Converting a lead to a lease is by far one of the most difficult, but ultimately most rewarding, tasks for a property management team. A positive lead to lease rate means having a higher number of people actually lease an apartment compared to those that don’t – basically, how good is the team at getting prospective residents who express interest to follow through with a signed lease.
Getting to a good lead to lease ratio takes time and effort, but there are also a few process improvements, habits, and tools that can help along the way. Here are a few ways to improve lead to lease rates in today’s modern apartment communities. Some may seem a little unconventional, but all should help get prospective residents to sign on the dotted line!
Today’s renters want to see the real deal when it comes to their new home. And one of the best ways to show them is through video technology. For many, the last push to take them from lead to lease is achieved through the transparency and personalization video provides. Particularly for those prospective renters for whom distance is an issue, or have other obstacles preventing or delaying an in person visit, using video technology allows them to see what they want / need to see in the community. That can create much higher potential for signing a lease sight unseen. If increasing the lead to lease rate is the goal, video can do much of the heavy lifting to make that happen.
Perfect the Follow Up
One of the biggest, most frustrating problems property teams can have when it comes to converting a lead to a lease is the follow up. If the prospect hasn’t been responsive or hasn’t returned calls, don’t assume that it’s a no. Continue to follow up, ask questions, and progress as if they are a yes until they either become that yes or are a hard no. Until that point, it could just take one more call or providing one more bit of information that will take them from a warm lead to lease signed.
Put on the Counselor Hat
When speaking with a prospective new resident, listen carefully to what they are saying – as well what they are not saying. Many leasing agents are, in some ways, there to help solve problems residents didn’t know they were even having. Does the lead keep talking about how much the hustle and bustle of the city is too much for them? Talk up the quiet, calm atmosphere of the property’s neighborhood. Increasing a lead to lease rate is as much about showing the resident what they didn’t know they really wanted as it is about showing them closet space.
Take Time for Self-Care
As most anyone in property management can attest, the work can be stressful at times. Scratch that…at all times! And a stressed out leasing agent won’t be at his or her best. Taking time for things like exercise and self-care can help improve your lead to a lease ratio in more ways than one would think. Physical and mental wellness and fitness will improve both mood and mental agility, allowing leasing teams to work better, more efficiently, and provide better results. It may sound strange but allowing 30-60 minutes a day for a quick workout or some quiet time can be quite the key to a better lead to lease rate.
Better Qualify Leads Upfront
If you really want your lead to lease ratio to improve, start at the very top of the funnel. If you are running a bunch of ads that are generating a large volume of leads for you, but rarely anyone gets past phone call number one, then you need to refocus your lead generation efforts. Think quality, not quantity. You know who is looking to live in your community — run the campaigns that reach those people, those people’s friends, etc. If you increase the quality of your leads, you’ll instantly find it a much more enjoyable leasing process, but also one with a significantly higher lead to lease ratio.
Invite Them to the Party
Are there events or parties in the works for the community? Invite prospective residents to join! Or, ask residents to bring a friend who may be looking for a new place to live. Current, happy residents are the best tool around when it comes to taking a lead to lease. They can answer questions candidly, and, if the property management team has done their job right, in a way that paints the property in a positive light. Besides, who doesn’t want to know their neighbors beforehand!
A positive lead to lease ratio is something that all leasing agents dream of and strive for in their roles. While some of these ideas may be a little outside the box, when it comes to increasing a lead to lease ratio, sometimes unconventional improvements are the way to go.
Has there been something that you’ve done in the past or are currently doing that has had a positive impact on your lead to lease rate? Let us know!
Until next time…keep it real!