True confessions moment: how many times have you let a call go to voicemail, because it was a property owner you didn’t want to deal with? You knew why they were calling — they wanted an explanation why their property still hadn’t been filled — but you just didn’t have the energy for that conversation.
And, truth be told, most of the time you don’t have a clue why a property stays vacant.
Meanwhile, you aren’t making any money on the unit, so you’ve got that on your shoulders, too. In fact, every day that the property stays vacant is another $40 in lost revenue. After 30 days on the market, you’ve missed out on $1,200. And that’s just for one of your units — you’ve got this problem all across the board.
Over the course of a year, your business loses tens of thousands of dollars on unfilled rental units — simply because you can’t get leases signed faster. You also risk losing the property owner as a client.
So you do the only reasonable thing there is to do: you nag your property manager to get that unit filled. You can also recommend some changes to the owner — lowering the rent, allowing pets — but really, you’re just taking a shot in the dark. Who knows if those changes will make a difference?
You’re not alone in this. The number of property managers who feel confident in their growth over the next two years dropped in 2020. And the downshift in expectations has been substantial.
If you’re going to build your business after the pandemic, what you really need is solid data. If you had your finger on key insights, you could make the right adjustments and get those leases signed faster. That’s something that property management software can provide.
Just a few bits of information can make all the difference:
- Number of inquiries about a property
- How many prospective tenants are qualified
- Number of property viewings
- What viewers think about the property
- Number of leasing applications
Brokers that use Tenant Turner leasing software are cutting their time on the market in half. They drive more revenue, more consistently, into their businesses — and they have fewer phone calls that go to voicemail.
Here’s how Tenant Turner property management software works to boost your business.
Automated Data Collection
Tenant Turner is your hub for rental property data. The property leasing software automatically imports information about the property itself from your existing systems, and it collects key information every time you interact with a prospective tenant.
Not only does Tenant Turner automatically handle tenant pre-screening right from the first interaction, it also provides valuable data about the effectiveness of your property postings.
For example, prospective tenants give survey feedback after viewing the property. You can use that information to discover that most viewers liked the neighborhood and the property itself, but thought it was priced too high. Or maybe there’s something unique about the property that has nothing to do with the way you’re managing the listing — it’s too close to the freeway, or the yard is too small.
That kind of information is invaluable, because it keeps you from making the wrong decisions that only keep the property on the market longer. Or, worse yet, drop the rental price below market value — reducing your earnings long term.
Reports You Can Bank On
Tenant Turner makes it easy to view the data that’s collected, and to gain strategic insights from it.
The Owner Report
A handy summary that can be sent to the property owner each week. It provides a chart that indicates several key data points that owners care about most:
- Total number of leads
- Total leads qualified
- Total showings scheduled
- Total showings completed
This report lets you see where people are falling out of the leasing funnel and it gives you direction where to start troubleshooting.
For example:
- Few leads at the top of the funnel usually mean you’re priced too high or your photos are bad.
- Low numbers of qualified leads are an indicator of too many restrictions. The big one is usually the pet policy.
- If you have low numbers of applications, you can find out why directly from viewer survey feedback. Often there’s something about the property itself: the street is too busy, it isn’t close enough to any schools, there isn’t enough privacy, etc.
The Days on Market Report
This report lets you view data in the context of other properties within your portfolio. Compare properties in the same neighborhood and determine why one isn’t performing as well as others.
Tenant Turner also lets you track performance by manager or leasing agent. See which property managers have trends that stand out from other managers. This gives you insight into how property managers are performing so you can identify managers that need further training.
Real Life Business Results
Tenant Turner property management software gives you data that brings real-world business results. Our customers are reporting greater revenue and better success rates than ever before, including:
- 50 percent reduction in days on market
- 75 percent fewer no-shows
- 10 hours saved per employee per week
Druid City Properties has not only saved costs with shorter turnaround times, but they’re able to manage 400 units with just one leasing manager. Tenant Turner helps them prelease 40 percent of their properties while they’re still occupied, keeping lost rental income even lower.
“We lease properties faster with much less labor,” said Richard Henry, Owner of Druid City Properties. “There’s nothing better than getting online applications from applicants that you didn’t need to speak with."
Tenant Turner has also been a game changer for F&F Property Management. Now they can easily see the interaction between their leasing agents and the prospects, making it a great way to determine where training is necessary and to keep improving operations.
“We’ve seen a tremendous uptick in our showings now that prospects can choose their own appointment time,” said Shelly Croft, VP of Operations.
Boost Your Business with Tenant Turner
Without Tenant Turner property management software, you’re just throwing darts in the dark, hoping you make a change that will get the result you’re looking for. Tenant Turner turns on the lights and gives you insight into what’s going on and why, and what changes to make.