Teaching Moment: Using Software to Help Leasing Agents Improve

How one student housing operation boosted employee performance with LeaseHawk.
September 4, 2018
Tech

Apartment communities continue to miss 49 percent of incoming calls, and leasing agents take upwards of one day or more to get back to prospects. These stats are disappointing for the industry as a whole but particularly dismal for student housing properties, considering the expectations of Millennial and Gen Z renters. Nearly three-quarters of them expect a response back in less than 24 hours and a third of them will never attempt to reach out again if not contacted.

Student housing properties also face particularly heavy leasing cycles and tend to be staffed by students themselves, meaning employees are more likely to be part-time and have higher than average turnover.

These were the exact challenges Peak Campus, a student housing real estate company providing best-in-class property management, was facing two years ago. That is, until they allowed LeaseHawk to step in and help.

The Goals

Like many student housing operations, Peak Campus wanted to:

·      Ensure guaranteed capture of all existing leads using tracking software for calls and emails.

·      Implement unbiased, automated prospect prioritization alerts and daily task follow-up.

·      Improve leasing agent performance and response time.

The Solution

Peak Campus wanted to use technology to streamline, simplify and improve performance in each step of the leasing process. They implemented LeaseHawk’s multifamily Customer Relationship Management (CRM) software, an all-in-one communication platform that alleviates pressure on leasing professionals by helping them organize leads, set response reminders and prioritize follow-up efforts in one central location.

Peak Campus also started evaluating employee performance — both individually and across sites — with Telephone Performance Analysis (TPA). TPA is a service exclusive to LeaseHawk in which trained analysts listen to and evaluate agents’ recorded calls with prospects and score them based on industry best practices including collecting guest card information and discussing apartment features and property amenities.

The Dramatic Results

Peak Campus pilot tested the LeaseHawk software at six of its 89 properties before rolling it out to the rest of its portfolio in time for the January 2017 leasing cycle. And it wasn’t long before they started seeing results.

In just a year, Peak Campus reduced its missed call rate by 35 percent and increased its TPA scores by 20 percent. Its average response time went from 27 hours to less than seven, including times the offices are closed. But perhaps most dramatically, it reduced the amount of time leasing agents spend organizing lead information and preparing responses from 45 minutes to just two minutes each. That’s a 95 percent improvement.

Of course, time wasn’t the only thing Peak Campus saved. With LeaseHawk’s help, the student housing real estate company was able to save an average of $3,100 per property per year by eliminating mystery shopper program fees, eliminating call recording fees and reducing call tracking costs.

“LeaseHawk helped us dramatically save money, time and resources, elevating a property’s customer engagement, response time and ultimately their leasing results,” says Casey Peterson, chief operating officer of Peak Campus.   

Do you target younger renters like Peak Campus does? Check out Understanding Your Gen Z Audience.

Learn More

Ready to see LeaseHawk in action?

Fill out this form to learn more.

Related Posts

Tech

50 Questions To Ask a Virtual Leasing Assistant

Whenever prospective renters need answers from your properties, you can rest assured knowing that ACE AI, LeaseHawk’s virtual leasing assistant, can answer any call, text, or chat for you. In fact, it can answer over 160 leasing inquiries about your property, this list is just a few!

January 29, 2018
Tech

Improve Leasing Communication Performance with HawkEye® BI

It’s a challenge keeping up with communication expectations. Zillow reports that 73% of Millennials expect a reply from a leasing office within a day or less—with many expecting a reply within a few hours. Start improving your communication performance by asking these three simple questions.

January 29, 2018
Tech

4 Ways to Upgrade Your Property Management System

With our proprietary technology and sophisticated reporting, LeaseHawk allows you to get more out of your existing Property Management System.

January 29, 2018
Marketing

5 Virtual Assistant Benefits You Can’t Afford to Miss

Is your property “virtually open” 24/7? Add a virtual leasing assistant that will ensure you never miss another leasing opportunity. Just make sure you do your homework as not all virtual assistants are created equal. Check out these five virtual assistant benefits you can’t afford to miss.

June 29, 2020
Marketing

Apartment Chatbots: What to Ask Before You Buy

Choosing which chatbot for your multifamily business is not an easy decision. With the list of vendors growing, how do you know which questions to ask to find the solution that’s right for you? Start by asking these 50+ questions before buying a chatbot for your apartment portfolio.

June 16, 2020
Marketing

Rethink Your Leasing Strategy with Virtual and Self-Guided Tours

Tours are essential for closing leases, but which tour type best fits the demands of our current environment and the needs of your communities? We asked the marketing experts at Shelton Residential and MC Companies to help us break-down the different tour types happening in multifamily right now.

June 5, 2020

Join Our Newsletter

Get the latest multifamily news, how-to's, infographics and more delivered right to your inbox.