What are the best practices for converting a rental lead into a client?
This may be the most common question we hear from our agent community. Good news! In addition to interacting with a large network of top rental agents, the Rental Beast team also directly handles tens of thousands of rental leads each year. We have learned a thing or two about engagement! Here is what you must know about the lead engagement process.
1. Is Your Lead Response Rate 40-50%? It should be…
Here are some hints to make sure that you are getting the same response rate from leads that our internal team does:
- Follow the 15×5 game plan. That is fifteen outreach attempts over five days. We mix it up with email, text and calls. When we use this plan, our lead response is around 50%. It sounds like a lot, but connect with us and we will help you develop a sustainable strategy for implementing the “15×5” game plan.
- Keep at it after Day 1. Even if you don’t use the 15×5 plan… keep in mind that we engage over half our leads after the first day. This means you need to stay at it over multiple days!
2. Focus on a Relationship, not a Property Tour.
When you connect with a lead, you are working to build a relationship and not simply facilitate a showing. Our top agents report that an easy way to do this is to make sure they show a few rentals, not just one rental. Increase your odds of success and demonstrate that you can bring additional options to your client. When a lead asks you about seeing a listing, make sure you respond, “Sure, I would love to show you that one. I also have a couple other similar rentals you should see while we are in the area.”
3. Are you Setting Yourself up for Success?
Use your first couple interactions with a potential client to make sure they are right for your business and a smart use of your time. Some things to keep in mind…
- Why are they moving? (Does it seem likely they will actually end up moving?)
- What are the must-haves and the nice-to-haves? This will help you put together a few different options for them to view. Asking this question will also work to build a relationship and establish your value.
- Who will be involved in the process? It is a good idea to make sure you are engaged with all decision makers.
- Understand a little more about the client. Will they probably need a co-signer? Are they better off buying?
4. Create a Bond, Without the Contract
Keep in mind that exclusive agreements with clients are rare when it comes to rentals. That means agents will need to prove their value, starting on the very first interaction with a potential client. So, not only do you have to qualify them and set up the showing, you also must make sure your future client knows the value of working with you:
- You have access to most any vacancy on the market.
- You are a local expert and you are a pro at navigating the rental market.
- You have their interest in mind, you are not simply trying to fill a vacancy.