7 Quick Tips

By on Mar 17, 2020 in Marketing

Make this your best leasing season yet! A bit of early preparation can help you convert leads faster, improve efficiencies around the office, and ensure you’re maxing-out your revenue. We’ve created a seven-point checklist to get the busy leasing season off to a great start.

  1. Maximize revenues with data-driven rental pricing. What are you using to determine the pricing of your units? If you’re not using a revenue management system, you can be missing out on6% net rental income growth. When you use localized market data to determine your unit pricing, you drive revenue and improve occupancy. Position yourself to beat competitors by at least 2%.
  2. Explore ways to make the leasing workflow more efficient. Start with the basics: go paperless. Wherever you see paper, that means manual (and likely repetitive) data entry must take place.

Online applications expedite the process. All document submissions and resident screening protocols are completed online. Prospects are easily converted to residents without duplicate files and redundant data entry. Bonus: you can get rid of unsightly, space-consuming file cabinets.

Secondly, automate as many tasks as possible. Scheduling tours and most marketing strategies benefit from automation. When you automate tasks, leasing staff can save time. Their time can be redirected towards resident satisfaction initiatives and building relationships with prospects.

Speaking of building relationships, ensure that your leasing workflow includes conscious strategies for nurturing leads. Learn how to nurture leads to improve conversions. Without these steps, you will experience more dropped leads and waste your marketing spend.

  1. Ensure that your team is proficient with all software that is in use. Software can make workflows effortless—if you know how to use it! Continuing education courses on your customized e-learning software will promote proficiency and efficiency. Leasing agents can review materials at their own pace. They can also focus on areas that are most prevalent to their role.

Once the eLearning courses are complete, you can review their test scores. This review will let you know where you need focus training efforts.

  1. Revisit your marketing strategies. Update your search engine optimization (SEO) strategies to ensure that they are favorable to the most recent algorithms. This technique boosts your website’s organic ranking. That means prospects visit your website and listings.

If you don’t have a certified account manager to handle Google AdWords, get one. These experts create pay-per-click ads that are cost-effective and impactful. And with the help of their engaging landing pages, you can quickly promote conversions.

Make sure that your marketing efforts go beyond unit listings and dimensions. Market your amenities as well, since they are the true differentiators. Give prospects get a clear picture of what life can be like in your community. If you’re a pet-friendly property, for example, use three easy and effective methods for marketing your pet-friendly amenities.

  1. Re-imagine your common areas for value-add applications. Rarely used spaces are a waste of money. Analyze your resident base then determine how residents would better benefit from common areas. When residents receive benefits, the value of your property increases in their eyes.

Perhaps you convert a space in your community into a coworking office, which adds value for a growing number of freelancers and solopreneurs. You may also consider renting out the space to local service providers, like pet groomers. This brings in revenue for you while offering services that your residents will appreciate.

  1. Decide to get your money faster. Set up a resident portal that offers online payments. With online payments, you skip driving to the bank and long processing times. Residents love paying online because they can make payments 24/7. If you want, you can even set up allowances for partial payments roommate arrangements.
  2. Be proactive about lease renewals. Leasing season goes both ways. As some renters come, others go. Earn resident loyalty with proactive resident retention strategies. These methods build a culture around your brand.

The earlier that you start, the better prepared you will be when summer arrives. Get started today!