According to an AppFolio survey, 71% of respondents said virtual showings have increased in priority as a result of COVID-19.
Brian Hartsell of Key Property Management said his team has had great success in using this technology, “The service to deploy properties to various rental advertising sites has assisted in keeping our vacancy rates at less than 2% annually.” 3.) Embrace Virtual ShowingsĪs COVID-19 continues to require people to maintain physical distancing, finding safe ways to show available units is a top priority for property managers. Not only does this maintain consistency, it saves your team time, so they can focus on providing better quality service to more serious leads. Digital tools like AppFolio’s One-Click Vacancy Posting can allow you to post to hundreds of listing sites with a click of a button. However, manually uploading each one of your listings can lead to errors, broken links, and ultimately a poor customer experience. Once you have compelling images, video clips, and a description, you’ll have to upload everything to third-party listing sites. Consider using a rent comparison tool like RentMatch, which is built into AppFolio, that helps you quickly analyze your rental prices compared to other units of similar size and bedroom count in the same geographical area. Your listings should not only be visually appealing, they should also be priced appropriately. For customers using AppFolio-powered websites, AppFolio has recently released a feature that enables property managers to embed interactive 3D models, making it easy for prospective residents to engage with available units and self-qualify at a distance. It’s imperative you create listings that cater to these serious prospects by capturing high-quality photos, videos, and writing specific and detailed descriptions to encourage as much interest as possible.
The majority of renters are no longer casually scheduling tours, which means those who reach out to you are probably more serious about renting an apartment and will want to see a lot more detail from your online listing. Here are some other ways our customers are leveraging technology to maintain their leasing operations: Krickett Alexander, CEO of Minnix Property Management shared her team’s experience with Lisa during the pandemic, “Because of Lisa, which is the artificial intelligence brought to us by AppFolio, we’ve been able to transition to self-guided tours. From automatically scheduling showings and collecting guest cards, to responding to inquiries and pre-qualifying leads, Lisa ensures none of your leads go unanswered.
Now with 82.3% of property management businesses having at least some staff working remotely, responding to leads quickly and effectively has proven to be even more difficult.Īn AI leasing assistant, like AppFolio’s Lisa, can fill in these operational gaps and allow leasing agents and prospective renters to continue with business as usual, while reducing in-person contact. Based on research by AppFolio, a 1-1.5 minute response converts leads to showings 80% better than a 30 minute response. Here are 5 ways you can leverage technology to optimize your leasing flow for the new normal: 1.) Use an AI Leasing AssistantĪttracting qualified residents and ensuring that leasing agents are following up in a timely manner is critical to the success of any leasing strategy. While some markets may have recovered from the initial reduction in lead volume experienced in March, demand remains significantly below prior year levels, which means it’s even more important for property managers to make the most of every opportunity. With social distancing and stay-at-home orders, the industry has reached a tipping point, in which technology is now a requirement to carry out leasing processes safely and effectively.Īccording to a recent industry-wide survey, property management companies reported leasing as one of the most challenging workflows to complete remotely. COVID-19 has rapidly sped up the property management industry’s shift towards digital technology.