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November 27, 2023
In the leasing case study, National Home Rentals (NHR) experienced a dramatic transformation with Propify's property management software. Their KPIs, including application conversion and decisioning time, significantly improved, resulting in a 53% reduction in lead-to-lease time. NHR's portfolio occupancy rose by 9%, leading to a 19.3% increase in revenue year over year. Propify's integrated platform streamlined the entire leasing process, showcasing the power of Propify's solutions in the single-family rental industry.
The single-family rental industry is booming, and for property management companies like National Home Rentals (NHR), managing a growing portfolio of properties efficiently is the key to success. In the past, NHR faced significant challenges in their leasing process, which included broken workflows, lost communication, and time-consuming data entry. However, all of that changed when they embraced Propify's property management software. This case study highlights how NHR transformed their leasing operations and achieved remarkable improvements in key performance indicators (KPIs) by leveraging Propify's cutting-edge solutions.
Before integrating Propify's leasing solution into their operations, NHR was in the midst of a leasing crisis. Their KPIs painted a grim picture:
NHR faced challenges that were all too common in the property management industry. Their application conversion rate was low, leading to a prolonged vacancy period for their properties. Additionally, the time it took to review and decide on rental applications was inefficient, resulting in delays and potential tenant frustration. The administrative burden of manual data entry was eating into valuable leasing team hours. All these factors combined to create a substantial lead-to-lease time, negatively impacting NHR's overall operational efficiency and revenue potential.
NHR turned to Propify's property management software to address their leasing woes. Propify offered a comprehensive solution that streamlined the entire leasing process. Here's how Propify's features revolutionized NHR's operations:
Propify's platform enabled NHR to track the complete communication history and relevant events of a lead. This ensured that no communication was lost or overlooked during the leasing process. It brought transparency and accountability to their workflow.
With Propify, NHR's leasing teams could call and follow up directly within the platform. This integration eliminated the need to switch between various communication tools, making the leasing process smoother and more efficient.
Propify introduced actionable queues that helped leasing teams prioritize leads effectively. This feature ensured that the most promising leads received immediate attention, reducing lead stagnation and improving conversion rates.
Perhaps the most significant advantage was Propify's fully integrated platform, allowing leads to tour, apply, and lease seamlessly within a single environment. This integration simplified the leasing journey for both NHR and their prospective tenants.
The implementation of Propify's leasing solution brought about a transformation in NHR's KPIs. Let's take a closer look at the improvements:
These results are nothing short of astonishing. NHR's leasing process became more efficient, leading to faster decision-making, reduced vacancy periods, and significant time savings for the leasing teams. The numbers clearly demonstrate the power of Propify's solutions in optimizing single-family rental management.
The improvements in leasing KPIs had a cascading effect on NHR's overall portfolio health. Their portfolio occupancy, a critical metric indicating the health of a SFR portfolio and capabilities of a property management company, rose to an impressive 96.2%. This marked a substantial 9% increase from their pre-Propify days. The result? A staggering 19.3% increase in revenue year over year since implementing Propify.
National Home Rentals' partnership with Propify proved to be a game-changer. By addressing their leasing challenges with Propify's innovative solutions, NHR achieved remarkable improvements in their KPIs, portfolio occupancy, and revenue. This success story serves as a testament to the transformative power of Propify's property management software in the single-family rental industry.
If you're intrigued by the improvements seen at NHR and want to learn more about how Propify can revolutionize your property management operations, we encourage you to read the full case study. Additionally, don't hesitate to contact Propify to schedule a demo and experience firsthand how Propify's solutions can take your property management business to new heights.
Download the full case study here
Join the ranks of industry leaders like NHR and let Propify empower your property management success story.
We offer a comprehensive, centralized software that can help you manage all aspects of your single family rental business. Contact us today to schedule your demo of Propify or submit questions if you want to learn more about our property management software.
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