Find out how you can streamline your processes to optimize conversion rates and improve both the resident experience and your bottom line.
Between slowing rent growth, rising interest rates, and other macroeconomic factors, there are many challenges and opportunities on the horizon for leasing teams. Here’s a pulse on the current state of the market:
66% of NMHC members say that apartment market conditions in their local markets are looser than they were three months ago.*
46% of property management businesses believe inflation and delinquencies are the two biggest risks in the coming year.**
31% of renters submitted more than five applications before signing a lease in 2022 (up 19.1% since 2021).***
Leasing is the lifeblood of your business. Increasing operational efficiency in leasing is ultimately the biggest lever you can pull to improve profitability for your business. However, unnecessary friction caused by manual processes and disjointed systems can greatly impact your performance. You can relieve this and set your business up for success by optimizing your leasing workflow.
When your leasing processes are automated, you can attract more leads because you can update listings with vacancies in real time.
Automated workflows help you respond to and follow up with interested prospects faster so you can reduce the number of days a unit is vacant.
Automation enables employees to spend less time on repetitive, labor-intensive tasks and more time providing great service to qualified leads.
Download this free guide to see how you can attract more high-quality leads and fill vacancies faster by pivoting your strategies.
Throughout the leasing journey, from a renter’s first inquiry to their move-in day, there are opportunities for digital technology and automation to remove friction, save time for your teams, and provide a better renter experience.
Vacancy posting tools integrated into your property management software allow you to maintain consistency across third-party listing sites, in addition to your own website, so you can make a great first impression.
From scheduling showings to answering questions, a conversational AI can provide thoughtful, personable responses to prospective renters 24/7 so leasing agents can prioritize their time to dedicate to serious prospects.
Self-guided, 3D, in-person, and virtual showings, along with access control integrations, bring convenience and flexibility to the renter, creating a seamless experience and increasing the likelihood they will submit an application.
Online rental applications and digital tenant screening move qualified applicants through the process as quickly as possible, all while empowering your team to make consistent, informed, and unbiased decisions.
Resident retention has a major impact on your cash flow and property asset value. However, it’s very dependent on resident satisfaction. Keep your residents happy year-round by staying responsive and using mobile and digital tools that enable self-service and effective communication, such as online payments, maintenance requests, and texting. And when it’s time to renew, offer online lease options to make the process as effortless as possible.
In order to get the insights you need to maximize your leasing performance, you need to make sure you’re measuring the right metrics. However, manually compiling data from multiple sources is time-consuming and can lead to errors. Having a system that automatically measures key leasing metrics and organizes everything into a single view — from leasing activity to future occupancy — can give you the information you need to make smart decisions.
If your properties are priced too high, you run the risk of losing to the competition. If they are too low, your ROI will suffer. By using a pricing tool that factors in external market conditions, including comparable properties, as well as your internal goals, you can confidently set fair prices for your upcoming vacancies.
Using separate systems to respond to incoming leads and manage showings makes it harder for your leasing team to maintain oversight and work efficiently. By integrating your leasing technology with your property management software, you can streamline workflows and free your team to focus on closing leases.
A lease is a contract between a property manager and a resident for the use of a property. The contract typically specifies the length of the lease, the rent to be paid, and other terms and conditions.
A residential lease is a contract between a renter and a property manager that outlines the terms of the tenancy, such as the length of the lease, the rent amount, and the rules of the property.
A lease option is a contract that gives renters the right to purchase a property during their lease term. They generally have the option to buy the property at a set price, which is typically lower than the current market value.
There are a few things you can do to try and increase occupancy rates: First, ensure that your apartment complex is well-maintained and in a good location. This will make it more attractive to potential tenants. Secondly, market your complex aggressively to potential tenants. Use online listings, flyers, and word-of-mouth to get the word out there. You can also offer technology offerings — such as online applications and virtual or self-scheduled showings — to stand out from the competition and make it easier for renters to see and apply for a unit. Finally, you can offer incentives to potential tenants to encourage them to choose your complex. This could include offering a lower rent for the first month, flexible lease terms or a security deposit alternative, or giving a gift card for signing a lease.
There are a few different ways that you can screen tenants online. One way is to use a third-party service built into your property management software that checks an applicant’s credit score, criminal history, and eviction history and verifies their income and rental history. Or you can manually verify the information by calling previous landlords, employers, and the tenant's bank, and then run a background check online.
There are a few different ways to do a virtual showing. One way is to use a video conferencing tool like Skype or Google Hangouts to give your potential renter a tour of the property. Another way is to create a virtual tour of the property using a 360-degree camera or by taking a series of photos that can be viewed online. Whichever method you choose, make sure that you are providing your potential renter with a clear and concise tour of the property so that they can get a good idea of what it’s like to live in your community.
There are a few key things to keep in mind when screening tenants. First and foremost, you need to make sure you are abiding by fair housing laws and screening tenants using unbiased, standardized criteria. You will need to make sure that the potential tenant can afford to pay rent. You can do this by pulling a credit report and/or requiring proof of income. It is also important to check for any red flags in the potential tenant's rental history. This could include things like previous evictions or a history of not paying rent on time. A property management software with built-in tenant screening can enable you to quickly screen applicants using pre-set criteria to ensure you comply with fair housing laws and make informed decisions about applicants.
There are a few ways that you can get rental leads. You can post online listings on your website and third-party rental sites such as Zillow, Trulia, and HotPads. You can network and attend local events or meetups related to rental property ownership or management. You can also advertise your available properties through ads and on social media to attract leads.
Leasing can play a significant role in your financial strategy, depending on your goals. For example, if you're looking to generate income from your property, leasing can be a great way to do that. On the other hand, if you or the owner are looking to sell the property in the future, leasing can help you cover the costs and keep the property in good condition. Ultimately, leasing is the biggest lever you can pull to improve profitability for your business.
It can take anywhere from a few days to a few weeks to fill a vacant apartment, depending on the location and other factors.
There are many factors that can contribute to a successful lease-up. Some important things to consider include making sure the property is in good condition and is appealing to potential tenants, making sure the rental prices are fair and on par with the market, advertising the property in a way that will reach potential renters, and providing good customer service to potential residents throughout the leasing process.
There is no one-size-fits-all answer to this question, as the best way to manage a lease-up will vary depending on the property and the market conditions. However, some tips on how to manage a lease-up successfully include making sure that the property is well-marketed and that potential renters are aware of it, working with a leasing agent to help market the property and screen tenants, offering incentives to renters to encourage them to sign a lease, using self-service, on-demand technology tools, and being flexible.
Yes. In most states, leasing agents are required to have a real estate license.
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