top of page
  • Writer's pictureJoani Schumaker

Best Practices for Leasing with Revenue Management

Hey there, leasing trailblazers! 🌟 In today's dynamic rental market, mastering revenue management and successfully incorporating into your leasing workflow is essential to streamline your leasing process and maximize revenue potential. Revenue management software offers a plethora of benefits, from dynamic pricing to improved expiration management, revolutionizing the way leasing agents interact with prospects and manage their inventory. In this blog post, we will delve into some best practices for incorporating revenue management into your leasing workflow.

First off, let's talk about change. The good news? Your leasing superpowers aren't going anywhere. You'll still dazzle with those mad sales skills and killer closing techniques. What's shifting is your leasing workflow, just a smidge.

The biggest tweak? Say goodbye to quoting prices from a static availability report. Now, you'll need a bit more info upfront: apartment choice, move-in date, and lease term. Sounds simple, right?

Here's where the magic happens. Armed with these details, you're ready to dance with the lease matrix. Flexible lease terms and pricing mean you've got options galore. Pro tip: longer leases equal sweeter deals, but dilly-dallying costs more. Cue the urgency!

Ever notice how the best sales folks are also top-notch listeners? It's all about tuning in to your prospect's needs and desires. No more robotic questionnaires here—let's make it personal.

Remember your Leasing 101 crash course? Those golden nuggets of wisdom still apply. Revenue management just gives you more ammo to seal the deal. Flexibility is key, my friend!

In a nutshell, revenue management is your leasing secret weapon. It's about flexibility, efficiency, and—dare we say it—closing deals like a boss. So, embrace the change, unleash your leasing prowess, and watch those revenue streams flow.

Now, let's dive into some Best Practices:

  1. Managing Make Ready Dates: Stay on top of these dates to ensure availability is up-to-date. The first day we have pricing for a unit is based on the make ready date.

  2. Information is Power: Gather all the info before quoting price. (Apartment, Move-In Date, and Lease Term). Knowledge is your secret weapon!

  3. Don't Quote to Best Price: Don't ever lead with the best price. Let's keep the negotiation dance alive and well!

  4. Quoting with Precision: Only quote pricing from the lease matrix - - think Keanu Reeves - - the MATRIX.

  5. How to use the Availability Report: Utilize the Availability Report to narrow down the search and match a prospect with a unit, but refrain from quoting pricing from this report.

  6. Educate and Empower: Educate your customer on how the price quote works. Ensure they understand that quotes expire and that prices can change daily to create urgency.

  7. Strategic Follow-Up: Utilize price quotes for purposeful follow-ups. A gentle nudge, such as mentioning an expiring quote, can go a long way.

  8. Creating Urgency: Leverage the dynamic nature of pricing to create urgency. Highlight the expiration of price quotes to encourage timely decision-making.

  9. Save and Serve: If you say it, you should save it. Save a quote for each option you discuss. A good salesperson will not send their prospect out the door with more than 2-3 price quotes.

Incorporating these best practices into the leasing workflow will help leasing agents, especially newcomers to revenue management, understand the shift in their pricing strategies. By highlighting the benefits of dynamic pricing, flexible lease terms, and creating urgency through price quotes, the leasing team will be able to align their current pricing practices with revenue management principles effectively.

So, embrace these best practices, arm yourself with the right knowledge, and step confidently into the world of revenue management. Your success awaits!

~ J Schu

To see more content like this:


Rated 0 out of 5 stars.
No ratings yet

Add a rating
bottom of page