New technology allows property managers to automate the most tedious aspects of converting prospects into tenants. Aaron Kinney, real estate investor and automation expert, utilizes technology to follow-up with tenants at every stage of the sales cycle.
- Automated responses help start a line of communication as soon as possible
- Following up with tenants at every part of the sales cycle keeps them engaged
- Applications like Appfolio, Slack, and Kyber help automate these processes
Investor Aaron Kinney breaks down the tenant sales cycle into four different stages: initial inquiry/guest card, rental application, approved applicants, and current tenants. Here is how he recommend using automation in each stage:
Initial Inquiry/Guest Card – The goals here are twofold: get the tenant to complete an application and get them to sign up for email notifications or social media updates. When the potential tenant first contacts Kinney’s team, they receive an automated email and text message confirming the inquiry. The message also provides a link to a rental application and reassures them that they will be contacted soon.
Rental Application – Prospects that submit rental applications are typically serious about the process. The tenant immediately receives an automated text confirming their submission. At the same time, Kinney’s receives a message in their team chat so they can start vetting this new applicant.
Approved Applicants – Approved applicants receive automated emails a couple weeks after scheduling their closing date. Kinney offers a $5 credit in exchange to completing a survey that provides feedbacks on his tenant sales cycle. Approved applicants who are not ready to move will receive automated emails and texts between 30 and 120 days later reminding them to stay up to date on available homes.
Kinney’s team also receives a monthly report in Slack of all recently approved applicants that have not been converted to tenants. This is a valuable opportunity to reach an audience that is already engaged in the process.
Current Tenants – The sales cycle is complete at this point, but Kinney recommends that you keep an ongoing relationship with current tenants. His team reaches out to their tenants for testimonials, referrals for lower-demand houses in exchange for credit, and updates about similar homes for sale. Most of this communication, of course, is automated.