21Dec

The 5 Must Have Features In A Lead Management Platform

Author: Drew C Brucker

The author and humorist Douglas Adams once wrote, “We are stuck with technology when what we really want is just stuff that works.”

Technology guides us in almost everything we do - in our personal and professional lives. And in this case, in leasing offices.

Think about your community’s lead management software for a moment. Is what you have just technology — or is it a solution that truly works?

Let me explain.

There are several things to consider when choosing a lead management solution for your communities but when it comes down to capabilities, there are only a few that are absolutely essential. Here’s our list of the five “must have” features in a lead management platform for 2017.

 

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#1: Lead Scoring & Real-Time Lead Prioritization

The first must-have features in a lead management solution are lead scoring and real-time lead
prioritization.

Lead scoring is the process of predictively identifying a caller as a qualified, prospective renter. This feature takes an intuitive approach to helping on-site teams. By accurately indicating whether someone is a qualified lead for your community, lead scoring automatically qualifies renters for you.

From there, lead prioritization moves your highest-quality leads to the top of your leasing team’s CRM, ensuring your teams are spending time on the leads with the highest likelihood of leasing.

Didn’t know either of these existed?

You’re not alone. Most multifamily execs are currently unaware that features like this exist in the marketplace.

 

Why Are Lead Scoring & Real-Time Prioritization Must-Have Features?

Anyone who’s ever filled out a guest card knows how time consuming it can be. It’s tedious, redundant and often allows for inconsistencies.

A lead management solution that can automatically populate call data for your team is the way of the future. Lead scoring is able to capture guest card data based on the content of the call and score the prospective renter based on that information, shaving precious minutes (and hours) off your on-site team’s list of duties.

Lead scoring can help your leasing team identify their top prospects, allowing them to focus their leasing efforts on the renters that matter most.

That’s where lead prioritization comes in.

Real-time lead prioritization is all about efficiency. Your leasing teams are often swamped with to-do lists a mile long: answering phone calls, sending follow-up emails, conducting leasing tours, interacting with residents, and the list goes on.

Lead prioritization means peace of mind for your entire team, including off-site regional managers and executives. Even in the event that leasing agents aren’t checking everything off their to-do list, they’re at least guaranteed to be interacting with the highest-quality leads, maximizing your team’s leasing potential for meeting monthly sales goals and quotas.

Lead prioritization guarantees that the prospect interactions your agents create will be the most important ones.

Our recommendation: Lead management platforms that don’t include these features will likely become obsolete in the coming months (if they’re not already). There’s no better time than now to make a move to a platform that provides these key features.

 

#2: Call Scoring

Though call scoring sounds similar to lead scoring, it’s much different. Call scoring serves as an internal metric that evaluates leasing performance and effectiveness based on the quality of agents’ calls with prospective renters (more on that here). 

A lead management solution should have the ability to assess leasing agents’ performance based on their calls with potential renters.

For example, what percentage of the time are your leasing individuals asking for:

  • A prospect’s name and contact information
  • Desired bedroom size
  • Move-in date
  • Appointment to tour the community

 

Why Is Call Scoring A Must-Have Feature?

Call scoring functionality in a lead-management solution is your eyes and ears whether you’re on-site or off. Rather than wondering why leases aren’t being signed, management can receive unbiased, qualitative and quantitative information on every call that takes place with prospective renters.

The alternative here is self reporting — which is often unreliable, even with the most trustworthy leasing team. Agents can self report on whether a prospective renter has toured a unit, or whether a renter is likely to lease. But there’s always a conflict of interest in tracking calls, email, or general interactions in the process. Objectivity is difficult to achieve with self reporting.

Finally, call scoring helps you troubleshoot problems in your leasing team’s skill set more efficiently, which naturally leads into our next must-have feature in a lead management solution.

Our recommendation: Look for a platform that offers comprehensive call scoring — where a team of certified professionals listen in on every call to aid in the call scoring process.

 

#3: Built-In Training Opportunities

A truly useful lead management solution should offer your leasing team built-in training opportunities. This, for example, could come in the form of targeting skills gaps based on collected insights. 

To be specific, if an agent’s call introductions are weak — and affecting the overall success of their calls — the solution should automatically offer a short training module to help them improve their greeting.

 

Why Is Built-In Training A Must-Have Feature?

One thing all the listed features have in common is increased efficiency, and the idea of built-in training assets is no different.

If you don’t have a solution that offers targeted training modules, you’re feeling the pain - whether you know it or not.  The alternative is broad-spectrum training which can be viewed as the equivalent of treating an illness with a broad-spectrum antibiotic.

Forcing a leasing agent to spend hours on a comprehensive sales training module, when they may only struggle with a couple of specific things, is a waste of their time and a missed opportunity for answered calls and potential leases.

Imagine an intuitive training module that is quick and concise. Leasing performance and effectiveness could drastically improve in just minutes.

Personal coaching can be one of the toughest aspects of a management/leadership role. While undoubtedly necessary, not every manager has the same style, approach, or cadence.

Our recommendation: Create time and consistency by allowing your platform to assist with real-time coaching opportunities that don’t have to involve personal feelings or emotion.

 

#4: Smart Analytics

We can all agree that a lead management solution without comprehensive, intelligent analytics is useless. 

In addition to automatically populating guest-card information after calls, your lead management platform should also track and store all call scoring metrics to provide a snapshot of leasing team performance.

 

Why Are Smart Analytics A Must-Have Feature?

Analytics provided within your lead management solution are a time saver, increasing efficiency and productivity by automatically compiling data rather than relying on leasing agents to do it.

Smart analytics offer a great source of benchmarking to regularly measure your team’s performance: week after week, month after month, or year after year.

Our recommendation: Use prescriptive or ‘smart’ analytics. These are analytics that go beyond measuring the past. More than ever, multifamily organizations crave analytics that are able to forecast the future and provide essential insight into the time, energy, and marketing dollars of their communities.


#5: Automation

Automation is the hallmark of any lead management solution today. It drives productivity, standardizes
processes and smoothes out the lead management process. In today’s world, automation is non-negotiable in a lead management platform.

 

Why Is Automation A Must-Have Feature?

Administrative responsibilities are one of the biggest “time vampires” for any workforce, particularly one with employees juggling a thousand to-dos.

Take closing out unqualified leads for example. It’s a simple click of a button if done consistently, but if those tasks fall behind, they pile up quickly and become unmanageable.

We’ve heard about leasing agents who, when faced with an enormous pile of leads in their system, will simply declare “bankruptcy”. By bankruptcy, we’re referring to when a leasing consultant closes everything out because they’ve fallen too far behind in the CRM. Obviously, this only compounds the problem.

With a solution that automates the mundane tasks, you can be sure your team is maximizing their productivity.

Our recommendation: Automating tasks within a lead management solution provides simplicity and  consistency that human data entry often can’t provide. Adopt automating features and make them your ally.

 

How Did Your Lead Management Solution Fare?

Well, how did your current lead management platform hold up? 

Rainmaker’s Intelligent Lead Management offers all of these must-have features, covering your leasing communities entirely when it comes to managing incoming leads.

To learn more about our market-leading solution for the multifamily sector — and find out how your team is performing at every stage of the leasing process, contact us today for a demo.

 


GIVE LEASING PERFORMANCE THE VISIBILITY IT DESERVES

Have you ever wondered how your team is performing at every stage of the leasing process? Let us show you how lead management is changing forever. 

 

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