Blog April 18, 2018

4 ways to maximize occupancy for residential properties

By Chris Vroman

In residential property management, following up on leads and maximizing occupancy are crucial to the success of your multifamily community. Residential property managers often struggle to maintain a steady stream of qualified applicants, and the digitalization of the modern world has raised residents’ expectations, making it difficult to keep them satisfied. You need a way to maximize occupancy for property management.

The four most important ways to maximize occupancy for your residential property are to attract qualified prospects, follow up on quality leads, improve resident screening, and optimize inspections. Let’s explore how a comprehensive and flexible technology solution can help your multifamily property achieve these tasks and successfully maximize occupancy.

1. Attract qualified prospects

According to MRI Software’s recent multifamily marketing survey, technology use in the residential property management sphere is increasing rapidly. Out of our pool of respondents, 59% had already begun using social media as a marketing tool. Statistics like this indicate just how important technology is becoming in the industry. It’s for this reason that MRI offers Market Connect – a comprehensive tool you can use to attract potential residents on the Internet.

With Market Connect, you can develop quality content outlining your pricing, availability, and other important information about your community and get your message out to qualified prospects. You’ll also be able to give potential residents virtual reality tours of your units on a website that is both professional and optimized for mobile use. In addition, you’ll be able to increase staff productivity by providing an easy way to access real-time pricing, availability and floorplan info on-the-go via tablets and mobile devices.

2. Follow up on quality leads

When you attract more qualified leads with Market Connect, you’ll need to have a proper, flexible phone system ready to field calls from prospects. No one likes working through an automated phone answering system only to end up leaving a message that goes unanswered. MRI Software’s CallMaX Answer is a smarter automated answering service designed specifically for multifamily property managers. Enhance the on-call experience for prospects and residents with innovative speech recognition technology that can provide callers with the answers they’re looking for right away. Even if the caller doesn’t leave a message, your leasing team will see the topic discussed over the phone, leading to better lead generation.

3. Improve resident screening processes

Background checks and credit score checks have become standard process in evaluating potential residents for your community, but are these really the best solutions to a complex challenge? Background checks can often be rife with errors revolving around poor reporting, and FICO scores often provide a limited picture of a resident. They’re “one size fits all” solutions that rarely ever fit all.

With MRI Software’s Resident Screening, you can sort through applicants in a more detailed way that best fits your community. Resident Screening is designed to provide a comprehensive background check that includes online and in-person research to create a more accurate history of the potential resident. This can reduce resident delinquencies and minimize evictions across all types of housing, including conventional, student housing, affordable housing and more.

4. Optimize property inspections

Performing property inspections with a pen and clipboard leaves too much room for manual entry errors. Paperwork gets lost or ruined, handwriting can’t be read, and filing it all away for each resident in each unit is time-consuming and inefficient. You shouldn’t have to worry about keeping up with the paper for sometimes thousands of different residents across multiple locations.

MRI Inspections powered by HappyCo helps push the inspection process into the digital era by moving paper checklists to mobile devices. The software streamlines move-in, move-out, and transfer inspections by automatically scheduling each inspection with unique forms that suit your community’s needs. Take photos, record comments and mark ratings during each inspection that will then be stored in a digital server where staff can aggregate and securely share the data, eliminating the need for lofty filing cabinets with hard-to-monitor staff access. Not only does this streamline the inspection process and increase efficiency – you’ll also be able to conduct these inspections 100% offline.

All of these technologies – Market Connect, CallMaX Answer, Resident Screening and Inspections – are optimized to work together and form a cohesive residential property management package that best fits the needs of your community. To learn more about the technology solutions that can help boost occupancy for your properties, check out our webinar here!

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