How do you know your marketing plans are working?
We’ve been leasing rental homes throughout Grand Rapids for years, and our ability to track data and analyze performance has given us some key metrics that tell us what’s working and what may need to be tweaked.
The goal of any good marketing plan is to attract potential tenants to your property. Ultimately, you’re trying to rent your home to a well-qualified resident for as much money as possible, and in the fastest amount of time.
Here are three key metrics to track when you want to measure the success of your Grand Rapids property management marketing strategy.
1. Leads: Contact Numbers and Response Times
Is your listing so engaging and attractive that you have a lot of interest coming in? How many people are scheduling showings, or reaching out for more information?
These are the numbers that will tell you whether your property is priced correctly and whether your marketing photos and listing are doing what’s needed to reach the maximum number of tenants.
Let’s say your data tells you that 300 people clicked through your listing and your photos on a rental website, but only one person has called or messaged to schedule a showing. That might tell you that your property is overpriced, your photos and description don’t tell a good story about your property, or the location is not desirable. Tenants are scrolling through a lot of ads. When they’re ready to make contact, they have a pretty good idea that the property they’ve found would be a good match for their needs.
If they’re not contacting you, but they are looking at your listing – something needs to change.
Response time is extremely important, and you always want to track this metric.
Your lead sources will likely include:
- Phone calls
- Texts
- Emails
- Social media messages
Consider all of these sources and calculate the response time for each lead type. You can add up the total response times and divide it by the number of new leads you receive in a particular timeframe. Are you taking too long to respond to phone calls, but you’re quick to answer a text? This can help you market your property more efficiently. Eliminate the phone call option and offer texts only. When you congregate all those leads into one place, you’ll respond faster and schedule more showings.
2. Conversion Rates: Moving from Lead to Applicant
You’ll know your marketing plan is comprehensive and effective when the people who come to see your rental property are immediately interested in renting it.
If you’re getting a lot of showings, it means that your marketing plan is working on the listing side. Leads are responding to what they see online or on social media platforms. When those people who come to see the property do not end up applying to rent it, something may be wrong with the way it’s showing. Maybe updates are needed, such as fresh paint or clean carpet or better landscaping. How is the curb appeal? Is the home dirty?
You want to move as many leads to the application stage as possible. Ask for feedback from prospective tenants who come to see the home but ultimately do not apply to rent it. What turned them off?
Marketing your Grand Rapids rental property does not end with the listing. The showing process is also part of your marketing strategy, and it has to serve your prospective tenants.
Are you offering self-showings? This type of technology has been a game changer for a lot of landlords. As property managers, we enjoy showing homes to prospective tenants, but we also understand that tenants enjoy the privacy and space of seeing a home on their own. It’s also easier to schedule this type of showing, and it can lead your prospects towards the application much faster.
Our metrics have shown us that self-showings can be really instrumental in getting your property leased quickly.
Several types of self-showing technology are available, and we’ll bet you see better results if you install a digital keypad or a secure lockbox that opens via app on your door. This tech is secure, it saves time, and it streamlines the entire marketing process. It’s also more appealing to tenants.
Prospective renters can visit the property on their own time and according to their own schedules. They can walk through the unit on their own, and spend time inspecting the details that are important to them.
3. Average Days-To-Lease
How much time elapses between listing and leasing? This is a huge metric because it impacts the amount of vacancy you absorb.
You may find your listing rents in a day. Or, it may take weeks. This depends on time of year, advertising and marketing methods, rent prices, and the housing market. If there’s a lot of competition, you can expect a longer days-to-lease number.
If your metrics show you that your average days-to-lease is increasing or unnecessarily high, consider how you’re marketing your property and whether you’re attracting your ideal tenants. Do whatever you can to make it easy for tenants to convert quickly from browsers to renters. Offer virtual tours, self-showings, and electronic signing methods for the lease. Offer online applications and welcome pets into your home. All of these things make tenants more likely and willing to rent your home. It will cut down your average days to lease, and allow for less vacancy loss.
There are dozens of metrics that can be used to measure your success in marketing your Grand Rapids rental property. What really matters is whether you’re able to place a well-qualified tenant for the right amount of rent before vacancy totally drains your return on investment (ROI). If you’re able to do this, you’re succeeding with your marketing plan.
We can help you move through the marketing and leasing process faster and with more efficiency. If you’d like some help, please contact our team at Short South Realty Group.