The work in a property management business seems to be never ending. Whether it is dealing with tenants, or owners or just an endless stream of accounting tasks, the days can be exhausting.
Managing tenants and properties is already difficult enough, but if a unit stays vacant, it costs property managers a lot. The increase in vacancy rates to 6.8 percent for rental housing, in the US in 2021, is further pressurizing property managers to fill vacancies as quickly as possible that too with high-quality tenants.
While a property manager takes care of all the complex tasks, leasing software can help out and take care of the more repetitive tasks that take up unnecessary time. There are a lot of reasons to take on a leasing software; the automation of daily tasks and customer interaction are just the most important ones.
A leasing software helps property managers in automating the repetitive time-taking tasks off their to-do list while saving them both time and money. Property management automation saves time and increases efficiency, with minimal back and forth throughout the leasing process.
Typically, property managers can save 30 hours a week by leveraging automation and smart technology. All this time you save can be reinvested in growing your portfolio, managing owners, or other aspects that require human touch.
Property management is demanding; many property managers will have around 800 - 1000 units with only a few leasing agents managing them. It sounds tough, and it is; there is only so much these leasing agents can do with a finite amount of time and energy.
But with a leasing software, you and your leasing agents can get that extra help without needing additional resources. Using leasing software helps you be efficient and maintain a healthy work-life balance for you and your employees.
Leasing software is designed to help and expedite the responsibilities of a property manager. By reducing the number of tasks, it allows for more efficient management and gives you more time for growing your portfolio.
Here are a few benefits of implementing an automation-driven leasing:
Fast responses make tenants feel important; it is ultimately the deciding factor in the success or failure of whether someone books a showing. However, most incoming tenant inquiries are after-hours, or on weekends.
With a leasing software, you will never miss calls and emails from renters, even on your downtime on the weekends. A good leasing software that is active 24/7 is a simple solution to ensure no tenant leads are missed while maintaining high efficiency.
Communication is an important aspect of property management, and property management automation software improves communication between prospective tenants and leasing agents. Not responding to tenant inquiries about listings soon enough can make or break your business. With an ever-increasing number of competitors out there in the real estate business, high responsiveness can serve as a big competitive advantage.
Using a real estate chatbot to automate communication means that you can keep your leads from booking elsewhere simply because they might be impatient when they inquire about a listing and expect an instant reply. An intelligent real-estate chatbot responds to every inquiry prospective tenants may have instantly and with more detailed information to keep tenants satisfied.
As soon as property managers are done posting ads on listing sites, they are faced with a huge influx of tenant inquiries and emails. Property managers and leasing agents receive hundreds of emails every week, of which only maybe 5% will be from qualified tenants.
Almost half of these inquiries are repetitive, asking the same questions over and over again. On a good day responding to emails wouldn’t seem like a burden, but for property managers and leasing agents who are already juggling multiple tasks at once, responding to inquiries becomes a nightmare.
Time is money for property managers, and your time would be better spent doing things other than micromanaging a property especially when there are a lot of properties to manage. Most agents are too busy to respond to every tenant who is interested in the property and has a question.
These emails and monotonous tasks take up a considerable chunk of time, approximately around 2 hours every day, impacting overall team productivity. A leasing software can make life infinitely simpler by automating these time-consuming tasks in seconds. With property management automation you can automate aspects of your business, such as responding to emails, making way for greater efficiency and more available time to be attentive to your owners.
Thorough tenant screening is the key to finding quality tenants and to a faster lead to lease conversion. However, tenant screening is also one of the most time-consuming tasks of the leasing cycle and can take up a lot of your time, if not all of it, when done manually. But it has to be done correctly because poor quality leads can be challenging to deal with in the future.
A leasing software like LetHub can accelerate the tenant screening process to make property management easier and much more effective. LetHub pre-qualifies interested tenants against your company-specific screening criteria, such as custom credit score and salary requirements for each property. The software filters out poor leads that do not match your criteria and save you time and effort.
Property management automation can help with automating marketing which can end up being a critical component in your lead generation strategy. Automation allows leasing agents to deliver personalized marketing messages to prospective tenants throughout the leasing process with automated emails or texts. It will also follow-up with all those leads with properties that perfectly match their criteria leaving little to no room for error.
Team collaboration is essential, and it improves the way your team works together and minimizes the bottlenecks in your workflows. A high-performance team drives business growth and property management automation can improve that.
Smart, automation-driven workflows improve productivity and encourage consistency. With the help of a leasing software property managers can also keep up with the rest of their team and provide them with individual feedback with reports on each agent’s performance. It promotes better team collaboration and ultimately improves productivity, which directly impacts the bottom line of your business at the end of the day.
Property management automation software can gather post-tour feedback for you; it will automatically follow up with every lead after a showing. One of the most essential ways to encourage bookings is through guest reviews which are often done with a quick and polite email requesting their feedback on your listing’s page.
A leasing software like LetHub lets you automate the feedback process without requiring prospects to fill out lengthy surveys. All this feedback helps property managers to make improvements accordingly to their units through actionable marketing insights.
Automating routine tasks with an intelligent leasing software allows leasing agents and property managers to dedicate their time to focus on growth strategies and client relationships.
Modern technology provides multiple benefits all converged in one place, instant access to real-time data, and customized dashboards and visualizations, enabling growth-oriented property managers to take control and make strategic decisions for the future of their business.
AI chatbots have allowed property managers and their leasing teams to save four times the hours spent and costs incurred in responding to repetitive rental inquiries. Keep reading to discover how these AI chatbots have resulted in a faster response time and a high-quality, healthy lead to lease cycle.
Do you know that 157 US companies with $50M liabilities filed for chapter 11 bankruptcy due to COVID-19? If you don’t want to be on that list, keep reading our article, and learn the best ways to manage your property management business remotely.