Guide To Advertising Rental Portfolios Using Google Ads

Successful digital marketing in the rental property business involves knowing how to use online marketing tools to your advantage. One of the most powerful of these tools is Google Ads. It allows advertisers to create targeted ads that appear when users search for specific terms or phrases, known as keywords.

This guide will provide clear, step-by-step instructions on how to start advertising your rental properties using Google Ads. Additionally, ways to maintain your ads, track their success, and the importance of latent semantic indexing (LSI) keywords for effective ad performance will be covered.

Brief Overview of Google Ads

Advertising rental properties on Google has several key advantages over other advertising platforms:

Understanding the needs of general users and reasons for selecting a posted ad can optimize rental property advertising strategies. For example, recognizing that ads are often clicked when the brand is familiar and the search query is directly answered, you can determine whether your advertising goals should focus on establishing your brand or online presence and familiarity, or meeting user needs.

Understanding the Google Ads Pricing Model

Google uses a Pay-Per-Click (PPC) model – you’re only charged when someone interacts with your ad. This, coupled with the ability to set a daily budget, ensures you get a high return on investment.

Your ad placement is determined by Google’s Ad auction – Adwords Intelligence. Once you create your ad for your rental properties, you proceed by placing bids on keywords. The higher the bid placed, the more likely your ad will be closer to the top of the search page. Adwords intelligence will determine where your ad will be placed based on the cost per click you have set and the quality of the ad.

Additionally, set budgets can be made to ensure that the increase in website visitations does not cost you a fortune. After creating your account, visit “Campaigns” and find the campaign created for your rental properties. Select “Budget” and enter your daily budget (Tip: If you have set a monthly budget instead, divide the set monthly value by 30.4.)

Starting your Google Ads Account

Step 1: Create your Google Ads Account

Visit the Google Ads homepage and click ‘Start now’. You’ll be prompted to sign in with your Google account. If you don’t have one, it’s free to create. Once signed in, follow the prompts to set up your Google Ads account.

After that, you’ll be prompted for additional information regarding the website you’d like users to visit upon clicking your advertisement for your rental property.

Step 2: Set Your Goals

Select “Create” and choose “Campaign” to get started. You will then be given the choice to identify your objective and fill out additional information that relates to your goals. If you’re uncertain what objectives will benefit your rental properties, it is covered below.

After identifying your goals, you will be asked to write your advertisement. When it comes to writing your advertisement to create the campaign for your rental property, there are certain things to keep in mind to maximize the effectiveness of those ads.

Step 3: Create a campaign

Setting Your Rental Property Goals

Positioning your ads to attract tenants requires a deep understanding of their needs. Establishing clear goals for your campaign can help determine the type of campaign you should launch whether your goal is increased website traffic, more inquiries on your rentals, or reduced vacancy rates.

To start, you can utilize Google Ads in two primary ways: Search Network and Display Network.

Search Network: appeal to looking customersDisplay Network: increases visibility
Shows ads to users actively searching for rental propertiesPlaces rental property ads on several websites that potential renters might be browsing

Additionally, here are the types of campaigns to consider launching based on your rental property campaign goals:

Campaign TypeObjectivesRental Property
Search CampaignsText ads on Google Search– Boost sales/ leads /website traffic
– Easy setup
– Specific targeting		Optimal for reaching people with higher purchasing intent
Display CampaignsImage ads on various websites– Drives sales/lead
-Brand Awareness
– Extended reach & re-targeting		To stay top of mind with potential renters and retarget visitors to the rental property website
Smart CampaignsAutomated campaigns using Google AI– Drives sales/leads
– Easy setup
– Advanced optimization		An efficient way to advertise rental properties with minimal setup and effort
Performance Max CampaignsMulti-channel AI-optimized campaigns– Easy setup
-Increased conversions
-Finds new customers		Great for expanding reach across various channels, finding new renters, and optimizing marketing efficiency
Video CampaignsVideo ads on YouTube and other websites– Brand awareness
– Drives sales/
leads
– Extended reach, re-targeting		To give potential renters on YouTube a visual tour of the property, reaching a wide audience and retargeting interested parties
Local CampaignsPromotes physical locations across channels– Drives in-person store sales
– Promotes offers/events
-Provides location info
– Multi-channel marketing		To bring potential renters to physical rental locations or offices
App CampaignsPromotes your app across channels-Promotes app
-Multi-channel marketing
-Easy setup and management		Useful for property owners with an app to streamline booking and inquiries

Once you’ve decided on the type of campaign to launch for your rental properties and have completed setting up your account, you can proceed to the next step – creating your ad.

