The Benefits of a Property Management CRM
Vacancies are unavoidable in property management, and as a result so is the need to find new prospective residents or “leads.” But without a property management CRM, good leads may slip through the cracks.
Your on-site team is busy with a host of responsibilities, and managing prospects is time-consuming. Instead of asking your team to try to keep prospect records organized and manage communication, your CRM can automate some of the process and return valuable time to your team.
There are plenty of CRM solutions on the market, but some aren’t integrated at all or are only lightly integrated into your property management software. Trying to manage prospects across different systems is inefficient and error prone. For a CRM to truly have an impact, it should be fully integrated with your property management software.
Property management software with enhanced marketing and CRM capabilities allows your team to improve lead flow, increase conversion and drive higher occupancy rates. When choosing the right property management CRM for your company, look for these five features.
- Fully Integrated ILS Solutions
- Automated Communication Methods
- Dashboards and Alerts
- Centralized Prospect Records
- Better Marketing Attribution
1. Fully Integrated ILS Solutions
When it comes to driving occupancy, the first step is effectively marketing your units. There are plenty of apartment aggregator sites for people to find apartments, and you want to make sure your listings stand out.
Keeping listings updated with accurate information ensures your prospects have all the details they need on availability, unit size, price and more. A robust property management CRM will have customized connections with all the best Internet Listing Services (ILS).
Using a property management CRM with powerful ILS capabilities ensures your listings are both accurate and appealing. By syndicating accurate unit availability across all key marketing channels, you can not only ensure up-to-date listings end up in front of prospects, but you can also use your property management CRM to track marketing attribution specific to each ILS (more on that later!).
2. Automated Communication Methods
Just like you, your prospects are busy. They have families, lives and jobs, and they want to get things done quickly—and probably online. Simplifying the leasing process and providing a variety of ways to communicate with you shows you’re responsive and easy to work with.
While your team can’t be on call 24/7, adding an AI-powered chatbot to your website can engage with prospects on their time. Chatbots also free up your team’s time.
More property management CRMs are introducing chatbots, but not all of them are using the latest technology. Many deliver templated responses based on hardcoded logic. Those that use artificial intelligence and Natural Language Processing to interpret questions and dynamically respond will deliver a better prospect experience.
The flexibility of these AI chatbots allows them to engage prospects more freely and nurture them through their discovery – even to the point of, offering virtual tours and scheduling in-person tours. Having a way to engage website visitors at any time ensures no leads fall through the cracks. Ultimately, leveraging a chatbot with responsive communication can make the difference between a signed lease and a lost prospect.
Phone and Email Tools
In addition to automating communication via chatbot, a property management CRM allows you to further streamline messaging with prospects. This can both save your team time and help increase lead volume (and quality!).
A robust property management CRM generally includes email and SMS triggered dialogues that can keep prospects engaged and help move them further down the sales funnel.
CRM solutions often include technology to manage phone calls. Consider a solution that increases efficiency by offering click to dial and call-from-anywhere options. These allow your team to make calls through a browser over the internet and without concern about prospects getting their personal cell phone numbers. Solutions that record and transcribe both inbound and outbound calls ensure the best possible prospect experience.
3. Dashboards and Alerts
When it comes to maximizing lead conversion, you need your team to be at the top of their game. That said, with so much on their plates, agents can have a hard time knowing where to focus.
A property management CRM with a dashboard makes it much easier for teams to keep track of prospects and follow up activities. Alerting functionality is also important because it calls attention to high priority tasks, ensuring your team is engaging as needed so no leads fall through the cracks.
4. Centralized Prospect Records
Every property management company aspires to have their team act as a well-oiled machine, but without comprehensive visibility, your team can’t be as efficient as you’d like. Duplicate leads across multiple properties and issues with data accessibility make it hard to effectively refer and share leads.
A holistic property management CRM that centralizes prospect records will keep your team organized and efficiently manage leads across your portfolio. A consolidated, cross-property view of each prospect streamlines referrals and ensures the best prospect experience.
Centralized prospect records have an added benefit for organizations that rely heavily on ILSs for leads. When leads are maintained at the property level, depending on the ILS pricing model, property management companies may pay multiple times for the same lead if they fill out a guest card for multiple properties. With centralized prospect records, you will only pay once for that lead.
5. Better Marketing Attribution
The most comprehensive CRM systems help property management companies improve all aspects of marketing. This includes attribution. Centralized prospect records eliminate duplicate leads, providing clearer data about where leads originate.
Reporting that is focused on attribution surfaces the leads sources and touches that are driving conversion and helps you optimize your marketing investments to maximize conversion.