5 Key Takeaways from the May Cadence Connect Event - "Disrupting the Standard Leasing Process"
May's Cadence Connect Event was all about disrupting the standard leasing process to convert more leads, create a stand-out prospect experience, and positively impact the bottom line. This session featured a panel of experts and led to collaborative conversation around how centralized leasing and technology has played a role in the evolution of the leasing process, along with the benefits and potential challenges.
Read on for our top 5 takeaways from this conversation, and be sure to keep your eye out for more information relating to our next Cadence Connect Event!
1. Time is our most valuable asset.
Our leasing teams are spread THIN. Between prospecting, touring, follow-up, on-site resident communication, event planning, and day to day operations, it is a wonder these teams have time for lunch! In 2020, many teams also had the added challenge of an influx of new technology with the implementation of virtual leasing efforts.
There will never not be a need for a human component in the leasing process, but with a shortage of talent in the industry and constant turnover, we need to make sure that we are using our team’s time intentionally and effectively by disrupting our current processes.
Cadence Tip: Host a roundtable discussion with your leasing agents to discuss the breakdown of where their time is spent each day, and identify where time needs to be saved. Need some guidance on this discussion and recommendations to improve your processes? Let's chat!
2. Consumers want to communicate how they want to, when they want to.
According to analysis provided by our panelist Josh Heck from Anyone Home "89% of prospects who originally reached out via phone stayed with that channel. 75% of emailers remained in that medium. 78% who first contacted a community through chat stuck with that channel." With more and more communication channels, leasing teams have had to adapt to responding to leads and communicating in several different ways, at all times of the day.
Centralized leasing strategies can support this by being well-versed in all channels and being dedicated to an immediate response rate. By handling the initial inquiry and scheduling the in-person or virtual property tour, centralized leasing teams can improve the prospect experience, and streamline interested and qualified prospects directly to the property giving the on-site team the availability to prioritize qualified leads and residents.
Cadence Tip: If you haven't already, implement a CRM! Let us take care of establishing your baseline conversion rates, flush out the gaps, and identify areas for improvement. We even have an implementation crew to help you vet the right product, pace out your scope of work, onboard successfully, and train your teams on best practices.
3. Centralized leasing can double conversion.
In the currenHost a roundtable discussion with your leasing agents to discuss the breakdown of where their time is spent each day, and identify where time needs to be saved. Need some guidance on this discussion and recommendations to improve your processes? rates jump to 10-15%. Take a look at additional statistics from Anyone H
How? By prioritizing the prospect’s experience, providing consistent and personalized follow-up throughout the sales process to a larger volume of leads, and the ability to cross-sell properties.
Cadence Tip: Provide regular training to your leasing agents focused around conversion tactics. Even if you haven't implemented a centralized leasing team, we can help you implement strategies to drive your conversion rate.
4. We finally have technology!
Over the last several years, exponential progress has been made in the world of Multifamily technology. CRM platforms have made it easier than ever to track, manage and convert leads through multiple channels including phone, email, text, chatbot, and ILS and website inquiries - from one dashboard! However, it is important that technology is intentionally integrated into our leasing process, as not to provide a choppy or non-personalized prospect experience.
Cadence Tip: Our session’s sponsor, Anyone Home provides several services and products including a CRM, chatbot, call center and more to provide a seamless prospect-centric experience. For more information or for a demo, reach out to firstname.lastname@example.org.
5. Consistency is key.
When thinking about implementing a centralized leasing process, the first step is to break down your current prospect lifecycle. By identifying each step of this process and outlining very specific responsibilities on the team as well as defining where the technology fits in, you will create a consistent and seamless experience for each prospect that inquires. Training is also key to ensuring a seamless team effort between pre-leasing teams and the hand-off to in-person tours.
Cadence Tip: Test your prospect experience! If you’re unsure what your current prospect experience feels like, allow the Cadence MS team to measure it for you. We offer a new STRIDE report built just for the prospect experience. It’s not your average shop report. We measure the friction factor in your leasing process, from the first experience online with your brand, to the human handoff and leasing tour.
Ready to chat? Reach out to discuss your needs. We’ll meet you at YOUR starting line.