Creating your Ad & Leveraging LSI

Having identified your goal, understood their pricing model, and set up your account with Google Ads, you are ready to start your ad creation process.

Leveraging LSI keywords involves using alternative words and phrases that are semantically related to your primary keyword. Things like synonyms, closely related words, or phrases that often occur in the same context as your main keyword are optimal for the best outreach.

To start, choose keywords that users looking for rental properties would input to find their future homes. For instance, words like, “apartment for rent”, “home for rent”, and “2-bedroom apartment” are common searches users may choose when looking for rentals. Alternatively, instead of creating keywords from scratch, you can input your website’s URL link and Google can recommend keywords.

Additionally, you can leverage campaign settings to ensure your rental properties are reaching a relevant demographic by viewing the Campaign Settings to view your options.

Campaign Settings

Start by choosing locations to target your advertisements. This can be narrowed down to one or multiple postal codes, neighborhoods, cities, or countries.

** The assets created can be tailored to suit your preferences – you can create lead forms for potential tenants to view and indicate their interest, and create several headlines, images, logos, and videos which Google will then mix and match to track the most successful combination. **

Launching Your Campaign

Bidding

Once the keywords have been selected, the next step in the bidding process is launching your campaign.

After choosing objectives, you’re taken to the bidding portion of the process where you can decide how you want to track your ad success – these are some options to keep in mind that can help substantially grow interest in your properties and lower vacancy rates:

MethodPricing MethodBenefits
ConversionsTarget cost per actionOnly be charged when a specific action is completed (ie. a purchase, sign-up, or download)
Conversion ValueTarget return on ad spendOptimize your ad campaigns to focus on generating revenue rather than just conversions
ClicksMaximum cost per click bid limitCharged only when a user clicks on your ad. This approach is beneficial for driving traffic to your website.
Impression SharePercent (%) impression share to target & Maximum CPC bid limitEnsure that your ads appear a certain percentage of the time when relevant keywords or placements are triggered. This method helps you increase brand visibility and reach a broader audience while maintaining control over your maximum CPC bid.

After you’ve input your daily budget or bid, your campaign will be launched. It will be ready for you to track your rental property ad performance!

Tracking Success & Making Necessary Adjustments

After creating your campaign, go to “Campaigns” and view the analytics tabs appearing:

Each portion of the tab will reveal more about your rental property performance:

TabPurposeBenefit
OverviewGives you a brief insight into your assets – ie. your lead form or headlines created.Refine your marketing strategies to better attract prospective tenants and fill vacancies quickly.
InsightsShows interactions, cost, and interaction rate with your advertisement.Analyze the cost-effectiveness of your campaigns & understand what drives engagement. If a particular ad is generating a lot of interactions but isn’t leading to conversions, you can adjust the ad to better meet your goals.
When and where ads showedIndicates the time in which your ads were viewed, the location, and the device type used to interact with your ad.If your ads are most often viewed on mobile devices, you can optimize your website and ads for mobile viewing. Understanding the most effective time to show your ads could also lead to better conversion rates.
Report EditorAllows you to generate reports and edit report data to be downloaded and shared as needed.You can create custom reports to track specific metrics related to business goals, like the number of new tenant inquiries or the conversion rate of property viewings to leases.

