There’s no dull day as a leasing manager. You’re not only dealing with countless inquiries but also making sure you keep up with prospects who show interest and maximize applications without compromising on the rental prices or the quality of tenants.
Leasing managers at larger firms, in particular, have variables like market shifts, competitor tactics, marketing strategies and systems and processes in place to consider. You need to be sure you’re operating as effectively as possible, while still bracing yourself for the unexpected.
That’s where a leasing CRM comes in as an ally to make every part of your daily operations easier and more profitable. In this guide, we’ll walk through how to vet the right solution for your business, the key features to look out for, and potential pitfalls to avoid.
What makes leasing at scale so difficult?
Leasing is like any other sales process on steroids. The sheer volume of activity coupled with the loss of revenue to property owners in cases where a unit is not rented on time puts tremendous pressure on this business function to run efficiently throughout the year.
First, the size of the operation is much larger with many moving parts which means there are multiple components that ought to be managed. The impact of a small oversight in such instances has big implications.
Regular tracking of all KPIs is a must in order to quickly identify kinks in one’s armour. For example, a team that tracks their property viewing numbers daily will learn about a broken scheduling link much sooner than a team that doesn’t.
There are also unique coordination challenges that need to be solved. Leasing managers must be aware of not only the properties under their management but also those operated by fellow team members nearby. Lastly, tracking leasing activities across multiple channels and teams is so complex that it can’t be done with a spreadsheet. The scale of managing leasing for a large portfolio requires a specific solution that’s built for the job and can automate communication, lead management and marketing channel and leasing team performance.
Why Won’t Generic Software Work?
With these leasing operations issues, generic sales software features that may look good on the surface, may not be applicable or work the way you want them to manage your portfolio on the platform. Generic sales software:
- Requires too many workarounds and customization for specific tasks.
- Needs a way to integrate with all the other software you’re using to be effective.
- Can be difficult to scale as your business grows.
What does the best leasing software entail?
Leasing managers today need to be efficient, quick, flexible, and reliable—and the software you choose should be the same.
The main traits of top-of-the-line leasing software include:
Industry-specific features: that seamlessly integrate with your day-to-day workflow to ultimately save you time and money
Professionalism: the software is reliable and easy to understand,—you’re fully supported as a customer, and people that access the software feel fully comfortable using the solution too
Security and Accuracy: data is stored safely and reliably and prospect information/rental applications are accurately recorded.
What Leasing Software Features Should You Look For?
In a sea of never-ending options, how do you choose the best commercial leasing software? Start by understanding your biggest needs and prioritize them by how much time and resources they’re costing your business. Identifying your biggest priorities can help you shop and discern the best features that move your business forward.
Vacancy in a property is an expensive and inevitable occurrence. The loss of rental income is just one component of the equation. Other expenses such as utilities, taxes, insurance, and advertising costs must also be taken into account.
Building a streamlined process from receiving an inquiry to signing a lease is the fastest way to minimize your vacancies and start generating rental income. There are five key steps to the lead-to-lease journey, let’s break down each step and go through how an ideal platform can help accelerate the process.
Step 1: Consolidate your leads
Getting leads from multiple sources by email or phone is the easy part. Ensuring that these inquiries are effectively consolidated and channelled to the right leasing manager’s dashboard ensures that you minimize missouts.
Step 2: Automate Responses and instantly schedule showings
The right software can let potential tenants book their showings online. Tools that automate follow-up reminders via email and text can help ensure they show up on time.
Step 3: Accept, Deny, and Manage Applications
Once you’ve showcased your property, it’s essential to simplify the application process by offering an online option. A top-notch leasing software allows you to customize application forms by adding, removing, or rearranging fields to meet your needs. With the right software, you’ll have a comprehensive view of all your applicants in a single dashboard, where you can accept, deny, or manage each one. Additionally, the software securely stores applicant information and streamlines the signing process, eliminating the need for repeated data entry.
Step 4: Track key metrics
An ideal solution would allow you to create custom reports, define KPIs, and track what matters most to your business. An intelligent system that delivers critical insights and trends directly to your inbox is what you are after so that your teams don’t have to wait on business reports to make decisions.
Get Started with the Best Leasing Software for your business. RealSage Convert is a powerful yet simple CRM with the tools you need to convert prospects to lease better.
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