The leasing cycle is at the heart of a successful property management company. Considering the fact that 79% of real estate leads never convert to sales, it’s more important than ever for a real estate business to have a robust and efficient marketing and leasing strategy. Here are five tips to improve your commercial real estate’s lead-to-lease conversion rate.
1. Adopt Efficient Listing Strategies
Did you know that 52% of renters look for housing options on the internet? Therefore, as a property manager, you must ensure that all commercial real estate properties are not only listed on your website but on multiple sites. Doing so increases your real estate company’s exposure, allowing you to reach a larger pool of potential renters.
2. Use Digital Media to Your Advantage
Pictures and videos are paramount when advertising potential multi-family residential or commercial real estate properties. A recorded tour of the apartment makes it easier for the renter to make sense of the property and come to a decision.
3. Try to Respond to Questions and Queries Immediately
While it might not seem like an important step, the faster you reply to the inquiries of potential tenants, the higher the chances will be for them to convert into leads. Research suggests that property dealers or landlords who respond to questions within 60 to 120 seconds are 40% more likely to get a deal. Because it isn’t possible for a person to be active online 24/7, we recommend leveraging Artificial Intelligence tools such as Chatbots to make the process more efficient and responsive.
4. Remember to Follow Up
One of the biggest leads to leasing conversion mistakes a property management company makes is forgetting to follow up with a client. If a customer hasn’t responded or called back, they are likely busy. Thus, instead of assuming a no, always call the client to know whether they are interested in the deal.
5. Digitalize the Application Process
Still relying on pen, paper, scanners, printers, and fax machines for leasing? Improve the lead-to-lease conversion ratio by incorporating an online application process. Digit ize everything from filling out the form and submitting documents to making the payment. Digitalization will also make it easier to organize and manage several applications simultaneously.
Commercial and Residential Leasing On The East Coast
Start by determining your lead to leasing process needs and then conduct some research on the solutions that work the best for you. This will help you know whether you require a full-service SaaS property management platform or a smaller app to manage real estate leads and the amendments you should make in your advertising strategies.
With nearly 100 years of experience, Milbrook Properties Ltd can help you with all your commercial real estate and multi-family residential needs. We can also provide you with efficient property management solutions, boosting your lead-to-lease conversation rate while saving on costs. Contact us today!