Boosting Your Marketing Effectiveness

  1. Precision Targeting: With Google Ads, you can target your audience with laser-like precision. Utilize keywords, demographics, and interests to reach potential customers who are actively searching for your products or services – recall the user data provided at the start of the guide. With questions being answered or brand familiarity being the primary reasons that an advertisement is clicked on, it is important to leverage the keyword options you mention in your rental property ads to reach the most leads.
  2. Engagement through Ad Extensions: Google Ads allows you to enhance your ads with additional information such as site links, callouts, and structured snippets. These extensions provide more reasons for viewers to click, turning casual browsers into engaged prospects.
  3. Cost-Effective Campaigns: Google Ads offers a pay-per-click model, meaning you only pay when someone clicks on your ad. Experiment with different ad formats and bidding strategies to find what delivers the best ROI. It’s like having a customizable advertising budget that you can tailor to your business needs.
  4. Responsive Ads: Google’s responsive ads automatically adjust to fit different devices and screen sizes. This ensures that your message is always clear and compelling, whether viewed on a desktop, tablet, or mobile device. It’s like having a digital chameleon that adapts to its environment.
  5. Insightful Analytics: Utilize Google’s robust analytics to understand how your ads are performing. Monitor metrics like click-through rates, conversion rates, and cost-per-conversion to continuously optimize your campaigns.
  6. Building Brand Trust: Google Ads allows you to showcase your ratings and reviews right in your ads. By displaying positive feedback from satisfied customers, you’re not just promoting your products but also building trust with potential clients.
  7. Leverage Remarketing: With Google’s remarketing tools, you can target users who have previously interacted with your website or app. This keeps your brand top-of-mind and encourages them to complete their purchase. It’s like having a gentle reminder that nudges customers back to your business.
  8. Quality Score Optimization: Google Ads uses a Quality Score to determine how relevant and useful your ad is to the user. By optimizing for this score, you can achieve better ad placements and lower costs. It’s like having a guide to creating the most effective and efficient ads possible.

By leveraging these features and strategies, Google Ads can become a powerful tool in your marketing arsenal, helping you reach more customers, increase conversions, and grow your business.

In the fast-paced world of the rental property business, standing out in the crowded market is essential. Google Ads offers a dynamic and effective way to reach potential tenants and property buyers. By understanding the intricacies of Google Ads, from its pricing model to leveraging latent semantic indexing (LSI), you can create targeted and efficient advertising campaigns.

This guide has walked you through the essential steps to set up, launch, and track a successful Google Ads campaign for your rental properties. By following these instructions, you can not only increase your visibility but also optimize your advertising budget, ensuring that your ads reach the right audience at the right time.

Remember, the key to successful digital marketing is not just about using tools but understanding how to use them strategically. Continuous monitoring, learning, and adapting will keep your campaigns fresh and effective, helping you stay ahead in the competitive rental property market. Whether you are a seasoned marketer or just starting, Google Ads offers a scalable solution to help you advertise your rental properties.

15 KPIs Every Real Estate Rental Marketing Professional Should Know in 2023

two white printer papers near macbook on brown surface

Not all key performance indicators (KPIs) are created equal. Some are more important than others. As businesses continue to digitize and data becomes more accessible, here is a list of KPIs marketing teams managing large multifamily portfolios stay on top of to ensure the success of rental properties.

By leveraging data-driven insights offered by KPIs, tech firms and marketers can make more informed decisions, fine-tune their strategies, and ultimately deliver better results. The primary focus will be on the standard KPIs used across the industry, their relevance, and how you can track them.

1. Vacancy Rate:

Definition: The vacancy rate represents the percentage of properties that are vacant in a given period.

Why It Matters: This metric is a vital indicator of property demand and marketing effectiveness. It’s not just about empty spaces; it allows real estate marketing managers to fine-tune strategies, target demographics more precisely, and boost occupancy rates and revenue.

Actionable Insights:

  • Analyze Vacancy Trends: Regularly review vacancy patterns to identify opportunities or challenges.
  • Adjust Marketing Strategies: Tailor marketing efforts to target specific demographics that align with vacant properties.
  • Monitor Competitor Rates: Keep an eye on competitor vacancy rates to understand market positioning.
  • Offer Incentives: Consider special offers or incentives to attract tenants to vacant properties.

Example of Implementation: If vacancy rates are high in a particular property type, consider a targeted marketing campaign or special leasing incentives for that category.

2. Leads Generated:

Definition: Leads generated refers to the number of potential renters who have shown interest in a property, typically by contacting the company or filling out a form.

Why It Matters: This KPI measures campaign success and audience engagement. It’s not just about counting inquiries; it guides marketing tactics and resource allocation for optimized conversions and enhanced tenant acquisition.

Actionable Insights:

  • Regularly Review Lead Sources: Understand where leads are coming from and invest in channels that generate quality leads.
  • Segment Leads: Categorize leads by source, interest level, or other factors to tailor follow-up strategies.
  • Test Different Channels: Experiment with various marketing channels to identify the most effective ones.
  • Collaborate with Sales: Ensure that leads are promptly and effectively followed up on.

