Most landlords don't manage their properties full-time, and even if you do, it's unlikely that's the field you were trained in! In any case, converting leads into tenants can be difficult, and if you’re not attracting the right quality lead, even more time will be wasted. If you're looking to save yourself hours on the phone, cut down on showings, and increase your conversion rates then keep on reading. Here are four practical steps for landlords who want to convert more leads to tenants!
Tip #1: Improve Your Marketing Descriptions/Listing Write-Ups
This is how many the junk rental listings you'll see online read in full:
Amazing - 2 Bedroom and 1 Bath condo.
Pets accepted. Must have good credit. Contact Tony at 800-Rent-This-Place
And here is a better example of a Robert C. White & Company Listing Description:
The listing description should be a thoughtful first step that includes all relevant details about a rental property, and yet, these write-ups are often overlooked when it comes to converting leads. If you’re not the laziest landlord around, start by making sure your listings include any important details the tenant would want to know in advance of viewing. People don’t expect to search high and low for answers to their questions or simple details. Does it include a washer-dryer or just hookups? Are the water/sewer charges included in the rent? Are there any breed restrictions on dogs? How many parking spaces are available off-street? Make it easy for leads to decide if your property is a good fit based on the facts provided and be sure to highlight major selling points along the way.
Gathering good pictures of your property is more important than ever too. Take a few minutes to capture the entire rental space so folks don’t have to guess what’s around that corner! High-quality images and write-ups save owners lots of time and hassle showing the property to uninterested buyers. Why waste time opening the door for folks who would’ve said, “no thanks” if had they were able to find all the necessary details online!
Tip #2: Track Lead & Leasing Metrics
All landlords should track lead and leasing data year after year, but if we’re honest, there are a few numbers that matter more when it comes to converting. The first and most critical is finding and tracking your best lead sources. Where are leads coming from and are there other channels that could be more reliable? If you know which listing sites, newspapers, or ad campaigns get the best response rate, you can make the best choice when it comes time to list again. Maybe your Craigslist posting brings in one junk lead per/week, but with Zillow, your phone rings off the hook with qualified candidates. If you understand and track your lead channels, you'll waste less time on fruitless marketing and convert more. Knowing the conversion percentage for each lead source is also helpful. Part of converting leads more efficiently is finding the highest quality source for them and pushing those marketing levers first!
Additional statistics worth tracking include:
- Days on Market (usually from list date to lease signing)
- Number of Showings Required to Close
- Price Adjustment (Year over Year)
Tip #3: Accommodate Virtual and Self-Guided Showings
While Covid-19 artificially increased the need for virtual and self-guided rental showings, the trend was headed there anyway. With technology making communication and property access easier than ever, giving prospective tenants the option of a virtual or self-guided can be a game-changer.
It has also become more popular for tenants to show a willingness to sign a lease sight unseen (without physically walking through the property). Oftentimes, this is because they are relocating from far away and cannot physically be there to view the rental property. Giving folks the option to view virtually can then save you time and prevent you from missing out on a qualified candidate.
Tip #4: Accept Online Applications & Rent Payments
One of the last things to change for many landlords and property managers is their willingness to go digital/online with their collection processes. Accepting applications and bringing the screening process online saves tons of paperwork for both parties and makes working with and comparing multiple applications easier. The younger generation doesn’t want to fill things out by hand, and let’s face it, paper copies are harder to keep track of and reference. Making the application process as simple as possible for those that view results in more applications and a better chance at converting those leads to renters.
Tenants are also looking for an easy way to pay rent and fees each month, so opening an online portal to allow transfers is hugely attractive as well! While online rent collection programs/apps do come at a cost to owners, they also save time and effort while increasing tenant satisfaction.
FINAL THOUGHTS
Following up with leads and showing them a property is one of the most tedious tasks a landlord takes on, and it always feels worse when you show a property 10-15 times and still don’t have a lead to apply. If you aren’t already applying the steps above, following them will help you convert more of your tenant leads into ACTUAL tenants. Give it a try and let us know if you have any questions! You can always contact our rental advisor at 860-200-3331 .
Main Office: (860) 613-6290
Our Services: (860) 200-3331
info@robertcwhite.com
57 Dodge Ave Suite 107, North Haven, CT 06473
CT Licensed Broker #0790511