketing strategies and spend. It would help if your plan focused on identifying qualifying leads before applying them in real life.
Customized Listings With A Listing Widget
How customizable are your listings, and what technology are you using to manage them? You can use listing widgets to help customize the listings on your websites, enabling you to embed video and virtual 3D tours. An excellent listing widget would also allow you to use a tour-scheduling link for prospects to schedule their showings whenever they need to. Listing widgets are also essential for targeting listings to their respective search criteria, based on how a property manager wants their audience to be identified and categorized. With enhanced filters, prospects can successfully look for homes based on the specific amenities, location, or price they desire.
Always Track Your Property Listings In Real-time
You must constantly monitor your listings to ensure they’re getting the proper traction. Using customizable software, a property manager can choose how best to connect their applicant leads to their marketing process by measuring and comparing the number of views against the applicant requests they’re getting. Be sure to monitor market trends while adjusting your rental prices, amenities, and other essentials as required. Tracking the source of your leads can also help you focus your attention and funds on the places offering the most timely return on investment (ROI).
Track Your Entire Process Using Tech
Property managers can use customizable software to enhance lead tracking better. This would ensure they get a larger view of their lead-to-lease cycle to help make more efficient decisions to optimize the entire process. You can identify the type of leads coming in and their source to help push the best applicants through.
Use Virtual and Self Tours
Did you know that virtual tours capture about 50% more leads, with almost 90% of people using them to get self-guided tours of various homes? Virtual and self tours have become so important that all property management businesses must implement to allow their target audience to tour their homes anytime and anywhere while collecting more information about these properties upfront. With such technological opportunities, you can grow your lead pool and gather quality leads simultaneously.
Make Use of Online Applications Portals
An online application can go a long way towards capturing more prospective tenants for your homes. Prospects can apply online at any time, including outside of regular business hours from the comfort of their current locations. Applicants can even track their application’s progress without having to contact your office instead. It would be helpful to implement an application portal to make the entire process more efficient. Many prospects feel discouraged when they’re forced to work on their application forms from scratch because they couldn’t finish the process earlier and had to attend to other matters. A portal allows prospects to save their application progress and pick up from where they left off when they return.
Use A Leasing Contact Center
You should expect dozens of calls from prospective tenants who would like to inquire more about your homes even after going through the virtual tour and filling an application form. Some people just like being thorough, especially regarding a potential rental property that interests them. Therefore, instead of dedicating some of your staff to the task, you can use a leasing call center. However, to ensure that the call center team is proficient in answering every question your prospects have, you must provide adequate information or data on your business and homes.
Utilize Online Tenant Screening Tools
An excellent tenant screening service/tool such as SmartMove can allow you to screen your tenants and check their credit scores and criminal backgrounds under one roof. These AI-based tools can measure the tenant’s ability to pay even with a low credit score by considering their entire payment history.
Implement Electronic Lease Signing And Payment Solutions
In the current century, any real estate-based business must incorporate the latest technology in their models, including providing e-signing and e-payment options for their prospects. The same thing goes for property management businesses whose verified tenants want to complete the lead-to-lease process online. An efficient property management tool would alert you once the lease is signed while recording everything and minimizing administrative functions.
There’s Always Room For Improvement
Even with an efficient lead-to-lease strategy in place, there are always opportunities for improvement. With the above tips, you can assess your process and identify the gaps that need filling while simultaneously reducing costs and increasing revenue. Contact myHomeSpot today to learn more about how your property can be managed efficiently in Pensacola.