If there are two words that could summarize the goal for most property managers, it’s “reduced vacancies.” After all, turning more prospects into tenants is the priority, right? You can work on this goal with marketing, a better prospecting process and the right software.
We’ve looked at occupancy rates and even marketing on this blog before, but a question remains that we haven’t answered yet: how can lease administration software help with actual prospect-to-tenant conversion rates? Short answer: by helping you create a centralized, efficient commercial real estate leasing process. Long answer: read the rest of this article.
The first thing you need to do to improve your conversion rates is to move away from spreadsheets. Your CRM is where you track, manage and evaluate all of your contacts, including prospects. Don’t let it become a jumbled mess that takes you days to dig through. With lease administration software, you enjoy a variety of CRM features that help you organize your contacts. From database segmentation and lease tracking to storing the contact information in a cloud-based system accessible anywhere, this software helps you improve your organization.
Faster, More Consistent Process
Once you’re organized, you need consistency with your process, as well as a quick turnaround time. Don’t get burned by hot prospects because you took too long to pursue them. Lease administration software helps you streamline your process by automating data that produces meaningful information about your prospects, by tracking critical dates/options and gives you alerts about them and by establishing a consistent pipeline that can be repeated for multiple prospects or properties.
Increased Renewals and Referrals
The best form of marketing is word of mouth, right? You can improve yours and have existing tenants do the work for you by ensuring they have a memorably positive experience. Set up date tracking with lease administration software and take detailed notes about any issues your prospects or tenants bring up, such as maintenance requests, lease issues and other critical points. Your tenants will then be more likely to renew with you and refer others to you.
If you’re interested in seeing how lease administration software like Quarem can help you improve your prospect-to-tenant conversion rates, request a demo today.