How Many Touches Does It Take to Close a Lease?

Probably more than you think. Here’s how to help your leasing agents close more leases.
April 4, 2019
People

It’s rare for a prospect to sign a lease after just one interaction with your property, which means follow up from your leasing agents is key. What we’ve learned from our experience in the multifamily industry is that it takes an average of four to six outbound communications for every inbound communication to close a lease. That means if a prospect calls, comes in for a tour and then emails follow-up questions, it will take between 12 and 18 communications from a leasing agent to get the prospect to sign.

Following Up Is Half The Battle

Returning a prospect’s call or email is a no-brainer, but it’s amazing how many leads are simply not followed up on. In a study by Drift, only 7 percent of inquiries through a web form were followed up on within 5 minutes, and a whopping 55 percent of companies failed to follow up within five days.

Impress upon your leasing agents that they need to follow up in a timely manner, and that doesn’t mean stopping after one attempt. ZoomInfo reports 50 percent of sales happen after the fifth touchpoint, yet 44 percent of salespeople give up after following up just once.  

A Quality CRM Makes A Difference

It’s obvious that persistence is a necessary quality in leasing agents, but being ultra-organized is crucial too, unless you have a CRM you can count on. It’s impossible for leasing agents to keep track of all prospect communications manually without any slipping through the cracks.

Opt for a program that allows leasing agents to keep track of all prospect communications in one place. With LeaseHawk’s multifamily-specific CRM (Customer Relationship Management) tool, leasing agents can keep track of all prospect communications in one place. They can access real-time pricing information, view a contact’s entire communication history and receive notifications about new leads all in one easy-to-use mobile interface.

Multi-Media Blitz

No one likes a broken record. When following up with prospects, make sure your leasing agents use multiple forms of communication that are appropriate for each touchpoint. Have them start with a voicemail asking how the apartment search is going and reminding the prospect of the benefits and amenities your property has to offer. Then follow up with an email linking to photos, a neighborhood map or a virtual tour. Text quick reminders about availability and any special offers. And don’t be afraid of direct mail. Never underestimate the power of a handwritten note. Just make sure each communication is personal.

Your leasing agents should be using each touchpoint as an opportunity to gather information and build rapport with the prospect. Rather than emailing a prospect a reminder that your property has a dog run, why not send a photo of some pooches happily playing together and invite the prospect to bring their pup and check it out? If someone mentions wanting to be within walking distance of great nightlife, send them a link to nearby hotspots with walking directions.

Learn how to keep track of all these communications with LeaseHawk’s Customer Relationship Management tool.

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