Speed-to-Lead: Improving Conversion for Property Managers
If you're a real estate rental property manager or owner, you know the importance of improving your sales closure conversion rate. Key to improving your conversion efficiency is what's called "speed-to-lead", which is how fast you can respond to your qualified renter or buyer leads. Pat Hiban's post for Inman does a great job of outlining how speed to lead can help improve your conversion efficiency.
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"Your odds of conversion drop by 400% if you wait just 10 minutes to respond to an online lead."
- Pat Hiban
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The American Apartment Owners Association underlines the point in a piece appropriately titled "Don't Let Another Lease Walk Away!"
Here at 2nd Address, we're constantly innovating our platform connecting property owners and managers with prospective renter tenants. That innovation is focused on streamlining as much as possible for both tenant and landlord and facilitating an efficient close. That's why we've spent so much energy recently on improving our messaging platform.
In this blog post, we'll walk you through a couple of excellent features in our messaging: adjusting the move-in/move-out dates, offering a different property in your portfolio, and offering a special discount. We've enabled all three of these actions right within our messaging, which empowers you to tailor your service to the tenant lead without any extra effort or delay.
Shown above is what a typical tenant inquiry conversation might look like with 2nd Address messaging. When crafting a response, you can see below that by clicking on the plus (+) symbol, you'll be presented with three options: 1) adjust dates, 2) suggest new unit, 3) add special offer. The Adjust Dates option is also shown below. For example, if your prospective tenant would like to move in on July 20th but your property isn't available for move-in until July 22nd, which is acceptable to the tenant, you can edit the move-in date on their behalf.
How does this help you improve conversion efficiency? By increasing your on-the-spot flexibility to meet the prospective tenant's needs. As you engage with the prospective tenant, keep in mind that they're likely shopping around at many different sites and browsing many different properties within each site. Count yourself lucky that they're speaking to you at that moment. The better you are at listening and understanding their needs and the more tools you have to respond to those needs on the fly, the higher your chance of converting that tenant and keeping them happy.
In the same vein, say the tenant really loves one of your properties and wants to sign a lease. The dates and all the other variables work out, but your listed monthly rent amount is just a couple hundred dollars above their employer's travel stipend. If you'd like to offer an on-the-spot monthly rent discount, 2nd Address messaging will automatically calculate:
- The total deduction to your payout for the full stay.
- Your new, net payout for the full stay.
- The new, discounted quote for your customer/prospect tenant.
Note that discounts quoted to the customer include an adjustment to the 2nd Address fee - effectively, further discounts for the prospect tenant. See an example message to the customer with the net discounts below:
The final feature to help improve your conversion efficiency is the ability to suggest alternative properties in your 2nd Address portfolio. If the unit the customer inquires about is not available and you have other active units listed on 2nd Address, you can still suggest any of your other active units and successfully convert the customer intent to a signed lease. To suggest a alternative unit:
- Click on the plus (+) button.
- Select “Suggest new unit”.
- Select the active unit you would like to suggest.
- Click on “Send Suggestion”.
The customer will receive an invite to view the alternative listing on 2nd Address. In your conversation with the customer, encourage her to inquire on your suggested property to make it easier to adjust & pre-approve dates, offer special discounts and apply within the respective property ID# and dates with ease.
In summary, make the most of every qualified lead. Improving your conversion efficiency will help your real estate business' bottom line. In order to make the most of every qualified lead, property managers should be able to respond quickly to a prospective tenant's needs with custom solutions. Flexibility around move-in and move-out dates, monthly rent rates, and chosen property will enable you to deliver that timely, custom solution.