These days, property listings have migrated to the online realm almost entirely. While it’s a great first step to make the transition from traditional paper listings to online, simply moving into that space isn’t enough. You need to have a strong leasing cycle that leads to consistent lease conversions. Unfortunately, lead-to-lease conversions can be challenging. According to a study by MarketingSherpa, 79% of leads don’t ever convert due to ineffective lead management strategies. That’s a pretty depressing percentage, but we’re here to help you not fall victim to that!
Below are a few of our favorite tricks and tactics to maximize your lead-to-lease conversion.
1. Good Photos of the Property Are Important
No, seriously, they’re incredibly important. Advertising a property online makes the photos the single most important factor in successful lease conversions. We’re not talking about photos you took that one time a few years ago of empty rooms and bad lighting – we’re talking about professional, staged, light and airy photos. Potential tenants want to be able to envision themselves in the property and imagine making it their own. We cannot stress enough how important it is to invest in high-quality photos!
2. Automate and Virtualize Your Showings
In the current and COVID age, automation and virtual options have come into full-focus. Even many years beyond COVID, potential tenants will come to expect virtual options throughout their property search. Technology can be an incredible tool to adapt your showings process to what works best for both you and potential tenants. Set up self-showings, record virtual showings, purchase 3D-camera technology to help, and automate every process possible.
3. Write Good Copy
It should go without saying, but writing good descriptive copy is essential. When you advertise your property through ads, social posts, and listings, the words you use and how you construct them can make or break your listing. The goal is to highlight your property’s best features, give details and specifics, and create a mental picture in potential tenant’s heads that brings the listing to life!
For official listings, make sure to note all of the prominent features and key details, including the number of bedrooms, amenities, room sizes, deposit amounts, pet policy, location, etc. Beyond the details, fluff up the property by showcasing additional features such as highway access, downtown activities, school locations, geographical scenery, etc. The more you can make your advertisement stand out from the many others out there, the better chances you’ll have to bring in successful leads.
4. Respond, Respond, Respond
Ideally, respond within minutes. Yes – minutes. When you have motivated people looking for a new home, they’ll be looking at multiple properties simultaneously. They want information and a quick response. In fact, you are 40% more likely to connect with potential tenants through a lead funnel when you respond with 1-2 minutes vs. even just a few hours. We know that it may not be possible to respond that quickly every time, but that’s why technology exists! Implement the use of AI technology features to set up automatic responses, screen potential tenants, schedule showings, etc., so that you’re not waiting in a panic by your computer or phone to respond to every message that comes through.
5. Qualify Real Estate Leads Efficiently and Effectively
We know it’s not possible to choose the perfect tenant every time. Whether you’re working to maximize your conversion rate or are trying to fill a vacancy quickly, you always want to find a tenant who will stay for a long time, and take great care of your property. An essential step in improving your lead-to-lease conversion rate is to run thorough background checks on all potential tenants. This will help you determine the most qualified renters and avoid spending your valuable time, money, and resources on unqualified leads that won’t follow through.
Make the most out of the above strategies by hiring a property management team who knows how to make your lead-to-lease conversion rate a success from start to finish. Blackwell Property Management provides a full range of property management services tailored to you as an investor, homeowner, or landlord! From advertisement management, vetting and approval of tenants, to property maintenance and reporting, our comprehensive and professional services will fit any needs you may have!