The impact of COVID-19 and the radical changes in the way we work have highlighted the challenges and inefficiencies present in the offline, outdated leasing processes. Smart landlords are adapting quickly and taking advantage of this unprecedented opportunity to improve their current operating models and switch their specialty leasing teams from offline to online modality. The question is how to do it.
1. Remember that change involves many areas of the organization.
The process starts from the top but involves many areas of the organization. The group should be united as a team and processes standardized, so the team understands how to move forward. Creating visibility, measuring risks and converging all of this on a platform should be top priority. Involving all sectors in the changes brings better results that are reflected in a high performance.
2. Show people the value of vision
It is essential to summarize the value pillars and aims of the company, and let the participants truly identify with them, whether they are part of the asset management, leasing, operations, or legal team. People need to understand the vision as part of the change management process. They should all believe in the task, and you need to maintain the momentum of the task and be in front of people.
3. Map out the existing leasing process
How to start, how to set goals, how to do a lease, etc. These are all processes that should be mapped out to different areas in order to understand where each group is heading. Afterwards, it is crucial to apply the best practices to plan the ideal process that will lead the company to operate from end to end in the best, efficient and effective way.
When each part of the process is at the corresponding level, the same quality of content will start to be present in all areas.
4. Centralize leasing information for easy access throughout the leasing process
In order to understand a market, it is advisable to know the most information.
Getting all the information in one place is actually a huge value proposition because infrastructure is not perfect. People have to visit many different places just to get a few pieces of information without even realizing it. And COVID-19 just accelerated everything.
5. Use that information to start measuring leasing performance
When all the information is in one place, it can be helpful to make decisions. How is the company doing? How many people have seen a space? What is the occupation rate? How many days per average rental? For everything, the important thing is looking at the action time, measuring it, and then seeing the performance. Moreover, if things are not going well, changes should be made. Continuous development at every stage of the leasing process is key.
If you have not achieved this goal for a period of time and you know that you are performing well on the other metrics you measure, there is a problem and you need to make a decision to change it. Moreover, if the market gets worse, your chances of making mistakes will decrease. You want to be as effective as possible, so it’s important to measure these conversion rates.
6. It’s time to move from offline to online!
We used to rely on things such as we don’t need digital processes to be perfect because people are going to come on tour. But that is not true anymore. We need to make sure we have a digital presence and a solid digital strategy.
Ready to move from offline to online? Request a free demo at bookacorner.com!