- Technology offers benefits for both property owners and renters
- A standout listing is key to converting leads to leases
- Electronic lease signing is quick and convenient
A critical marker of success for any rental property owner is their lead-to-lease conversion rate, which is the measure of how many qualified leads have been converted to leases. Implementing a strong lead-to-lease system is paramount since prolonged vacancies directly impact the profitability of your property.
Whether you’re managing numerous single-family rentals or you’re a homeowner looking to rent out your home for the first time, leasing a single-family home is often a more complicated process than leasing an apartment.
For example, single-family homes are often rented to families with young children, so applicants may be looking for premium features such as a backyard or a pool. In addition, the lease itself is usually more complex, since single-family home renters are typically responsible for more upkeep than apartment renters, such as landscaping and backyard maintenance.
To simplify the process, more and more rental owners are choosing to make the move to property management technology to streamline the entire leasing process, from initial viewing to lease signing. This enables them to locate and qualify more leads and then turn those leads into signed leases much faster than traditional methods.
Property technology (proptech) benefits both owners and renters
Property management will always be a hands-on industry, but there’s no reason not to introduce technology into the equation to make things simpler. In fact, using technology doesn’t just benefit you, the property owner, it also benefits your renters.
Introducing technology will allow you to communicate more seamlessly. Renters can make maintenance requests and payments without having to get ahold of you. Similarly, you won’t have to answer phone calls in the middle of the day to attend to your renter’s request.
Technology also allows you to list your property online and gain a wider reach of applicants; renters can discover your property without driving around the city.
5 ways proptech can help you convert leads
If you’ve been a property owner for a long time, you already know how difficult it can be to increase lead-to-lease conversions, particularly for single-family homes. But technology can do away with many cumbersome tasks of the past.
Here are five ways technology can help you increase your lead-to-lease conversion rate.
Create standout online listings
To increase your lead-to-lease conversions, you first need to make it easy for interested parties to find your properties.
One of the best ways to do that is to use a listing widget, a digital tool that helps property owners display an attractive yet simple overview of their property online. With a listing widget, you can easily embed select videos showcasing your property for easy viewing by prospective renters. You can also include relevant search criteria that make it easier for web visitors to locate your rental property.
While videos are important, according to Zillow, you’ll also want to include a series of high-quality photos of both the inside and the outside of the home. This will give prospects a better idea of the property itself and the amenities available. For example, if the property has high-end appliances, a breakfast nook that overlooks a pool, or antique stained-glass windows, you’ll want to make sure that you include photos that display these features.
And for interested parties that are not in the immediate area, you’ll also want to include a 3D tour, which allows them to view the property without being physically present. Finally, you’ll want to include a floor plan that provides a detailed layout of the property including room dimensions.
Provide easy digital booking viewing options for in-person viewings
While a virtual tour is an indispensable tool for those from out of the area, giving local prospects the option to book a self-tour is a must.
Not only do self-tours free up your schedule, but they also make it much easier for potential applicants to look at an available property at times most convenient in their own schedules. Interested parties can quickly verify their identity online and then access the rental through a smart lockbox that is installed at the home.
Track your listing performance
Once your properties are available to view online, don’t sit back and assume they’re being considered. Instead, use the time-tracking feature to see exactly how many views each listed property has. Accessing this information in real time can help you see where your clicks are originating and can also help pinpoint slow-moving properties. This valuable data will then allow you to reassess and make adjustments such as adding more pictures or a more detailed description.
It’s a Saturday night and someone has just used your smart lockbox to access and view your latest single-family rental property, and they absolutely love it. But if they have to wait until Monday to fill out an application, their enthusiasm may wane. By offering access to an online application, they can fill out the necessary forms to apply immediately.
Applicants can then check on the status of their application at any time, reducing the number of phone calls you have to field from prospects checking on their approval status.
Electronic lease signing
By going digital, an applicant can take a virtual tour of a single-family home in the morning, fill out an application in the afternoon, agree to lease terms in the evening, and sign the new lease shortly thereafter.
And once the lease has been signed, your new renter can also immediately pay any deposits online as well, eliminating the need to come into a rental office to drop off a payment.
Finding the right technology to perform all these tasks can be daunting, not to mention, expensive. Hence, hiring a Proptech company may be a viable option. A Proptech company like Poplar Homes already has all the tools necessary to streamline the process and increase lead-to-lease conversions.
Finding leads and converting them into leases, especially for single-family properties, has always been a tedious task that requires significant time and effort. When managing rentals manually, your lead-to-lease conversion rates depend on how fast you can attend to those leads and how effective you are at converting them.
However, property management technology has created new opportunities to streamline many of those processes for easier and faster transactions, ultimately, increasing lead-to-lease conversions. Leveraging technology to complete previously cumbersome tasks in property management not only takes the load off your shoulders and gives you precious time back, but it also does the exact same for your leads. Try property technology to make the rental experience more efficient for all parties and see your lead-to-lease conversion rate skyrocket.