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Turn More Leads Into Leases (Webinar Recap)

We always enjoy Lisa Trosien’s presentations. In our webinar today with our co-host Grace Hill, Lisa focused on how to generate more leads and then turn those leads into leases. Here is a recap of the important highlights and we recorded the whole webinar, too, so you can watch it again and again!

Generating More Leads Starts with Great Ads

Photos Really Matter
Be sure your Ads have great pictures – a small investment up-front in taking professional looking photos will go a long way in getting more leads. Ads with 5 or more great interior photos receive 28% more leads than if you only have a couple per ad. Interior photos must have furniture in them so that renters can get a sense of scale and comfort. Lisa suggested www.virtualstagingsolutions.com to enhance your interior shots especially if you have vacant properties.

Use Targeted Ad Sources and Know Your Price Per Lease
Lisa prefers ad sources that are targeted like an ILS, your property website or Craiglist, instead of using broader advertising like putting your ad on local shopping carts. Maximize your presence with these sources and use every advertising opportunity available.

In an audience poll, we asked what is a fair price per lead – here are the responses:

  • $25/lead = 45% of audience
  • $10/lead = 16% of audience
  • $20/lead = 11% of audience
  • Don’t calculate cost per lead = 28% of the audience

Do Your Homework!
Find out what the #1 most searched amenity is in your market. The examples today were that renters in Dallas are looking for air conditioning but in Chicago renters prioritize parking. Ask your leasing team to find out the top 3 reasons prospects lease from you so you can use these in your ad copy.

Track Your Lead Sources
Remember, renters don’t really care how they heard about you, so formalized lead tracking of some sort is really essential to have a handle on what is and isn’t working to provide your property with leads.

Make Sure Your Ad Stands Out

Use Compelling Copy
RentandRetain.com held a survey and almost every listing described property features using the same adjectives like “lush” landscaping, “gourmet” kitchen, and a “sparkling” pool. When renters see the same text in every listing, they no longer look special so always use compelling copy that shows personality and flare to stand out from your competition.

Include Floor Plans
3DPlans.com is a tool that you can use in your Ads to make your floor plans come to life. This will help your Ads stand out.

Use Local Phone Numbers
Use local phone numbers instead of ‘877’ prefix, use local numbers to see an increase in response to your ads.

Converting Leads to Leases – Ask For the Sale Every Time

Quick Response To Prospects Is Key
Lead Tracking Solutions conducted a survey of renters and 40% said that the #1 reason a place didn’t rent is because there was no follow up to interested requests.

Show Real Time Availability
Apartments.com surveyed 1800 renters and uncovered that 64% are looking for real time availability but 25% of renters are starting to search 5 months to 1 year in advance so you must have a systemized approach for follow-ups.

Capitalize On Your Phone Leads.
These are your best leads!

How To Convert More Leads To Leases
Lisa described several ideas on how to convert more leads to leases: respond to prospects within 2 hours; mark your leads that come in as hot, medium, and cold and establish a different strategy for each; communicate with leads on their terms so if they prefer to use email, respond to them via email. If you are writing an email, try to keep it brief and offer to call them in the email so you can ask them more questions and set up a time to show them the property.

You Must Track Your Cost Per Lease
This is very important. If you are unsure how to do that, you can email Lisa and she can help.

We also asked the audience their opinion on a reasonable cost per lease:

  • $200/lease = 33% of audience
  • $100/lease = 20% of audience
  • $300/lease = 15% of audience
  • We don’t track it! = 32% of audience