Your leasing playbook matters… a lot. And yet, two-thirds of properties have an outdated one or none at all. We decided to let you in on why you need a single playbook, or a centralized document, to help you optimize and drive your team’s marketing strategies and leasing plays for 2024.
What should your Leasing Playbook focus on?
Essentially, your leasing playbook should be able to help you measure, manage and improve the prospect journey throughout the year. It should be your single source of truth to drive performance and accomplish your KPI goals.
Align Your Teams with Updated Success Goals
First and foremost, you’ll need to determine what success looks like as an organization in order to create your leasing playbook. This should be updated on an annual basis and shared with on-site staff in full transparency to ensure the achievement of said success.
On an annual basis, your leasing agents should know the property’s KPI goals. This will enable their weekly and even daily success in moving the needle toward an optimal and maximum conversion of leads. Consider having quarterly updates with staff so progress can be monitored, and any lagging success stays top-of-mind for leasing agents.
The Importance of Metrics
Metrics are going to be your sage and guide in your leasing playbook. Most likely, your key metrics for leasing agents to garner success will revolve around FIT leads, unassigned showings, assigned leads ratio, follow-up task completions, and showings scheduled. In order to achieve your goals, it’s important that any and all KPIs are translated to your software providers. This ensures your contact center, CRM, and website are giving your teams access to the metrics they need in alignment with your standard operating procedures.
Amanda Zinsmeyer, VP of Marketing & Education at Allied Orion Group, recommends reviewing and sending out a pulse report every Monday to staff, where they can review these important metrics in alignment with your KPIs.
As an example and after speaking with multiple marketing managers, majority of them came back to say the success of their prospect journey was heavily influenced by their CRM’s functionality. Josh Heck, SVP of Sales at Anyone Home, reminds us that a CRM should provide accountability for leasing agents with any and all prospective renters.
Leasing agents should be able to come into work each week and know their tasks at hand according to their dashboard. Essentially, there should be zero guesswork for your leasing agents.
Bridging the Gaps
Once your staff understands the goals at hand and can easily access the progress of these goals through your tech stack, you as a decision maker can evaluate the gaps that need bridging. As you are evaluating any gaps, ask yourself these questions:
- Are some of your leasing agents still overwhelmed filtering through leads?
- Are leasing agents able to communicate with leads effectively and in a timely manner?
- Are your properties relying too much on automation instead of leasing agent communication, causing leads to fall through?
From there you can evaluate where adjustments need to be made. You may need to create different automations based off different processes for each property in order to see your metrics and success improve.
No matter what, your playbook will consistently be evolving and improving, so just know there is wiggle room to change or adjust plans as need be. Success and meeting KPIs is the ultimate goal and while you should carefully and methodically evaluate your approaches to meet that goal, any gaps or failures simply mean there is opportunity to improve.