How Fast Prospects Move
Missed Calls = Missed Leases
In today’s competitive rental market, prompt and effective communication isn’t just good service—it’s essential. Prospective renters are making quicker decisions than ever, and if your leasing team isn’t keeping pace, you could be missing out on valuable leases.
#1. The High Cost of Missed Calls
Missed calls can significantly impact leasing success. According to LeaseHawk, nearly 49% of leasing office calls are missed, and 87% of renters don’t leave a voicemail when they can’t get through. This communication gap can lead to lost revenue and wasted marketing efforts.
#2. Renters Move Fast—Are You Keeping Up?
The rental search cycle is accelerating. Apartments.com reports that 48% of renters plan to move within six months, and the average apartment hunt lasts just 27 days—a significant decrease from previous years.
Timely responses are crucial. 84% of prospective renters expect to hear back within 24 hours of reaching out, yet many properties fall short of this expectation.
Moreover, 78% of renters lease with the first property that responds to their inquiry, highlighting the importance of swift communication.
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#3. Consistent Follow-Up Drives Conversions
It’s not just about the initial response; consistent follow-up is key. LeaseHawk notes that it takes an average of 4–6 outbound communications to close a lease.
However, many leasing teams stop after just two or three attempts, leaving potential leases on the table. Implementing a structured follow-up process can significantly improve conversion rates.
#4. Digital Communication: Meeting Renters Where They Are
Renters increasingly prefer digital communication channels. A survey by Multifamily Executive found that 79% of renters want to communicate with property managers via text or chat.
Similarly, Buildium reports that 59% of renters prefer to communicate with their property manager via text message, a significant increase over previous years.
While email remains a staple, it’s essential to diversify communication methods to align with renter preferences.
#5. Action Steps to Enhance Leasing Success
To capitalize on these insights:
- Ensure Prompt Responses: Implement systems to answer every call, including after-hours solutions.
- Establish a Follow-Up Protocol: Develop a structured follow-up process with multiple touchpoints.
- Embrace Digital Channels: Incorporate text messaging and chat options to meet renters’ communication preferences.
- Monitor and Adjust: Regularly assess response times and communication effectiveness, making adjustments as needed.
By aligning your communication strategies with renter expectations, you can enhance engagement, improve conversion rates, and ultimately drive leasing success!
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