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Adapting To A Strong Rental Market

I spent time in the industry this week where I had the opportunity to view data that validated the increase in demand for rental properties and confirmed that renting is definitely the more affordable option for most.

I thought then about how we adapt service levels to the reality of a strong rental market, increase in applications, landlord demands on expected rents, management of data, regular contact points for prospective tenants, nurturing of relationships for future opportunities. Perhaps this is the time to ensure we have thought about the opportunities that this market presents for the future.

Here are some tips…

Managing applications

Open home is set and the turn out is encouraging, plenty of groups through the property – what are the next steps. Thinking about the customer experience and how you manage this process could create a path for future business and also help to create a short list to find the best tenant application and minimise problems for the future. Capture the prospects information as they either register for the open prior or at the time they enter the property, engage and connect so that you can get a feel for character and be clear about the next steps for application.  Online applications will be easier to capture and manage so looking at implementing a smart system is key. 

Management of data

Once the applications are reviewed and a tenant has been selected what happens to the other applications. Do you manage and enter the data into a CRM for future use and marketing purposes both for rent and sale opportunity? Contacts are willingly providing you with all their information and each one is a golden ticket to business – think about how you could leverage this data and create meaningful relationships into the future. 

Regular contact points

This first experience is the one that will remain in the memory bank – thinking about how you deliver news of successful or rejected applications and perhaps even redirect the enquiry to a more suitable option could turn into a winning situation for both. Take a moment before moving on to the next task, make time to brain storm possible next steps with the team.

The key is to take advantage of information shared, to think outside the box – consider customer experience, consider opportunity and consider the value of the data you have.

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