4 Ways to Improve Apartment Lease Closing Ratios

Since its release in 2003, we’ve found that the best performing VaultWare-powered properties attribute their success to integrating VaultWare into their leasing operations. While VaultWare is very effective at leading apartment hunters further into the sales funnel, property managers can improve lease closing rates by consistently referring their potential residents back to their website to reserve the apartment they liked.

Implementing these four simple practices into your sales process can make an immediate impact on your VaultWare results:

  • iStock_000001581182SmallUse VaultWare as a closing tool to build a sense of urgency. If a rental prospect leaves your community without renting, give them instructions that night of how to go online to reserve an apartment or how to search for a specific unit. Also ensure that any take-away material includes your website address and promotes your availability, reservation, and pre-qualification capabilities. This will ensure prospects know they can lease an apartment online 24/7, when and where it is convenient for them.
  • Integrate VaultWare with your property and/or corporate website. Once prospects are on your website you want them to have the ability to move forward in the leasing process. By keeping all of your marketing vehicles consistent and leading back to your website, you can inform prospects of the opportunity to do business at their convenience. An added bonus maybe improvement of customer satisfaction from receiving a world-class renting experience.
  • Availability Alerts are a great way to manage future prospects. Leasing teams can enter Availability Alerts on behalf of their future prospects so both prospect and agent are automatically notified when a desired unit becomes available. This will help ensure that no apartment hunter is ever turned away from an apartment that fits their needs.
  • Take advantage of VaultWare’s Craigslist posting tool and/or VaultWare’s Check Availablity links to realize the benefits on your Craigslist ads. VaultWare’s ad posting tools will not only give your ads a professional HTML look, but will help you track your Craigslist ad results and save you time posting.

VaultWare provides reports that make it easy to benchmark your VaultWare property results against national averages that are published monthly on the VaultWare Market Index. Be sure to compare your results prior to implementing the changes described above so you can determine how your efforts impacted your VaultWare availability sessions and reservations rate. VaultWare reports can be accessed at http://tracking.vaultware.com.

Click here learn more about how VaultWare can improve your online marketing and leasing efforts.

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