Everything You Need to Know About Property Management Lead Qualification

If you are looking to start your own property management business and purchase a business license, you should be familiar with lead qualification and how it will help your marketing strategy. A lead is someone that could potentially become a client. They’re more likely to rent one of your apartments or even buy your entire property. They’ve expressed interest in your property. This lead can be acquired through a variety of methods: brochures, billboards, ads, email newsletters, etc. Lead qualification involves filtering through these opportunities to find the best ones that will eventually end in a sale. 

SALES QUALIFIED LEADS (SQL) VS. MARKETING QUALIFIED LEADS (MQL)

A marketing qualified lead, or MQL, is more likely to become a client or purchase a product than the average person. A typical person may visit your website, read your blog posts, and then leave, uninterested in the product or service you offer. MQLs are more likely to subscribe to your email list, chat with you on social media, download an eBook, or fill out an online form.

A sales qualified lead, or SQL, is the next stage. They ask specific questions about your sales price and how your product or service works. So when it comes to property management lead qualification, an SQL is asking about your rent price, amenities, pet-friendliness, the number of bedrooms, and the community where the property is located. If they’re satisfied with what your property has to offer, then you’ve turned that sales qualified lead into an actual sale.

HOW TO TELL THE DIFFERENCE

Differentiating a MQL from a SQL may not seem important, because you may think that a lead is a lead. However, knowing the difference between the two can help your marketing team prioritize their activity and prevent them from wasting time on leads who won’t convert.

• Source: A MQL may have been browsing social media and saw an ad about one of your properties. They weren’t actively looking for places to rent. They’re only mildly interested. A SQL may be actively seeking apartments for rent through a Google search or apartment sites. This is more likely to result in sales.
• Intent: A SQL may ask for you to contact them by filling out a contact form on your property’s website. They’re more willing to invest their time in discussing your property further. A MQL may just visit your website, or may even inquire about the property, but may not be interested in further discussion.
• Stage in the Buying Process: The MQL is actually in the buying cycle, while the SQL is not.

HOW TO CONVERT A MQL TO A SQL

Converting a MQL to a SQL involves you gathering information about a prospect to determine where they fit in a buyer’s journey. Then, you take action from there.

Below are a few ways you can convert a MQL to a SQL:

1. Schedule an appointment immediately. Scheduling an appointment will dramatically increase your chances of converting the lead.
2. Ask for referrals. By offering an incentive (i.e. $100 or $200 rent credit), you can motivate your existing residents to refer your units to friends and family, which can result in successful leads.
3. Follow up. Although you’re busy managing properties, it’s important to respond to inquiries promptly. By following up with all leads, you’ll be surprised at how many SQLs you’ll acquire as a result.

HANDLING A SQL

When handling a SQL, you should understand their pain points, their stage in the buying cycle, and their budget. This will ensure that you’ve addressed all issues and thus, will help you achieve your ultimate goal: making a sale.

At Property Management Pros, we will show you how to successfully establish your property management company. Our compound marketing system will help you optimize your property management lead qualification. Contact us today to learn more!

Sign Up for Email Updates