One of the most challenging aspects of managing a rental property is filling vacancies. Fortunately, there are some proven ways you can adopt to increase your lead to lease conversion.
9 Tips to Help Boost Your Lead to Lease Conversion
When you manage a rental property, you will quickly find that some aspects of the job are easier than others. One of the parts you might struggle with the most is finding tenants to lease your property. If you want to turn leads to lease agreements more frequently, it is crucial that you use the tips below.
1. Start With Your Listing
For a better lead to lease conversion rate, you’ve got to have a strong start. And, for rental properties, that means using all the resources you have available.
In the past, renters would look for houses on newspaper listings and community bulletin boards. Nowadays, the Internet has everything you need. And it’s not just the younger generation that uses online resources for house searching. In fact, in 2020, 98 percent of Americans aged 41 to 55 often used websites to look for a home.
Instead of listing your property on a single website, list it on multiple websites. This will help you reach a wider pool of potential tenants, and you are more likely to land a lease.
2. Use Media to Your Advantage
It is paramount that you include photos of your property on every listing. But, sometimes, photos aren’t enough. As technology advances, more forms of media are becoming readily accessible. One such example is video tours.
You can record a video of your property and post it online to give potential renters a more in-depth view of the property and its layout. You can even take it a step further by conducting live virtual tours in the place of in-person property showings.
3. Consider Paid Ads
There’s nothing wrong with using free ads and websites to list your property. But, you can increase your chances of landing a tenant even further by investing in paid advertisements.
Pay Per Click (PPC) is one of the most popular types of paid ads. As its name suggests, you only pay for the ad every time someone clicks on it. And, not everyone clicks on ads. Only those who are truly interested and actively looking for a rental home interact with ads.
4. Reply to Questions ASAP
It might not seem like much, but responding to inquiries in a timely manner can make a huge impact on your lead to lease conversion rate. Timely, of course, is a relative term. To one landlord, responding within a few hours is already as quick as they can get. But, they can end up losing the renter to a different listing. A lot can happen in a matter of hours.
While it’s not always doable, try to shorten your response time to just a few minutes. If you can’t do that, at least try to reply within the hour. Make sure you monitor all of the websites where your listing exists, too. That way, you don’t miss out on any interested applicants.
5. Pre-Qualify Renters
When a renter exhibits an interest in your property, it’s best to pre-qualify them at this point. Sometimes, the property just isn’t the right fit for them.
For example, if a renter has a dog, but your property isn’t pet-friendly, then it saves everyone time if you nip that in the bud. Ideally, you would have included that detail about your property on the listing itself. But, then again, not all tenants read through the entire listing.
Make sure to set standard criteria for pre-qualifying potential tenants. Come up with a list of questions that are pertinent to the property and tenancy.
6. Offer Convenient Payment Methods
You’d be surprised how many prospective tenants would pass on a property just because it doesn’t offer convenient payment options. With technology the way it is nowadays, online payments are not a luxury anymore — for most people, they’ve turned into an expectation.
If you still collect rent the old-fashioned way, consider switching to a mobile option. This comes with many benefits, too, because you can save money on check processing fees. Plus, renters are more likely to pay on time when they don’t need to write and mail in a check to you on the first of every month.
7. Follow Up
Leads don’t typically convert themselves. Sometimes, they need a little nudge in the right direction. One such nudge comes in the form of following up.
After responding to a prospective tenant’s inquiries and pre-qualifying them, you might not hear back from them. This could be because they’re still looking for other properties and weighing out their options. Other times, though, they might have just forgotten about your property.
To follow up on your leads, you can message them directly on the platform they used to get in touch with you. Alternatively, if you have their contact details, you can send them an email or text message (provided they give you their permission to do so). It’s a simple enough action but one that can go a long way.
8. Show Other Listings
As a landlord, you probably never thought you would need to cross-sell. But, if you manage multiple rental properties, cross-selling or recommending other listings is a great way to fill vacancies.
Let’s say a prospective tenant reaches out to you about listing A. During the pre-qualifying round, both of you find that the property just isn’t right for them. Maybe they’re looking for an apartment with east-facing windows and listing A doesn’t have that. But then, you remember that listing B does have east-facing windows. Recommending listing B gives you a chance to fill that vacancy.
9. Digitize Your Application Process
Modern problems require modern solutions. And, in this case, it means investing in a digital leasing platform. Pen and paper are reliable, but they’re also outdated. Nowadays, renters don’t want to have to print their application forms and give you a photocopy of their ID.
With an online leasing platform, though, you can digitize everything. Interested tenants can fill out their applications online, scan and submit necessary documents, pay their application fees, and sign a consent for screening right from a mobile device. You can even sign a lease agreement this way.
When to Get Professional Help
Renters make up a large chunk of the population in the United States. But, it’s not always easy to turn interested applicants into signed tenants. If you want to improve your lead to lease conversion rate without having to do any of the work, then it’s time to hire a property manager.
Start your search for the best property management company in your area using Florida Property Management’s online directory.
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