Updater

By Deena Cook

Published Apr 24, 2024

Updated Apr 24, 2024

In the fast-paced and competitive world of managing multifamily properties, innovation and adaptability are essential. Centralized leasing is a game-changer in the industry, offering multiple benefits that make operations smoother and enhance the experiences of residents. This guide explores six ways centralized leasing is revolutionizing multifamily right now, empowering you to make informed decisions and leverage technology to optimize your portfolios.

1. Streamlined operations for greater efficiency

Centralized leasing is a process that brings together all leasing tasks into one central hub. This approach is designed to make leasing operations more efficient by eliminating repetitive tasks. For example, lead generation, application processing, and lease signings are all handled in a single location. This consolidation helps multifamily companies simplify their operations, leading to cost savings and improved productivity.

With a centralized system, leasing teams can manage a larger number of leads and respond more quickly to inquiries. As a result, they can devote more time and attention to delivering outstanding customer service to their customers. Here are some ideas to kickstart more streamlined operations: 

• Centralize lead generation through a single platform or CRM system.
• Standardize application processing and ensure all required documents are collected efficiently.
• Implement electronic signatures to streamline the lease signing process.
• Use automated follow-up systems to promptly respond to inquiries and nurture leads.

2. Consistency across properties

Inconsistent leasing experiences across different properties can negatively impact resident satisfaction. Centralized leasing ensures a standardized leasing process, creating a consistent and seamless journey for prospective residents across all properties. This uniform approach builds trust and reliability, enhancing the overall reputation of the company and increasing resident retention rates. 

For example, Bozzuto creates consistency across their portfolio that makes residents “love living with us so much that having to move somewhere else that’s not a Bozzuto-managed building would be painful,” says Jenna Miller, their Senior Director of Marketing and Customer Experience.

We recommend the following practices to maintain consistency:

• Ensure that all leasing teams use consistent language during interactions with prospects.
• Implement regular training sessions and workshops to reinforce your standardized leasing process.
• Conduct periodic audits to identify areas for improvement.
• Use automation and AI to reduce the likelihood of human error and protect your brand from staffing changes or shortages.

3. Enhancing data-driven decision making

By adopting a centralized leasing system, property management companies can access comprehensive data analytics and reports that cover their entire property portfolio. These insights are invaluable as they allow companies to make better decisions.

By utilizing a data-driven approach, multifamily companies can optimize their pricing strategies, tailor their marketing efforts to target the right audience, and allocate resources more efficiently. It’s a powerful way to enhance decision-making and improve overall performance. To get started with data-driven decision making, consider:

• Regularly collecting and updating leasing data from all properties into a centralized database.
• Analyzing leasing trends, conversion rates, and customer feedback to identify areas for optimization.
• Using data insights to tailor marketing strategies, set rental prices, and allocate resources effectively.

4. Technological advancements for a digital leasing experience

Centralized leasing thrives on technology. Take advantage of digital leasing solutions to enhance the experience for future residents. By using virtual tours, 3D floor plans, and AI-powered chatbots, you can offer a more immersive and interactive leasing experience.

Here are some examples of the technology that is transforming the leasing experience: 

• Virtual tour technologies that offer remote property exploration.
• Chatbots with pre-programmed responses to handle common leasing inquiries.
• Resident apps that offer personalized guidance, timely communication, and valuable resources. Updater’s all-in-one moving app does just that by simplifying the move-in process for your residents. From address updating to utility connections to securing and providing proof of insurance, Updater centralizes the entire process, saving time and effort for both residents and onsite teams.

5. Cost savings and resource optimization

Consolidating leasing efforts under a centralized team can lead to substantial cost savings. By eliminating duplicated resources and streamlining overhead expenses, multifamily companies can allocate their financial and human resources more strategically. 

We spoke with Ash Bell, President of ResidentRadius – a single stack solution for security deposit management – regarding resource optimization. Bell affirmed, “Our clients have experienced significant enhancements in community performance and employee satisfaction through a centralized approach. This strategic centralization empowers teams to concentrate on tasks that drive revenue.”

Consider the potential for costing savings or resource optimization in the following areas: 

• Automate routine tasks like collecting necessary move-in documents and preparing residents for move-in to reduce the need for additional staffing.
• Reduce staff turnover with better onboarding and processes that help them effectively do their jobs. 

6. Focus on personalized resident experiences

While centralized leasing streamlines processes, it also prioritizes a resident-centric approach. The best leasing agents have strong relationship building skills. By reducing admin work with automation, they can dedicate more time to understanding residents’ unique needs, preferences, and pain points. 

Andrew Rutherland’s article in UNITS Magazine states, “It has become increasingly evident that an attempted phone call or email and hope simply aren’t sufficient guarantees of maintaining optimal occupancy rates. Modern renters are very different and have new needs – they want hyper-personalized experiences and instant communication if they have a question.” Here are some ways to get started with personalizing the resident experience: 

• Use resident data to customize lease renewal offers and incentives.
• Host regular resident events and activities to encourage community interaction.
• Elevate the move-in experience for a seamless and positive first impression on move-in day. According to Kingsley Associates, residents satisfied at move-in are 59% more likely to renew their lease. Invest in keeping your resident move-in experience streamlined and consistent. 

Centralized leasing is transforming the multifamily industry, empowering property management companies to revolutionize their operations and resident experiences. By embracing technology, leveraging data-driven insights, and focusing on personalized interactions, you can position your multifamily portfolios for long-term success. As the industry continues to evolve, those who adapt to centralized leasing will stand out as leaders, providing exceptional living experiences and thriving in the ever-changing multifamily landscape.

About Updater

Updater is the leading technology platform powering the relocation industry. We power 25% of all US moves and work with all industry stakeholders to make moving – one of life’s most painful events – frictionless, painless, and even delightful. 

Specifically, for multifamily managers, owners, and communities, we’re a preferred partner to over half of the NMHC Top 50. We offer move-in and resident onboarding software that transforms old moving checklists into the digital age, helping both residents and onsite teams keep moves on track.

Visit go.updater.com/multifamily-demo to learn more or talk with one of our industry experts.

Deena Cook

Deena grew up in New Jersey, but has lived in various places around the world to satisfy a love a travel and adventure. She holds a degree in Journalism, and loves the freedom that comes from being able to write from wherever she may be living.