Even if you’ve mastered the leasing process, we can all admit that there’s always at least one that got away. We’ve been ghosted; our once interested leads seem to vanish, as if they didn’t reach out in the first place. Don’t lose quality leads, prevent lead drop-off in your leasing lifecycle to increase occupancy rates.
The leasing lifecycle flows as you reach prospects, retain their interest, and nurture them to establish trust and desire in your property, all in hopes of leading to full conversion, in this case, signing a lease with you. While lead generation, engagement, and conversion are all significant parts of the leasing lifecycle, unfortunately so is lead drop-off.
There are a number of reasons that leads may lose interest in your rental property. And, while there are ways to recapture these leads, it can cost more time, money, and effort, so it’s important to prevent this initial lead drop-off.
One of the best ways to combat lead drop-off is to identify problematic areas throughout your leasing lifecycle to understand why and where leads are getting lost. There are a number of moving parts used to attract, nurture, and convert leads, all of which must be carefully examined to determine whether adjustments or improvements need to be made.
After a little digging you may find issues with your website, maybe the photos aren’t loading or links don’t work. Listing sites might be showing outdated prices or unclear fees. Any number of issues could deter prospects from moving forward with the leasing process. Understanding what’s holding them back can help you narrow lead drop-off to more specific causes.
The key to streamlining the leasing process is catering your leasing process to support potential renters, not necessarily what’s easiest for you.
Define Your Audience
Determining your ideal target market can help you cater your messaging and increase quality leads. Identify who you want to reach and target your efforts where they live online.
As the markets change, so will your audience. It’s important to experiment and examine what’s working and what isn’t. Evolving your approach and keeping track of lead accumulation can help you avoid low-producing platforms and unqualified leads.
Sales and marketing misalignments can also produce influx of unqualified leads. Weed out unqualified leads early by presenting clear listings with accurate information.
Once a lead has reached out, it’s your responsibility to enhance their experience until they successfully convert by signing a lease. Helping them along the way can ensure a successful journey through the leasing lifecycle. This includes quick and helpful responses to all outreach.
Responding before leads grow cold has become increasingly important. If you don’t respond in a timely matter, prospects may choose a speedier competitor. Renters have a world of options at their fingertips and can contact another building with the press of a button. To keep up with these fast-paced times, implement a leasing action plan and virtual leasing options. You could even consider adding a marketing automation system to hold down the fort when you simply cannot.
Don’t count any leads out. Have you received leads looking to move too far in the future? If you aren’t sure about your future availability or they aren’t sure about when they’ll move, still reply! Staying in touch with potential prospects and adding them to a waiting list can keep their interest and put you at the top of their list when they are ready to move.
They might be interested in a lower price-point or over-qualified for your affordable community, but reply to all leads even if you aren’t sure you’ll be able to accommodate their wants and needs. Many times, prospects aren’t sure what’s truly important to them, but if they like your property, they may adjust their criteria. Even if it doesn’t work out with them, they could recommend your excellent customer service to a friend who’s looking to move.
Last, but certainly not least, is follow-up. Consistent and effective follow-up is extremely vital to convert prospects to residents. If you haven’t heard back in a few days, a call or email to check-in can save you from completely dropping-off their radar. They may have forgotten or were feeling uncertain about your property, but a simple reminder can bring them right back into the sales funnel.
The leasing lifecycle may seem straightforward, but we all know there are challenges throughout the entire process. It’s important to identify potential challenges early, define your target audience and evaluate your market, nurture leads through their leasing journey, and follow-up with prospects to eliminate the threat of drop-off. You’ve invested time and money acquiring leads, so your efforts to help them through their leasing lifecycle should be equally as vigilant to prevent lead drop-off.
Still having occupancy issues? Can’t seem to get qualified leads? Contact us to schedule a complimentary consultation to see how we can help.