Ensuring that all inbound leads are automatically processed and routed as quickly as possible, even during off hours, has become the a key difference towards winning deals in the world of multi-family property management leasing. When companies are attentive to requests and interests, they are rewarded with leases. In today’s competitive marketplace lead management is more than entering prospects into some system to follow-up with later. Modern lead management systems have a proven, automated, prescriptive path for all in-channel leads that are gathered.
Speed is key
In almost all situations your ability to lease increases significantly when engaging with a lead while they are actively researching or thinking about your properties. It is critically important have someone available to communicate in real time or respond immediately to leads “in-channel”. Lead management programs also heavily leverage automation to provide a “frictionless” experience in the leasing process. For instance, someone is apartment shopping, they click on your online listing. From that point they are presenting with options to chat with someone directly, schedule a self guided tour, fill out a prequalification form and have a moving date, all through that one interaction. Frictionless!
Time to act
Now more than ever is time for a Lead Management system to give you that advantage over your competition. According to research from IBISWorld they project:
“Homeownership is expected to grow over the next five years though, resulting in somewhat constrained demand for rental services, and consequently, industry revenue”
It’s import to be as efficient as possible to maximize opportunities. To understand what is working in the leasing funnel and what can be re-worked or abandoned. It’s time to understand ROI on leads that flow through your business.
Lead Management works!
Having a lead management system is an overall better experience for the lead. They get relevant information in a timely manner, through the channel that they prefer with follow-ups that they expect. It’s a better experience for the property management company. They are able to track leads through all phases of the lead to lease funnel. Determine what is working and what may need improvement based on real analytics. Some common questions a Lead Management solution should answer “How much does each lead cost per channel?” “What is Lead to Lease Ratio?” “What are my traffic metrics at each property? ”
Lead Management Requirements
Our experience in working with Property Management companies have given us insight into what is needed in a Lead management system to excel in this industry. We have listed some general requirements below that can provide guidance into what areas should be covered in a lead management strategy.
- Support all inbound lead channels – Email, phone, text, chat and social media
- Extended coverage beyond leasing hours – Call roll-over, off hour coverage
- Decrease response times – Instant contact (Chat, Text), 24hr response (Email, Call, Text), Automated tour booking
- Integrate with existing technology toolset – Property Management System (PMS), Guest Cards, Lead to Lease workflow
- Use Analytics – Follow-up timing by Channel, Funnel Metrics, Response Tracking
- Lead scoring and prioritization – Lead to Lease Funnel, Lead Qualifying and Ranking
- Controlled script – For each site, For all scenarios, Have a prescribed Call to Action.
- Lead Engagement – Marketing Automation, Social Media
- Support tenant maintenance request – Enable multi-channel requests
Below is a high level overview of what a lead management system may look like:
Next Steps
Implementing a lead management strategy takes a little time and planning. We have experience working with companies at all ends of the spectrum. Some companies have zero to minimal lead management in place. While others have some strategy, but find it under performing and need of some direction. Below are some steps that we go through to assess and deliver a lead management solution across the business:
- Determine budget – technology, personnel and timeline
- Site by site audit of technology
- What is in place today and where?
- What is working and what are the issues?
- Build technology plan for site wide roll out
- Build skillset list for lead manager
- Build lead scripts
- Channel specific scripts
- Build FAQ – General and site specific
- Create content to support the “Lead to Lease Funnel”
- Create roll out plan – Which properties and when
- Build messaging for the sites for roll out
- Determine success factors – Increased tours, conversion percentage, increase occupancy, rent bumps
- Build out internal team to support requirements – Put names to requirements
How can Solvenna help?
Solvenna has worked with other property management and commercial real estate companies to implement similar solutions. Reach out today to learn more about our experiences and recommendations for best ways to get started.