Example of Implementation: If a particular social media platform is generating high-quality leads, consider increasing investment in advertising on that platform.

3. Cost Per Lead (CPL):

Definition: CPL is the total marketing spend divided by the number of leads generated, evaluating the efficiency of different marketing campaigns.

Why It Matters: Reflecting marketing efficiency and budget allocation, CPL informs budget planning, enables ROI assessment, and empowers managers to optimize cost-effective lead generation approaches.

Actionable Insights:

  • Compare CPL Across Channels: Identify which channels are delivering the best value and reallocate the budget accordingly.
  • Monitor Over Time: Track CPL trends over time to identify opportunities for optimization.
  • Align with Conversion Rates: Consider CPL in conjunction with conversion rates to understand the full value of leads from different channels.
  • Experiment with Targeting: Test different targeting strategies to find the most cost-effective approach.

Example of Implementation: If CPL is high for paid search but conversion rates are also high, it may still be a valuable channel. Conversely, if CPL is low but leads are not converting, it may be worth reassessing that channel.

4. Conversion Rate:

Definition: The conversion rate is the percentage of leads that end up signing a lease.

Why It Matters: This KPI illustrates the success of lead-to-tenant transitions. It’s not just about conversions; it helps managers refine campaigns, messaging, and collaboration between marketing and sales to drive better leasing outcomes.

Actionable Insights:

  • Collaborate Between Marketing and Sales: Work closely to ensure that messaging and follow-up strategies are aligned.
  • Analyze Conversion Paths: Understand the typical paths that successful conversions take through the marketing funnel.
  • Test Different Offers: Experiment with different offers or incentives to see what resonates best with leads.
  • Monitor Competitor Strategies: Keep an eye on competitor conversion strategies that may be influencing market behavior.

Example of Implementation: If conversion rates are low from a particular lead source, consider refining the messaging or offer for that channel.

5. Tenant Retention Rate:

Definition: The tenant retention rate is the percentage of tenants renewing their leases.

Why It Matters: Reflecting tenant satisfaction and loyalty, this rate guides strategies to improve experiences, reduce turnover costs, and ensure sustained occupancy and revenue.

Actionable Insights:

  • Implement Feedback Loops: Regularly solicit and act on tenant feedback to enhance their experience.
  • Offer Renewal Incentives: Consider special incentives for renewing tenants.
  • Monitor Market Trends: Understand market conditions that may influence renewal decisions.
  • Build Community Engagement: Foster a sense of community through events or communication that may encourage renewals.

Example of Implementation: If retention rates are declining, consider a tenant survey to identify areas for improvement and act on that feedback.

6. Customer Acquisition Cost (CAC):

Definition: CAC is the total cost of sales and marketing efforts required to acquire a new customer.

Why It Matters: By measuring the cost of obtaining new tenants, CAC informs efficient marketing strategies, budget allocation, and profitability, ensuring minimized expenses for tenant acquisition.

Actionable Insights:

  • Analyze CAC in Relation to LTV: Ensure that the cost of acquiring a customer is justified by their lifetime value.
  • Monitor Over Time: Track CAC trends to identify changes in market cost dynamics.
  • Segment by Channel: Understand which channels are most cost-effective for customer acquisition.
  • Align with Organizational Goals: Ensure that CAC targets align with broader business profitability and growth goals.

Example of Implementation: If CAC is rising in a particular channel without a corresponding increase in customer value, consider reallocating resources to more cost-effective channels.

7. Net Promoter Score (NPS):

Definition: The Net Promoter Score (NPS) is a measure of tenants’ willingness to recommend the rental property to others.

Why It Matters: NPS is a vital gauge of tenant satisfaction. It’s not just about scoring; it helps marketing managers understand what steps to take to enhance property reputation and attract new tenants, reflecting the overall perception of the property.

Actionable Insights:

  • Regular Surveys: Conduct regular NPS surveys to gauge tenant satisfaction and identify areas for improvement.
  • Act on Feedback: Implement changes based on tenant feedback to enhance their experience.
  • Segment Analysis: Analyze NPS by different tenant segments to understand specific needs and preferences.
  • Track Over Time: Monitor NPS trends over time to measure the impact of changes and identify emerging issues.

