September 03, 2015
The End of Leasing Season: 5 Ways to Convert Prospects to Renters
The crisp fall air is here, and the beginning of autumn signals a slow down in rentals. So as the summer leasing boom is quickly drawing to a close, property management companies and owners need to ensure that every last opportunity is seized!
Here are a few tips to ensure you can capitalize on the end of leasing season.
Give Them Everything To Make a Decision
Make sure your website provides all the information required to assist a prospective apartment or condo applicant in the decision making process. This includes apartment floor plans, pictures of the amenities and, if possible, a virtual tour. Where possible weave resident testimonials throughout your website.
Sell Them on a Lifestyle
Prospective residents aren’t just looking for a “unit” – they are looking for a home. Use your target audience demographics to create a community profile by listing lifestyle elements that are important to them. For example, young families will want to know about nearby schools, parks, sports facilities, shopping, attractions and events. Help them envision themselves living in the area.
Sell Them on Service
From a renter’s point of view, if two apartments are very similar in terms of number of bedrooms and location, then the decision can come down to your unique selling proposition. So, be sure to showcase things like a tenant portal that allows them to communicate 24/7 with property management about any issues. As well, mention your commitment to customer service and satisfaction. Showing that you care about their experience can be the difference between an application or not.
Eliminate any Rental Barriers
Having an online application is fundamental to capturing interested prospective residents and turning them into tenants. At the end of the leasing season, many people are in a hurry to find a place to live. Make it as easy as possible to apply then and there. (Whenever then and there may be!) Use a leasing module – like Property Vista’s – that guides prospective residents and co-signers through the application process, quickly and easily, which dramatically reduces the time from resident application to resident approval.
Provide Multiple Payment Options
Sometimes the difference all boils down to convenience of payment. Many prospective renters are put off by the idea of writing out cheques. The ability to offer online payments via credit cards, debit and other methods may be the tipping point for prospective residents looking for modern convenience.
Leverage Word-of-Mouth Advertising
Enlist your current residents to get the word out about your multi-family building and available units to their friends, family and coworkers. Use an incentive program that provides the referring resident with a gift certificate, a free month of parking or gym membership or other attractive bonus.
Learn more about Property Vista’s leasing solutions here or sign up for your free account today to learn more about how your property management company can leverage easy online payments, communication portals and other property management tools.