Last modified on January 5th, 2024
By Marc Frenkiel
In the dynamic world of property management, staying ahead requires not only smart decision-making but also smart technology integrations. When integrated into your primary property management software, a leasing customer relationship management (CRM) system can be a game-changer for leasing teams. For starters, it can improve efficiency by consistently and efficiently moving prospects through the lead-to-lease pipeline. It can also give management the ability to track and improve team productivity. In this article, we’ll explore how a leasing CRM works, how it can benefit your business, and how you can successfully implement it into your organization.
What is a leasing CRM and how does it work?
A leasing CRM system is a specialized tool designed to streamline and enhance the leasing process for property management teams. Here’s how it typically works:
The CRM serves as a centralized repository for all client information, including contact details, communication history, property preferences, and leasing history (if applicable). It’s accessible to all team members and ensures that everyone has the most current and complete information about each client. The CRM tracks potential renters from initial contact through the leasing process. It can categorize leads based on various criteria, including interest level and budget, helping agents prioritize and personalize their follow-up strategies.
All communications — whether via email, phone, or in-person meetings — are logged in the leasing CRM. This ensures that any team member can see the entire communication history with a client, providing context for future interactions. A leasing CRM can also schedule and track appointments, showings, lease renewals, and other important tasks. It often integrates with calendars and sends reminders to agents and clients, helping to manage schedules more efficiently.
Leasing involves various documents, from applications to finalized leases. A CRM can help organize all documents and streamline the paperwork process by allowing for electronic signatures and storage. A leasing CRM can automate and organize key aspects of the leasing process, from lead management to document handling, while providing valuable insights and improving communication. This results in a more efficient, effective leasing team and a better experience for clients.
Benefits of an integrated leasing CRM
Ideally, your leasing CRM should be integrated directly into your property management software and linked to other leasing features, such as an AI leasing assistant. When this is the case, there are numerous benefits, including:
- Greater efficiency and accuracy: Centralizing your CRM within your primary property management platform rather than treating it as an add-on eliminates the need for multiple, disjointed systems. It also ensures that all team members have access to the same up-to-date information and the handoff between your leasing agents and any AI leasing tools is seamless. This uniformity reduces errors in data handling.
- More insights: With integrated analytics, leasing teams can quickly identify trends and opportunities, leading to more informed and timely decisions. Some examples of data metrics include key performance metrics such as lead conversion rates, client engagement levels, and leasing cycle times. These metrics provide insight into successes and areas for improvement. Some advanced CRM systems also provide predictive analytics to forecast future market behaviors. This predictive insight can be invaluable in preparing for market shifts and overcoming challenges. From leasing trends to client feedback, every piece of data is at your fingertips, aiding in strategic decision-making.
Strategies to maximize the ROI of your CRM
Adopting a leasing CRM system is vital for enhancing operational efficiency, making smarter decisions, and improving client relationships. But it’s not just about having the tool — you need to leverage it to its fullest potential. Ensuring your team fully embraces and knows how to use all of the CRM’s features is essential in turning this investment into a significant asset for your business. Here are some strategies to maximize the ROI of your CRM.
User training and engagement
Adoption begins with understanding. By offering comprehensive training sessions that not only cover the “how-tos” but also the “whys,” you can help your team comprehend the benefits of using the CRM, such as less administrative work and more time for client interaction.
Feedback and customization
Once you’ve implemented a leasing CRM, be sure to check in with your team and ask for their feedback. Additionally, you should look for ways to customize the CRM to fit their needs and workflows, which can significantly increase usage and effectiveness.
Recognition and incentives
Remember to recognize and reward team members who effectively use the CRM. Incentives can range from public acknowledgment to tangible rewards, such as gift cards or team activities.
Take your leasing processes to the next level with one powerful platform
Leasing teams often waste valuable time determining the next steps and engaging in repetitive, manual tasks.
With an integrated solution like AppFolio Leasing CRM, you can centralize time-consuming workflows, prioritize activities, and direct agents to focus on high-value tasks to increase efficiency. You can track all leads from first contact to move-in, creating an actionable funnel for leasing agents and deep insights for managers. You can also empower managers to utilize the dashboard to see their leasing agents’ productivity and quickly understand where things stand in terms of leasing performance and how to improve.
Even with comprehensive training, on-site agents may occasionally deviate from the established operational “playbook.” The AppFolio Leasing CRM minimizes human error and significantly boosts productivity by ensuring consistent adherence to standardized processes.
Integrating your leasing CRM with your primary property management software is not just an IT decision; it’s a strategic business move. It streamlines operations, enhances customer service, and provides valuable insights for growth.
With a new year upon us, now is an opportune time to assess your technology stack and consider the strategic benefits of a leasing CRM built directly into your primary property management platform. This is the first step toward a more efficient, insightful, and customer-focused operation. To learn more about how you can streamline your leasing operations, download our free guide below.