Example of Implementation: If NPS reveals dissatisfaction with maintenance services, consider improving response times and communication around maintenance requests.

8. Lease Velocity:

Definition: Lease velocity refers to the length of time a unit is unoccupied between leases.

Why It Matters: This KPI indicates leasing speed and efficiency. It’s not just about tracking time; it informs marketing approaches, pricing strategies, and outreach efforts, accelerating property occupancy for quicker revenue generation and improved property performance.

Actionable Insights:

  • Monitor Regularly: Keep a close eye on lease velocity to identify trends or anomalies.
  • Adjust Pricing Strategies: Experiment with pricing or incentives to reduce unoccupied time.
  • Analyze Market Trends: Understand market demands and align leasing strategies accordingly.
  • Collaborate with Sales: Work closely with leasing agents to ensure that marketing efforts translate into quicker leasing.

Example of Implementation: If lease velocity is slow during a particular season, consider offering limited-time incentives to attract tenants more quickly.

9. Website Traffic:

Definition: Website traffic measures the level of online engagement and reach for the property.

Why It Matters: This KPI allows real estate marketing managers to assess the effectiveness of their online presence. It’s not just about counting visits; it helps identify popular property listings, customize content, and attract more potential tenants, reflecting the property’s online appeal.

Actionable Insights:

  • Utilize Analytics: Use web analytics tools to identify popular listings and visitor behavior.
  • Customize Content: Tailor content to match visitor interests, enhancing engagement.
  • Optimize for Search Engines: Implement SEO best practices to increase organic traffic.
  • Monitor User Experience: Ensure that the website is user-friendly and responsive to keep visitors engaged.

Example of Implementation: If analytics reveal that virtual tours are highly viewed, consider creating more virtual content for other property listings.

10. Website Bounce Rate:

Definition: The website bounce rate indicates the percentage of visitors leaving the site after viewing just one page.

Why It Matters: This KPI is essential for understanding visitor engagement and guiding website optimization efforts. It’s not just about tracking exits; it’s about ensuring a positive user experience, maintaining visitor engagement, and improving lead conversion rates.

Actionable Insights:

  • Analyze Bounce Causes: Identify the pages with high bounce rates and analyze potential causes, such as slow loading times or irrelevant content.
  • Improve Navigation: Enhance site navigation to guide visitors to relevant content, keeping them engaged.
  • A/B Testing: Experiment with different layouts, calls to action, or content types to see what resonates best with visitors.
  • Mobile Optimization: Ensure that the website is mobile-friendly, as a significant portion of traffic may come from mobile devices.

Example of Implementation: If a specific landing page has a high bounce rate, consider redesigning it with clearer calls to action and more engaging visuals.

11. Cost Per Impression (CPI):

Definition: The cost per impression (CPI) metric calculates the cost of displaying an ad to users.

Why It Matters: CPI is crucial for making budget decisions in advertising. It helps in maximizing ad exposure while minimizing costs, enhancing branding efforts, and ensuring that advertising spend is efficient.

Actionable Insights:

  • Monitor Regularly: Keep a close eye on CPI across different channels and campaigns to identify trends or anomalies.
  • Adjust Ad Placements: Experiment with different ad placements and formats to find the most cost-effective options.
  • Targeting Optimization: Refine targeting parameters to reach the most relevant audience, potentially lowering CPI.
  • Evaluate Ad Performance: Regularly assess how impressions are translating into clicks and conversions to ensure that low CPI aligns with overall campaign goals.

Example of Implementation: If a particular ad placement is showing a high CPI without corresponding engagement, consider reallocating the budget to more effective channels.

12. Tenant Referral Percentage:

Definition: The tenant referral percentage measures the proportion of new tenants referred by current tenants.

Why It Matters: This KPI highlights the success of tenant referral programs and indicates tenant satisfaction. It’s not just about tracking referrals; it’s about encouraging valuable word-of-mouth growth and fostering a sense of community and trust.

Actionable Insights:

  • Promote Referral Programs: Actively promote referral programs to tenants through various communication channels.
  • Reward Referrals: Implement a reward system for successful referrals, incentivizing tenants to participate.
  • Gather Feedback: Regularly solicit feedback from tenants about the referral process and make necessary improvements.
  • Track Referral Sources: Understand where referrals are coming from and tailor marketing efforts accordingly.

