Real Estate Leasing- 4 ways to make sure you don’t fall behind the competition: Beyond COVID-19Leave a Comment
In the midst of every crisis, lies great opportunity as quoted by Albert Einstein. The new year may have begun with a high alert crisis, but there is always a brighter side to every situation and keeping that in mind you should prepare your team for the best to come. To make way for profitable leasing once the market starts functioning post COVID, you need to be equipped and ready. To ensure your team is well-equipped to get in touch with more prospective renters and accelerate business , you should start preparing now. Even though the graph shows a slide down, by streamlining processes and improving efficiency you can maximize your lead conversion now and in the time to come. In light of the modern real estate investment, which almost always includes a substantial amount of leverage, landlords should take certain steps to begin proactively protecting their investments. Here are 4 simple ways you can equip your business for success:
Redefine your leasing workflow. Adopting the right technologies can prove to be worthwhile when it comes to operations, as they can automate tedious, manual tasks to save time and efforts which in turn will enhance productivity. For instance, you can build lead screening directly into your leasing flow so every lead automatically undergoes a background check or redefine payment collections.
Seeking relief under ‘force majeure’ clause is a major challenge for most leasing companies and landlords.
“American realty Advisors has not yet agreed to any rent relief arrangements with tenants, though the businesses most affected by shutdowns it may consider waving off late payment fees or defer payments. Each landlord is going to approach this differently; there is no one size-fits all that everybody is going to take”: — Stanly Iezman, American realty advisors
Formulating payment models and schedules that work for both parties would be essential during this time. Without a proper data management software it would turn out to be hard to propose and keep track of these payment models from customer to customer.
In order to streamline efficiency throughout the leasing process, it is strongly recommended that you redefine your current workflow and adapt to powerful tools that will make your processes simpler and bring flexibility for growth to your system.
Re-negotiate your rental prices. The market will change and things will look different as during and post COVID. Updating your rental prices might seem unnecessary but it’s actually one of the best ways you can fill vacancies faster. Considering the expectations of the market your properties should not be priced too high because then you will run the risk of losing to the competitor at the same time it should not be too low because then your ROI will suffer.
But how do you decide on this? Understanding customer inquiries and concerns, staying together with the customer during each process and building a good relationship is vital in deciding a sweet spot while pricing. It is also possible that yo might follow a desperate trend when it’s unnecessary (market waves depend from place to place and associated circumstance). A through performance analytics is also required to reach conclusions. There are many tools that help you in this but a comprehensive platform that grows with you is what you have to lean on.
3. Reach out, maintain the relationship
Reach out to your current tenants. Effective communication can help you retain your best residents and attract better prospects. Today’s renters want to communicate with their property management company through online platforms. One way you can rise up to meet their needs is having your activities streamlined in order to stay fully aware of the concerns that might arise and thereby offer a remedy to every issue, whether it is maintenance requests, rent payments, etc. In addition, you can send out monthly surveys to gain valuable insights and feedback from your tenants on areas you can improve. By listening to your renters you can decrease resident churn, boost your ROI, and improve your customer experience.
4. Make technology your best friend:
Property-xRM has brought in aspects like E-signatures and an end customer forum wherein all leasing activities can be done online. In situations where lockdown and quarantine time period have no particular end date, making technology your best friend is the success mantra. The entire leasing process can be done online, whether it is a new booking, renewal of the leasing contract, payments, etc. all can be done sitting at home.
Property-xRM an award winning and complete real estate suite built on Microsoft Dynamics 365 offers a powerful and intuitive interface for managing customer interactions. We provide a holistic data-driven platform that enables leasing management. It helps you with seamless approval process, timely renewal of contracts, processing monthly invoices and collection, online payments, enabling customers to use the power of Portals to submit their queries and complaints and many more. Use the power of Property-xRM to automate your leasing activities.
Visit www.PropertyxRM.com to know more on leasing management.