Lead to lease conversions can be back-breaking for Property Managers. Lead conversions mainly depend on a property business's lead management strategy. In fact, studies show that 79% of the leads never convert, and the reason behind conversion failure is an ineffective strategy. This insight will walk you through several successful ways to increase lead-to-lease conversions and fill your vacant properties faster. Also, we will put across how real estate leasing software can smooth the leasing process.
What is Lead to Lease Conversion?
Lead to lease conversion is an important KPI for property managers. It is the time taken to convert a rental lead into submitting a signed lease. These conversions have to be accurate and quick. Once your tenant gives you a hint of his leaving plans, you must gear up and start your search for the next one. For this, you must automate your leasing operations as it will reduce time spent converting any lead into a long-term tenant, thus steadying your rental vacancy rate.
Automation using Lease Management Software can help you save 70% of your time, which is usually spent on mundane tasks. REDA’s Leasing solution can help property managers efficiently manage different jobs, from responding to leads within seconds to pre-qualifying them, scheduling the property tours to keep property owners updated throughout the process, and much more.
What Are The Reasons for Low Lead To Lease Conversion?
It happens many times when you get the leads, but none of them convert. This is the situation of many property managers struggling with low lead-to-lease conversions. There are several reasons for low conversion rates, such as:
- Low occupancy rate as compared to competitors.
- The property is not well.
- The location is not good.
- The property lacks amenities.
- Unresponsive and non-courteous staff.
Discover how workflow automation helps property managers streamline different tasks and increase sales. Read this blog.
5 Tips To Increase Lead to Lease Conversion
If there are vacant properties, or if some of the leases will end soon, property managers must remain active and keep working to fill them as soon as possible. It is essential because your occupied properties will barely recover profits, and on top of that, vacant properties increase expenses. This can create a huge mess. To do your job efficiently, below are some expert tips by REDA creators that might help you convert your leads into leases faster, reducing your rental vacancy rates.
- Improve Your Listing Quality: Many studies have shown that most people use the internet to find a house, and property managers have to ensure that all their properties are listed on the website so their prospects can easily find them. But there is tough competition and listing properties is not enough. You have to list your listings on both free and paid listing sites that can help you reach out to a broader audience. Also, to filter out prospective leads from the pool, use property management software through which you can pre-screen the tenants and get alerts for only high-quality leads.
- Quickly Respond To Rental Inquiries: Listing properties to your website as well as different sites will definitely boost your lead generation, but at the same time, it will add the task of filtering out prospective resident inquiries. Sometimes, it is impossible to respond to each one of them. Property management software like REDA helps you send automated messages, thus increasing your chances of winning the lease. Our chatbots are smart and secure and can answer different inquiries and book tours within a few seconds.
- Send Follow-Up Emails To Your Rental Leads: An immediate response might not always be possible. They can be busy somewhere, or you may be unable when they respond. To avoid any delay in follow-ups, you must create a follow-up channel for your prospective leads that can convert. Retarget them and always add a call-to-action at the end of follow-up, pushing them to take the next step by viewing the property or fixing a meeting. If you send a follow-up within 10 minutes, the chances of conversion increase by 185%.
- Go Digital With Salesforce For Property Management Software: If you really wish to stabilize your rental vacancy rate, you need quality lead to lease conversions which can only be possible through digital solutions. A survey has shown that 43% of property managers prefer a digital solution for finding leads and converting them into leases. Taking your leasing online and managing it through property management software will make the whole process efficient. Also, this makes you maintain the pace in the competitive real estate sector where others are using high-tech solutions not just to manage to lease but almost all other real estate operations.
- Monitor Your Lead To Lease Conversions: This is the last tip we suggest after you take your step towards property management automation. You just need to take every step cautiously. You have to calculate and analyze your conversion, vacancy, and turnover rates at the end of each month. A Lease Management Software provides you a report based on the evolution of your listings, responses, and conversions.
For best results!
Really looking for the best results in leasing, REDA can help you. It is a highly efficient Salesforce For Property Management Software that can filter quality leads, perform tenant screening and provide other benefits that can help you fill your property for a long time.
