March 10, 2016
Weeding the Leads: How to Qualify Quality Tenants Faster
Today’s tenants have more choice than ever. And with the condo-rental market and new purpose-built multi-residential properties going up, the situation isn’t poised to change any time soon. Like it or not, it’s a renter’s market.
In such a competitive landscape, it’s critical that you be able to quickly convert leads to rentals—especially when those leads are for loyal, high-quality tenants. Here are a few tips on how to make that happen.
Your ads should be helpful and enticing; they should make it easy for prospective residents to visualize themselves living on your property. Develop informative, online ads that include multiple photos of the unit, the property address and a full description that highlights the building’s amenities and surrounding community. Video tours are increasingly popular, so invest in a video tour of key parts of your housing—an individual unit, or amenities like a pool or gym.
With the right marketing, your ads should accurately reflect life in your building or housing unit, and attract the right renters. This approach will not only help pre-sell units, it will also weed out tenants that may not be a good fit for your property.
You should also consider property signage. The emphasis is online ILS these days, but having a sign out front can be very effective for drive-by and walk-by traffic.
One of the best ways to get quality leads is through referrals. People love to live in a community with friends and family close by, and the best press often comes via word of mouth. Create incentives for your existing residents to refer new leads, like minor upgrades to their unit or complimentary parking for a month. Then promote your referral program through newsletter and email campaigns.
The 10 Minute Call-Back
What’s your call-back time after an inquiry? 24 hours? 8 hours? Either way, it’s too long. Once you receive an inquiry, follow up quickly. If you don’t lock down a property visit, someone else will. It’s that simple. You should aim to call back prospective renters within 10 minutes—30 minutes max.
Once you’ve made first contact with a new prospect, don’t be afraid to follow-up. Not only will it keep your property top of mind, it will also show the prospective renter that you’re responsive and available.
It’s the Internet era, so put technology to work for you. Using an online application and credit approval system improves the flow of the prospect-to-resident flow. With Property Vista’s leasing module, prospective renters and co-signers move quickly and easily through the application process, significantly reducing the time from application to approval. Typically, companies using Property Vista’s solution see a 35% increase in approved applications.
Most of the time, property managers use only the FICO credit score that accompanies the credit report to determine whether an applicant would make a good resident. But that doesn’t offer a complete picture. Consider this: Some people have never missed a rent payment but are frequently late paying bills.
Property Vista offers a comprehensive solution to assessing applicant suitability. It includes an integrated credit check with Equafax, an assessment of the applicant’s mean income from their past location to their new location, a statistical analysis of the historical information in their credit report and a probability analysis of the rest of the metrics.
Here at Property Vista, all our solutions are designed to help property managers improve the leasing process while improving the customer experience.
To learn more about our solutions for marketing, leasing, communication and operations, sign up for your free account today or give us a call.