1. Turnover Rates
  2. Late Rent Payments
  3. Evictions Time
  4. Eviction Costs
  5. Maintenance Staff Costs
  6. Turnover Time
  7. Operational Staff Costs
  8. Net Vacancy Time
  9. Marketing Costs
  10. Communications Costs

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"In place of repeating our past paper based processes, we converted to a fully electronic application and approval process with PropertyVista.The result was a 80% increase in our approval process and a 65% increase in application submissions."

Sarah Stewart, Director, Marketing and Leasing, Greenwin Inc.

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Office -- digital technology

Today’s technology is making it easier than ever for property managers to field leads. From availabilities showcased on their websites and ILS listings, to the ability to inquire via the web, email, text or good old-fashioned phone calls, property managers are flush with leads.

Still, the age-old question remains: Which leads are better than others?

It used to be that the effectiveness of a property-marketing program was evaluated on sheer number of leads, but not anymore. A growing number of savvy marketers are scoring leads before handing them over to their leasing associates. The reason? It can help agents identify leads that may have a higher likelihood of converting to tenants, so they can prioritize those leads and act more quickly on them.

The reality is that not all prospects are ready to sign on the dotted line. Many of them are hedging their bets and looking at multiple rentals. According to industry experts, fewer than 25% of leads are sales-ready. The remaining 75% may need additional nurturing before becoming viable.

Some industry professionals worry that lead scoring can prompt sales teams to leave the lower-scored leads untouched. But as long as your firm has a clear “no lead left behind” policy, this shouldn’t happen. Lead scoring isn’t about abandoning some leads in favour of others; it’s about knowing which leads to pursue first.

 

Go for the Win: Shoot to Score

If you’re still unsure of the merits of lead scoring, consider this: Fully 70% of leading marketers employ a process to regularly improve their lead qualification criteria – and they ensure that their process involves close collaboration with both sales and marketing representatives.

To follow their best-in-class lead and position your property management firm for success, you should begin by implementing a formal lead-scoring program based on multiple criteria:

Move-in Date: A lead that has an earlier move-in requirement is in urgent need of an apartment, and therefore more likely to rent.

Budget: Prospects who include budgets in their inquiry tend to be more serious about finding and securing a unit.

Location Preference: As with budgets, potential renters who are looking for a unit in a specific location are more likely to have done their research and be ready to commit to a lease.

Lead Source: Has your team noticed patterns? Are leads stemming from an ILS ad more likely to result in a lease than those coming from social media? Assign points to each regular traffic source, based on how likely a lead is to convert when they come from that particular source.

Email Address: Are people who use an email address with their own domain or a company domain more likely to be serious contenders? Again, look for patterns in your lead history.

Urgency: If prospect phones as well as emails, they’re a better bet than those who just email. You should also consider how soon they want to book an appointment to see the available unit.

 

At Property Vista, we provide application management and lead management to help you turn more potential renters into actual residents. For more information, sign up for your free account today or give us a call.


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