- Posted by Member Services
- On November 1, 2023
- 0 Comments
Author: Peter Altobelli, VP and General Manager, Yardi Canada Ltd.
With the population of Canada surpassing forty million in June 2023 and the lease-over-lease rent steadily increasing over the last seven quarters, we can expect the housing market demand to intensify, strengthening the preference for renting and elevating renters’ expectations. For instance, social amenities such as coworking offices and event spaces are gaining popularity as Canadians seek more flexible, modern living experiences. By understanding the wants and needs of your tenants, property owners can strategically cultivate the next generation of communities and most importantly, market your competitive edge.
Attracting the next wave of long-term renters
Gen Z renters will affect property management in a big way. This group was raised in the digital era and like millennials, they expect digital options to engage with the world. Within real estate, the basics include online payment methods and electronic means of communication with property managers. Additionally, mobile app features for easy energy management or concierge services are also inline with what renters want from their property, according to a recent study done by simplydbs.
Before making an investment decision, it is best practice to utilize data from industry reports in addition to surveying your existing communities. After determining and implementing the high-priority amenities your renters want, it is important to communicate these upgrades on your property and corporate websites. Renters of all ages take to the internet to research their next rental unit. This further emphasizes the need for websites that are mobile-friendly, have structured data and embrace local keywords to optimize search engine results.
Converting more leads through your websites
Today’s websites have plenty of bells and whistles, but how do you know what is working to convert renters? A recent Yardi study of 3,130 property websites determined the features outperforming the rest. Here are some that you can quickly implement.
- Offer agent-guided video tours to allow prospects to experience your rental and community from the comfort of their current location. Providing a personalized and convenient experience can significantly influence their leasing decisions. The study found that live video tours delivered an impressive 36.03% conversion rate.
- Incorporate nudge marketing to encourage site visitors to take the next step confidently by pointing them in the right direction with timed messages and offers. From scheduling a tour or applying for a lease, these subtle nudges can lead to tangible results. The study revealed nudge marketing had a conversion rate of 15.64%.
- Prospects who are ready to rent have already refined their search and know what they are looking for. Help them find the unit that is right for them with virtual floor plans. If the unit they want is not currently available, allow prospects to sign up online for floor plan availability notifications. The study showed these features delivered conversion rates above 11%.
- Automate and streamline the lead-to-lease cycle to positively impact conversion rates. Delivering a great leasing experience is easily achievable when you integrate marketing, leasing and operations into one solution.
Getting positive online property reviews
All reviews can impact your business and it is up to you to request reviews. Keep in mind that positive reviews are often brief but stand out if they are the majority. By monitoring online review sites and responding appropriately to all reviews, whether positive or negative, you can earn and maintain a healthy online reputation. People deserve to know that you work hard to provide great customer service.
Navigating the rental market confidently
The future of property management lies in the digital realm and requires the industry to prioritize modern amenities and online experiences to appeal to prospective renters. For your business to succeed, you will need a solid tech strategy. This means investing in cloud-based property management software to run your business, from marketing and leasing to accounting, operations and reporting, giving you greater flexibility to grow. To understand your technology options, visit Yardibreeze.ca