Example of Implementation: If tenant referrals are low, consider launching a special campaign highlighting the benefits of referring friends, along with an attractive incentive for successful referrals.

13. Lead Velocity Rate:

Definition: The lead velocity rate measures the growth rate of generated leads over time.

Why It Matters: This KPI is crucial for real estate marketing managers as it provides valuable insights into emerging tenant acquisition trends. It’s not just about tracking numbers; it’s about understanding the dynamics of the market and allowing marketing managers to adapt strategies in response to evolving demands. It serves as an early warning system for shifts in market behavior, enabling proactive adjustments.

Actionable Insights:

  • Monitor Regularly: Conduct weekly or monthly reviews of the lead velocity rate to identify sudden changes or trends.
  • Segment Analysis: Break down the lead velocity rate by different channels or demographics to understand where growth is coming from.
  • Invest in Trending Channels: If certain marketing channels are showing a rapid increase in leads, consider allocating more resources to them.
  • Collaborate with Sales: Work closely with sales teams to ensure that increased leads are translating into conversions.
  • Utilize Analytics Tools: Implement lead tracking and analytics tools that provide real-time insights into lead velocity, enabling quicker responses to market changes.
  • Test and Learn: Experiment with new marketing tactics and measure how they affect lead velocity, fostering a culture of continuous improvement.

Example of Implementation: If the lead velocity rate from social media advertising is consistently growing, consider creating more targeted campaigns on those platforms. Conversely, if email marketing shows a decline in lead velocity, it might be time to reassess the content and targeting strategies.

14. Content Sharing Rate:

Definition: The content sharing rate measures the frequency of property content being shared across platforms.

Why It Matters: This KPI is essential for real estate marketing managers as it helps identify content that resonates with audiences. It’s not merely about tracking shares; it’s about understanding what drives increased brand visibility, greater lead generation, and broader audience exposure. It reflects the effectiveness of content in engaging the audience and spreading the brand message.

Actionable Insights:

  • Analyze Content Performance: Regularly review which types of content are being shared most frequently and why, to inform future content creation.
  • Encourage Sharing: Implement sharing incentives or create easily shareable snippets to motivate users to spread the content.
  • Collaborate with Influencers: Partner with industry influencers to amplify content reach.
  • Utilize Social Media Tools: Consider using social media management tools that provide insights into sharing metrics, enabling more targeted content strategies.
  • Create Shareable Content: Focus on creating content that provides value, engages the audience, and encourages sharing, such as infographics, videos, or insightful articles.

Example of Implementation: If a particular blog post about “Top Amenities in Modern Apartments” is being shared widely, consider creating a series of related content or a video tour showcasing those amenities. Conversely, if certain content types are not being shared, reassess their relevance and quality.

15. Marketing Contribution Margin:

Definition: The marketing contribution margin is a metric that assesses the impact of marketing efforts on overall revenue.

Why It Matters: This KPI is vital for real estate marketing managers as it helps in demonstrating the return on investment (ROI) of marketing activities. It’s not just about measuring success; it’s about understanding how marketing contributes to property profitability, optimizing resource allocation, and justifying marketing expenses.

Actionable Insights:

  • Regular Review: Conduct monthly or quarterly reviews of the contribution margin to identify trends and areas for improvement.
  • Align with Other Metrics: Compare the marketing contribution margin with other KPIs like Customer Acquisition Cost (CAC) and Lifetime Value (LTV) to get a holistic view of marketing efficiency.
  • Invest in High-Performing Channels: Analyze which marketing channels are contributing most to the margin and allocate more resources to them.
  • Collaborate with Sales: Work closely with sales teams to ensure that marketing efforts are translating into actual revenue.
  • Utilize Technology: Consider implementing marketing analytics tools that provide real-time insights into the contribution margin, enabling more agile decision-making.

Example of Implementation: If the contribution margin from social media campaigns is consistently high, consider increasing investment in those channels. Conversely, if traditional advertising shows a low contribution margin, it might be time to reassess or reduce spending in that area.

Conclusion

The KPIs outlined above are more than mere numbers; they are strategic tools that can transform marketing efforts. By understanding, monitoring, and acting on these metrics, real estate marketing managers can create a roadmap to success, aligning with organizational goals and continuously improving strategies for growth.

How to find the best leasing CRM for your property management firm?

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.