AI and machine learning technology are revolutionizing how multifamily landlords manage their portfolios through centralized leasing strategies.
As a multifamily landlord, tenant satisfaction is everything. But how do you increase efficiencies and create an environment that makes your tenants want to stay? The answer: Centralized leasing.
By implementing a centralized lease management strategy, multifamily landlords can utilize tech to streamline their business and increase retention, without sacrificing tenant satisfaction. Innovative tenant management software makes it easy for landlords and property managers to eliminate communication black holes and seamlessly manage their lead-to-lease process—so no tenant is left behind.
Wondering what a centralized leasing strategy could do for your business? Keep reading to learn five ways tenant management software can streamline your business and help maximize your profits.
What is a Centralized Leasing Strategy?
Time, money, and people: If you can’t control these three factors, you can’t grow a business. Today’s multifamily market is changing rapidly. One way to increase efficiencies and save costs is to streamline the workflow for property management companies (PMCs) and multifamily landlords. A centralized leasing solution achieves this goal by eliminating repetitive admin work so property operators can focus their attention on tenant satisfaction and retention.
Of course, centralized leasing is not about simply moving all your leasing processes to one centralized location. It’s about leveraging technology that taps into a full stream of metrics to drive strategic growth and financial performance. Not only does tenant management software adapt to current market conditions in real-time, but it can also support PMCs in making data-driven decisions that reduce costs and maximize revenue.
#1 Improve Productivity & Lower Costs
One of the biggest challenges multifamily landlords and PMCs face is staffing. As almost every industry is experiencing a tight labor landscape, many property operators are reeling to find and retain a great leasing team. Put simply; staffing is highly volatile in the multifamily industry.
There is no one-size-fits-all solution to unstable staffing and low productivity. Instead, the answer lies in implementing processes that empower property operators to create and maintain an engaged workforce. How do you achieve this? By implementing a centralized leasing strategy that leverages AI technology.
AI technology enables property management companies and onsite teams to increase productivity by automating repetitive tasks, so they can focus on generating revenue and increasing profits.
#2 Increase Tenant Satisfaction
Maintaining a good renter experience requires a tenant management strategy that is customer-driven, mission-critical, and service-first. Cultivating a lead from initial inquiry through to signing a lease and, eventually, renewal should be seamless and user-friendly. AI-powered tenant management software can create open communication channels while providing personalized, real-time updates of the entire leasing process.
Unlike outdated separate guest cards and a repetitive and inefficient desktop experience, tenant management software is user-intuitive and seamless. Forget leads having to input the same details repeatedly for different communities. A centralized leasing strategy powered by AI technology ensures prospective renter preferences are stored in one fluid system, enabling PMCs to personalize and unify their marketing efforts while delivering an exceptional leasing experience.
#3 Better Team Morale
More and more PMCs realize the importance of having a positive, happy work environment. Stress is proven to increase health-related issues and lead to reduced productivity in the workplace. Boosting your leasing team’s morale naturally leads to greater engagement and better customer service.
“When you give people opportunities to use their strengths, their engagement levels rise, and team performance improves,” said Jessica Spiegel, Operations Director. “A good employee experience is what drives a business.”
By providing onsite staff with the tools, they need to succeed and meet their goals, you can simultaneously increase your team’s morale and provide a better rental experience.
#4 Role specialization
Most property operators would agree that the repetitive and mundane administrative tasks distract from many leasing professionals’ natural strengths. AI technology and automation can help relieve the burden of these tasks so that team members can focus on their most important role: providing winning customer service to current residents and prospective tenants.
A centralized leasing strategy gives multifamily leasing professionals the time and resources to build trusted relationships with residents and follow up on leads—without getting slowed down by busy work. As any top PMC knows, a lost lead or lease renewal can be costly in more ways than one. Staff burnout is a serious concern in this industry; however, role specialization can increase your ability to retain talent and create scalable growth.
#5 Optimize Marketing Efforts
While it’s evident that centralized leasing is better for tenants and onsite teams, it is also an excellent way to increase your branding presence.
Personalized marketing automation ensures compelling and consistent messaging across all marketing platforms, helping build trust with your existing tenants and engage prospective renters. To maximize your marketing efforts, it’s vital that you keep a close eye on what’s working and what isn’t. Data-driven actionable insights can help you quickly and accurately measure campaign performance and identity your top lead sources.
Having your entire marketing funnel in one secure platform makes optimizing campaign efforts and generating qualified leads easy. From initial inquiry through to lease renewal, tenant management software develops a consistent and reliable branded message that engages renters through every touchpoint of the lease process.
Leverage Tenant Management Tech
If you’re a multifamily landlord looking to streamline your workflow and implement a scalable growth strategy, click here to learn more about centralized leasing and the benefits of tenant management software.