Some homeowners are facing rising vacancy rates and struggling to occupy them quickly due to restricted viewing of units and health and safety requirements. AppFolio Experts recommend landlords to use new strategies to fill vacancies faster. One of the top methods is a cross-selling strategy. Cross-selling strategies show more housing inventory available and can help property owners fill vacancies faster.
“If a prospective tenant comes to an owner or property management team with a request for an apartment, why speak only to that apartment when you likely have other vacant units with similar properties that can be sold to potential clients? The whole idea behind cross-selling is that teams can make more of their inventory stand out – the more choices a prospect has, the more likely they are to make a decision and actually convert. " Stacy Holden, Industry chief and director at AppFolio, tells GlobeSt.com.
A cross-selling strategy can start with the first inquiry. “AI leasing assistants like Lisa can actually cross-sell on behalf of property management teams at this stage and automatically share them with potential entities similar to the ones they originally inquired about,” says Holden. "Relying on technology to do some of the cross-selling is important when trying to fill vacancies quickly, as AI does so the first time you interact with a prospect."
However, operators can apply this strategy at any point in the leasing process. "After viewing the device, a prospect can determine that the device does not meet their requirements," says Holden. "Because technology has automated the leasing agent's busy work, they've built a better relationship with the prospect, understand exactly what they're looking for, and can sell another job that suits their needs better."
Tenants look at hundreds of listings and are likely to click on dozens of units. Cross-selling can promote units that might be missed the first time you search, but the description of the property is just as important. “How units appear online is critical to fast leasing cycles. You only have one chance to make your first impression, ”says Holden. "In apartment descriptions, it's important to share as much information as possible so that potential customers can decide more quickly whether they want to see the device."
Landlords should also use the technology during this process, especially during the pandemic, to attract potential tenants. "We recognized the possibilities of embedding interactive 3D tours and interactive floor plans that would give potential customers a much better understanding of how to set up the device that might not be immediately apparent with just a few photos," says Holden. "3D tours embedded in a job listing offer flexibility and more in-depth exploration of the unit when needed, giving teams an edge in securing initial prospect interest."