The techniques for generating leads are various and widespread, and the apartment industry has been remarkably creative and successful in that arena. Managing those leads, however, has been a bit more challenging.
Much of the lead management technology in the industry is outdated and can’t keep pace with the ever-increasing digital presence in lead generation. Connecting with prospects continues to become more of a tech-driven practice, and the industry must react swiftly to keep pace with their competitors on the plus side of the technology curve.
Many large multifamily companies have experienced difficulties integrating leads from these new digital sources into traditional property management systems, which typically requires a custom application programming interface (API) between the lead source and property management system.
Whether updating your existing lead integration technology or implementing an entirely new platform, here are some must-have property management system features that should be present in all modern-day leasing offices:
The ability to text: With phones calls now being viewed as intrusive, particularly by younger generations, and email the modern-day equivalent of snail mail, communication preferences have changed. The ability to reach your prospects or existing residents via text, like with Entrata’s two-way texting tool in ProspectPortal, aligns with the real-time information age and creates the ability to reach prospects where they most often are – on mobile.
Efficient automated renewal processes: When corralling prospects, some often forget about a major subset – those who are already in the building. They’ve already decided to rent with you, and now it’s your job to keep them. Keeping pace with a sizable contingent of residents and checking in with them at various points of their stay can be cumbersome, but not with a management system that can automate the process. If the first time you seek renewal is 11.5 months into a resident’s stay, you’re probably too late. Communities using Entrata’s LeaseExecution tool have seen leases renewed 5 to 10 days faster with, resulting in more accurate vacancy forecasting.
Centralized data: The idea is to spend time managing your properties, not logging in and out of various software channels. When a property’s accounting and resident information is in one secure place, it empowers onsite teams to spend time on the community-related duties they were hired to pursue – namely chasing and acquiring leads.
Generating leads is one thing. Managing them is another. Outdated technology limits the ability to effectively track the individuals who are interested in your property. It also binds your onsite teams to their desks for longer than necessary. Are you missing these key elements in your technology? Entrata can help you fill in the gaps. Visit www.entrata.com for more information or contact your CSM or sales representative.