Enhancing tenant experiences, optimizing internal operations, and embracing new technologies are all key to business success in the modern multifamily leasing climate. Multifamily landlords and PMCs are adopting an innovative mindset to stay ahead of the curve. From staff engagement and productivity to workflow and building maintenance, staying flexible is crucial for top property operators. But how do you position your company for this kind of business model? Keep reading to learn more about multifamily leasing trends that you need to embrace.
Multifamily Leasing Digitalization
For a long time, leasing consumers have asked for PMCs and landlords to provide a digital path to leasing. Unfortunately, we’ve put so much emphasis on how we want customers to behave that we’ve created roadblocks that confuse and hamper the tenant experience.
For example, when viewing an apartment online, most tenants can’t access any information beyond what’s available and the standard features — creating a roadblock to accessing more nuanced information that might help guide them down the leasing pipeline. Having to reach out for more details often turns potential tenants away because they either don’t know if the apartment meets their budget and needs or they’re uncomfortable facilitating a live interaction.
Put simply; this interaction is far removed from what modern tenants expect. Compare the leasing process, for example, to other digital means of interaction with companies, such as online restaurant reservations or booking a room with Air BnB. In both scenarios, the customer has all the information they need upfront, so they can make an informed decision and move toward a purchase.
Fortunately, top property operators recognize the value of creating more comprehensive digital paths for prospects. From self-scheduling tours and chatbots to self-guided tours and video tours, multifamily landlords are making it easier for prospects to interact digitally with their listings by utilizing these multifamily leasing trends. PMCs can capture a greater market share by personalizing the leasing experience through intuitive and robust websites.
Personalized Leasing Experience
To be a great leasing rep, you must give tenants what they want. Any way leasing reps can personalize the leasing process for a prospective tenant will make it more impactful. Although this means top property operators often have to devote more time to training their leasing professionals, the trade-off is improved tenant satisfaction and, ultimately, more chances to close lease deals.
Improved Team Performance
Despite tenants, demand for digitalized leasing, connecting with prospects is still key when it comes to turning leads into leases. Whether over the phone, via email, or on-site, a human touch can elevate the tenant experience. Of course, to provide the best possible customer service, leasing teams must have a high degree of emotional intelligence and know how to build value in their product.
Simply put, salespeople who don’t use their initiative to problem solve and address tenant pain points will not succeed in this new world. The key to providing an invaluable tenant experience is to listen to the prospects’ needs and, in the process, add value to the product.
Centralized Multifamily Leasing
If you haven’t heard, centralized leasing offices are the future. Similar to top property operators’ embrace of digitalization, a centralized leasing model makes it easier for leasing professionals to transact without physical interaction. Operating from one centralized hub provides many benefits, including flexibility, easy access to prospects’ information, marketing automation, and the ability to cross-sell, this is another multifamily leasing trend being observed.
Of course, even with centralization, a leasing business is only as successful as its leasing team. With centralization, leasing professionals gain more time to dedicate to the customer lifecycle, nurture and convert leads, and increase tenant retention.
Insightful Analytics for Multifamily Leasing
Reviewing traffic is crucial to monitoring property performance. However, as any top operator knows, not all traffic is equal. No one wants to waste resources and time on low-quality leads. If you’re not attracting qualified leads, it doesn’t matter how much traffic you generate—lead volume becomes unsustainable if your team doesn’t have the tools to manage their workflow successfully. For instance, if prospects can’t make an appointment or aren’t receiving a response because of the sheer volume of leads, your team morale will suffer, and you will waste valuable marketing dollars.
To combat data overload, tenant engagement software provides decision-makers with valuable analytics and key metrics to make data-driven decisions quickly and efficiently.