How Are You Disrupting the Real Estate Industry?
The real estate industry is constantly changing – it seems like there’s an endless amount of new technology you should be embracing, new apps you should download on your smartphone, or software to help you run your business. It’s important to utilize technology to streamline your processes, but that’s not necessarily going to make you stand out from everyone else. If everyone in the industry is trying to figure out how to use content marketing, social media automation, e-mail marketing, and call-to-actions to draw in more leads, how are you going to gain the attention of renters through all the racket? The answer is innovation – how can you be different? Disrupt the industry, stand out, and separate your business from the competition with these five tips:
Eliminate pain points.
Get to know your renters. Find out what drives them crazy during their apartment search. Is it the long wait time before inquiring about a property and getting a response? Having to fill out pages of paperwork for an apartment application? You can have renters text you a code regarding a listing and instantly get more details, or speed up the application process with an auto-filled e-application. Improve customer experience by identifying the pain points of renters and focusing on eliminating them.
Keep it simple.
Complex, confusing, and difficult-to-use websites or online tools will discourage renters from browsing and using them to find out what’s going on in your community. On your end, managing lots of units, staying on top of availabilities, and keeping tabs on resident maintenance requests can get messy real fast if you don’t have a good system for tracking everything. When you shop for online software and tools for your business, make sure they simplify everyday tasks. Turn a 5-step process into two steps. Using time saving, simple, easy-to-use tools will help you gain a competitive advantage in the rental industry.
Offer competitive pricing
By focusing on tools that will simplify and streamline the way you run your business, you should be able to lower your operating costs, cost-per-lead, or cost-per-lease. As a result, can you offer more competitive prices to renters? If you’re able to lower your operating costs and expenses, you’ll have more flexibility when it comes to pricing.
Encourage loyalty with customer service and transparency.
Do you strive for low vacancy rates and better resident retention? How about better word-of-mouth advertising and a solid reputation? Make it easy for renters and residents to be loyal and supportive. Offer personalized customer service and stick to a policy of honesty and transparency with your customers. Respond truthfully to negative reviews and dissatisfied customers. Personalize the leasing experience by doing your best to serve renters and addressing their concerns.
How can you be different?
Your service exists to help renters find a good home – but how else are you standing out? A house-painting company, One Day Painting, took a boring, tame house-painting industry by storm and turned it upside down by promising to complete the job in a single day, complete with a bouquet of flowers and card signed by the crew to wrap things up. If the job isn’t finished on schedule, they pay for the homeowner’s hotel stay and treat them to dinner. Some rental real estate companies focus on standing out with high-end amenities, pet-friendly units, affordable pricing, or exemplary customer service. What does your business excel at?