5 Top Lease Winning Resident Contact Timing Facts and How to Exploit Them For Your Rental Portfolio
Understanding the shopping cycle of prospective residents is a big key for successful renting. This article provides three game winning fact points and how to exploit them to win new leases. How well do you follow the time of day patterns of your renting prospects? Do you study this element of successful leasing?
If you operate many units, you have probably noticed that renter prospects operate in very distinct time cycles. How well you understand those cycles can either prove very limiting or open up substantial additional renting traffic.
When I discuss cycles, what am I considering. The timing of visits to your property during the average day and based upon the day of the week; the timing of visits based on the annual cycle of events that determine renting decisions; the timing based on online activity; and specifically timing using Craigslist to find a new potential home are the major areas to consider.
Understand that when you consider this area you are actually taking a look into the life of your renter prospect and considering how their work a day life demands, family interests, and free time unfold relative to your marketing effort.
Obviously, as a rental property owners (whether you have a single unit or several thousand) the idea is to provide the simplest easiest means to identify your property as a potential home for them.
The key facts are this:
Almost 50% of rental prospect activity is between 5:00 pm and 9:00 am. Most of that activity is online and at home prior to 10pm. However, if your property is ready and available you lend yourself to the shopping interest of that renter, you stand a much better chance of capturing their lease.
Online prospects are extremely impatient. Responses within the first hour of any inquiry receive far better conversion than slower responses. Moreover, voicemail contacts are similar. You need a program that provides as near immediate response as possible.
On Craigslist (like the Sunday paper of Old) most prospects look for a new home on Sunday. Do you have a means to respond to them on Sunday. Also, keep in mind, Craigslist serves up ads by most recent posted. You can gain competitive advantage by offering Sunday access with direct call or email contact.
Online contacts begin ramping up on Sunday, peak on Monday and trail downward all week long. Better coverage from Sunday evening to midweek could increase renting results.
People plan their moves around the major event cycles of life. Your staffing, staff vacations, and marketing budget should follow suit. Along with this, most renters begin looking 60 or more days before their move. Your marketing cycle should lead the key event cycles including the end of school, the beginning of school, post Christmas break, tax season etc. to gain additional marketing leverage.
Combine the these timing factors to gain advantage in your local marketplace for occupancy and rent growth.
If you operate many units, you have probably noticed that renter prospects operate in very distinct time cycles. How well you understand those cycles can either prove very limiting or open up substantial additional renting traffic.
When I discuss cycles, what am I considering. The timing of visits to your property during the average day and based upon the day of the week; the timing of visits based on the annual cycle of events that determine renting decisions; the timing based on online activity; and specifically timing using Craigslist to find a new potential home are the major areas to consider.
Understand that when you consider this area you are actually taking a look into the life of your renter prospect and considering how their work a day life demands, family interests, and free time unfold relative to your marketing effort.
Obviously, as a rental property owners (whether you have a single unit or several thousand) the idea is to provide the simplest easiest means to identify your property as a potential home for them.
The key facts are this:
Almost 50% of rental prospect activity is between 5:00 pm and 9:00 am. Most of that activity is online and at home prior to 10pm. However, if your property is ready and available you lend yourself to the shopping interest of that renter, you stand a much better chance of capturing their lease.
Online prospects are extremely impatient. Responses within the first hour of any inquiry receive far better conversion than slower responses. Moreover, voicemail contacts are similar. You need a program that provides as near immediate response as possible.
On Craigslist (like the Sunday paper of Old) most prospects look for a new home on Sunday. Do you have a means to respond to them on Sunday. Also, keep in mind, Craigslist serves up ads by most recent posted. You can gain competitive advantage by offering Sunday access with direct call or email contact.
Online contacts begin ramping up on Sunday, peak on Monday and trail downward all week long. Better coverage from Sunday evening to midweek could increase renting results.
People plan their moves around the major event cycles of life. Your staffing, staff vacations, and marketing budget should follow suit. Along with this, most renters begin looking 60 or more days before their move. Your marketing cycle should lead the key event cycles including the end of school, the beginning of school, post Christmas break, tax season etc. to gain additional marketing leverage.
Combine the these timing factors to gain advantage in your local marketplace for occupancy and rent growth.
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