Leasing automation is the removal of manual effort, and the costs associated with that effort, from the majority or all of the rental process.
Leasing automation starts the moment a listing goes on market (with automated syndication to internet listing sites). It covers all interaction with the prospect and related parties, including pre-showing qualification, scheduling, coordination with relevant third parties, and follow-up. The scope of leasing automation currently ends somewhere during the rental application process -- perhaps up to the point of the rental application or even after applicant screening has begun.
Leasing automation removes the need for manual activities, such as responding to emails, digging through voicemail, and answering live phone calls. Much of that manual effort is instead performed with automated tasks and system integrations. Leasing agents and companies have been working toward this end in bits and pieces for some time. Simple steps toward leasing automation include email-auto-replies or voicemail greetings that tell the prospect about open showing schedules. More complicated examples (and more meaningful steps toward leasing automation) include workflows built into general-purpose automation tools like If-This-Then-That, Zapier, or Podio. These tools can be used to automate marketing activities such as the collection of prospect leads and the emailing of new listing announcements.
Leasing automation can’t magically make all the effort go away. But — in those cases where we cannot automate away effort — we can shift effort from leasing staff to prospective renters. More important, this shift of effort is done in a way that makes prospective renters feel empowered. They can actually be happier as they self-serve their way through the leasing process.
This is most often the case when first scheduling a showing. Instead of 10 or 20 minutes of phone calls, most prospects will quite happily complete a pre-showing questionnaire and schedule a showing online.
Leasing automation should result in huge cost savings for the management company. The same work takes less staff. At the same time, leasing automation can improve some service aspects of the business. There’s never a lead left unanswered. And prospects can self-serve their way through much or all of the leasing process — instead of being stuck in call queues or waiting for an email reply.
Leasing automation, however, doesn’t simply remove staff from the leasing process. Rather, it becomes a business-based decision to determine where staff members re-engage. With every phone call, email, or other low-level activity that leasing automation takes away, there’s the opportunity for individual agents or property managers to focus on high-value activities — such as conducting showings, nurturing the best prospective renters, and finding new business.
ShowMojo coined the term leasing automation. So we want to be clear about what that term means. Please note how we classify the examples above (such as email-auto-replies and Podio workflows) as "steps toward leasing automation". You don't get leasing automation with a few streamlined processes or a handful of tools. You get leasing automation only when there is a comprehensive system that allows the prospect to self-direct their way through the entire leasing process. That is, with no assistance from your staff. No answered emails or phone calls. No coordination of a showing schedule. For unaccompanied self-showings, no manual distribution of access codes. Yes, leasing teams can step in and take on activities. However, these should be deliberate high-touch additions, such as a personal touch or a way to distinguish your company above the rest.
We have one final, important note. There are companies that see what we've done and who now purport to also sell leasing automation. But self-show lockboxes, alone, are not leasing automation. Listing import and syndication activities that save time but require daily manual action are also not leasing automation. Human answer of every call and email is never leasing automation. In all these cases, it doesn't matter what label you put on the tin, it's still just canned food inside.
Want to learn more about how you can use leasing automation to save money and build your business faster? ShowMojo is the pioneer in leasing automation. We're happy to give you a hand. Sign Up for a Free Trial or Schedule a Demo today.