The wait is over! View the September 2023 Rentsync National Rental Demand Report.
The last few years have led to unprecedented rental market conditions today, and landlords and leasing agents are being challenged by unique factors, particularly in Ontario.
According to Canada Mortgage and Housing Corporation (CMHC) and other qualified industry sources, the challenge of acquiring quality leads, meeting the needs of the primary demographic and overcoming the optics of high rental rates, are major issues faced by property management professionals today.
In this post, we'll explore how BetterBot- a highly efficient, guided-conversation chatbot designed for the real estate industry, can be a key solution to these emerging problems.
The Ontario rental market is facing intense competition across the board, creating difficulties for landlords and leasing agents in generating high-quality leads. As a result, this situation can lead to increased tenant turnover rates, reduced profitability, and excessive time spent sifting through and nurturing leads that may not convert as expected. To overcome these challenges, a more proactive and strategic approach is essential to meet leasing goals.
How can BetterBot help?
By providing 24/7 online availability on a property website and implementing pre-qualification questions, BetterBot can help increase the quantity and quality of leads generated.
According to BetterBot's data, properties using the chatbot typically experience up to three times more conversions to tour appointments, while an average of 65.5% of unqualified leads get filtered out. This enables landlords to focus their efforts on potential tenants who meet their criteria, which can help reduce turnover rates and enhance overall efficiency in lead management.
By leveraging BetterBot's capabilities, landlords and leasing agents can optimize their lead-generation processes and make better-informed decisions when engaging with prospective tenants. This ultimately contributes to a more streamlined and effective rental operation in a highly competitive rental market.
The largest cohort of potential renters in Ontario falls within the 25-40 age range; the Canadian census in 2021 noted this group made up 32.6% of all renters in Canada. Additionally, the younger Gen Z segment, aged under 25, is rapidly growing as they establish their careers. Both groups heavily rely on technology to aid their apartment search, wanting immediate access to information whenever they need it.
To cater to these prospects effectively, it's crucial to understand their needs. Not surprisingly, over 50% of rental searches happen outside regular office hours, according to BetterBot's research.
Picture a potential tenant, researching apartments late at night, excited to inquire about a unit or book a tour at 11 pm. However, their enthusiasm wanes when they realize they can't get an immediate response or the ability to lock in a property tour request without having to speak to someone; they may end up looking for a more responsive competitor.
How can BetterBot help?
To avoid losing valuable leads, adopting a tech-savvy approach is vital. BetterBot provides a self-serve option for rental prospects and can instantly answer property questions about available units, rates, amenities, local attractions, and more. This self-serve option not only saves time for leasing agents but also enhances the prospect's experience, increasing the likelihood of them moving forward with the application process.
Offering 24/7 support and instant responses will make your rental business stand out as professional and customer-oriented, giving you a competitive advantage in Ontario's dynamic rental market.
It's no surprise that rental costs are a hot-button issue today, as rates have soared in Ontario's large and small communities alike, with Toronto being amongst the highest for increased percentages and per-unit rates in Canada. With high inflation and the higher cost of living many Canadians are experiencing, it's important to consider how your own rental rates are perceived and how that affects your leads.
How can BetterBot Help?
Using a chatbot to help demonstrate value add during the first impression visit to your website is the ultimate secret weapon. By equipping your chatbot with a wealth of information, media, virtual tours, and more, you gain the upper hand in conquering the psychological hurdle of rising rental costs.
You can empower your prospects to see the value in your pricing effortlessly, by hiring BetterBot. By doing this, you're giving them the tool to self-assess if your property perfectly fits their needs, all before encountering any sales pressure from a leasing agent. It also demonstrates that your rental business is technologically advanced, assuring them of a seamless and convenient tenant experience.
For multifamily websites with multiple property bots, users can compare pricing within your own portfolio and find what best fits them, while also giving perspective on how the asked rates and perceived value stacks up from property to property.
Ontario's rental market is undeniably competitive and challenging. However, with technological advancements such as BetterBot, property owners and leasing agents can effectively address these challenges.
From generating quality leads to providing immediate responses to prospective tenant queries, BetterBot is a solution that can significantly enhance the performance and productivity of Ontario's rental market players.
Do you have a Rentsync account?
You'll be pleased to know we've partnered with BetterBot to bring you BetterBot paired with Rentsync. An all-in-one solution, helping you build your tech stack without the hassle of an entirely separate setup and account.
When you sign up for BetterBot paired with Rentsync, you'll be billed through us, we'll take care of the setup + addition of the chatbot to your website and you'll see your BetterBot leads directly in the Rentsync Platform.
September, 14 2023
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