Our Property Management Insights

Maybe you’ve heard the stats before: if you don’t follow up with a tenant lead within one to two minutes, your chances of connecting with them drops fast — by as much as 40 percent in one day. Even after just 30 minutes, you’re 10 percent less likely to connect. How are you supposed to keep up at that pace?

The typical rental showings and leasing process is riddled with pain points for potential tenants and property managers alike. But it doesn’t have to be. There are solutions to address the usual pitfalls that occur during this stage of the rental process. Let’s start with a look at the top pain points for tenants, as reported by AM Digital, and how they can be addressed to improve the renter experience.

When your rental property business grows, you may be debating the right time to add staff. However, as you grow your staff you also incur costs that can eat into your profits. The best strategy to maximize your rental income profit is to keep your property management team as lean as possible. But that’s easier said than done when everyone is working long hours to keep up with demand (especially these days, as we’ve seen a marked increase in leasing activity). So, is hiring another property manager actually the right solution?

Property managers know that as critical as the rental showing process is, it’s also really time-consuming. Between scheduling and rescheduling appointments, hosting the tour (assuming the prospects show up!) and then following up afterward, it’s not a simple task. We recently dove into data that shows that property managers are busier than ever, due to a high occupancy rate and a low number of rental units available. In a tight market, property managers need to save time, and self-showings might seem like a dream come true. But are they really?

“We used to get 50 phone calls a day at our office. Now we don’t get any. It’s awesome!”

Have you been much busier than normal this spring? That’s not surprising: in early 2021, we noticed a significant increase in lead and leasing activity, especially as compared to the level of active rental inventory. In fact, while the leasing “busy season” typically starts in May, it actually started in March this year. We decided to dig into our user data to figure out what’s happening -- and what it means for property managers who are already strapped for time.

Finding new tenants during rental turnover is the most challenging and time-consuming part of a property manager’s job. With the average vacancy lasting thirty to forty days, it’s a major disruption to cash flow and annual income, plus the work involved to find and screen potential tenants is a significant effort.