Forever Rents Tags ShowMojo in to Blast Through the Final Stages of Lease-Up

Forever Rents Finishes its Lease-Up with a ShowMojo Assist

The tail-end of a lease-up is always difficult.

The lower-priced units are gone. The buzz of the new building has died down. And the move-in specials have expired.

But this one was even trickier.

“There was a significant amount of new construction and product that hit the market to where we needed to differentiate ourselves to make sure that every lead counted,” Levinson said.

Yet just two months after Levinson implemented ShowMojo, he and his team had leased 90 of the remaining 120 units. Occupancy was stabilized.

In the lease-up’s final months, the team increased their leasing velocity by 13% compared to the previous 9 months.

Levinson was blown away.

When we put on that ShowMojo stuff, I mean, it was just like, “Show me the applications,” and it happened. And nothing was lost as long as that lead was in ShowMojo. It was phenomenal.
Boots Levinson, Forever Rents

How it Happened

Before ShowMojo, the Forever Rents team used their proprietary software for the leasing process. But they’d never seen results like they did with ShowMojo.

“[ShowMojo] was just a force multiplier. So we were like, wait a second, we really need to sit down and figure out what’s the difference,” Levinson said.

After the dust settled on their first lease-up with ShowMojo, Levinson and his team analyzed what the difference was.

Here’s what they found:

Group Tours as a Force Multiplier
Before ShowMojo, Levinson’s team could technically schedule group tours. But to do it, agents had to coordinate multiple, individually scheduled tours. So it rarely happened.

Then Forever Rents unlocked group tours with ShowMojo, and it was, as Levinson likes to say, “A force multiplier.”

Beyond the efficiency of showing units to four or five prospects at a time, the group tours also added urgency. This was important in the latter stages of a lease-up, Levinson explained.

“A brand new property opens its doors, you’re going to get tons of people applying because you’re offering specials. But when you hit that later time [in the lease-up]…if you’re only on a tour with one lead, how do you create urgency?”

Answer: Group Tours.

We found group tours have significantly bumped up the urgency. When five people are looking at the same time and we’re saying this one is the only one left at this price. We might have three of the five applying right then and there.
Boots Levinson, Forever Rents

Levinson credits that sense of urgency with helping to increase his team’s leasing velocity.

But group tours don’t get all the credit.

Tracking, Coordinating, and Following Up with Leads

There’s a lot that agents should do. But there’s only so much they can do.

With ShowMojo, Forever Rents’s agents don’t have to worry about tracking leads, coordinating showings, following up, canceling unconfirmed showings, or sending out applications.

When leads come in, whether it’s from the building’s website or an external listing site, ShowMojo gets the showing scheduled and tracks the lead all the way through until the prospect is ready to apply.

We found that with ShowMojo – which, this is amazing – after every tour you can automatically send a text message and an email at varying times thanking them for touring and also here’s the application link.
Boots Levinson, Forever Rents

Before ShowMojo, that was a manual process, as Levinson said, “We relied on the agents to enter the leads into our CRM, sending out an email to submit an application, and that was based on when they had time to do it. That’s a lot for those agents who are booked solid throughout the day to follow up on. There were definitely leads missed.”

Universal Compatibility and Customization

Forever Rents works with all kinds of management companies with different technology stacks and leasing philosophies.

As Levinson explained, “Trying to change an institution in the way that they’re currently doing business is incredibly difficult. So you have to be able to work within the confines of what they’re used to.”

Thanks to its customizability and integrations with popular calendars and property management systems, Forever Rents can use ShowMojo with all its clients.

The Forever Rents team regularly integrate ShowMojo with systems like Yardi, Entrata, Buildium, and AppFolio to leverage the power of ShowMojo while using software their clients are familiar with.

Levinson is also a fan of how his team can manually edit listings in ShowMojo. Instead of relying on automatic data imports, realtors have the option to manually create property listings so they can tailor the listing for specific marketing purposes.

“Our realtors can manually create the units that may be differently marketed than what’s on the MLS. Maybe [they adjust the] property description, maybe a different neighborhood, different photos, that kind of stuff to show differentiation. You can do an A/B test to hone in on that.”

On top of that, Levinson and his team can customize:

1. Security features like Automated Identity Document Verification, which collects a scan of the prospect’s driver’s license, triggering additional validations, and anti-fraud screening.
2. Showing scheduling capabilities like giving prospects the option to confirm showings via email or SMS, automatically (or not) canceling unconfirmed showings, or changing notification settings for leasing agents.
3. Messaging features like fully customizable canceled showing messages, showing reschedule, and showing follow-up emails.

A Partnership Is Formed

After their assessment of ShowMojo’s systems and processes, the Forever Rents team decided to partner with ShowMojo on a more permanent basis.

Levinson explains the rationale:

“We’ve spent probably close to half a million dollars developing our own software and it works. But we know that scaling and getting larger, we took a long-term assessment of what we’ve built and looked at ShowMojo and the ease of working with their leadership team. And now we’re really integrating ShowMojo into our operations.”

Commenting on ShowMojo’s leadership team, he said:

“They’ve been open. They’ve been responsive, and they’ve been willing to work — obviously within the confines of what they’re able to do — but to be able to provide really unique results and unique processes for us, that, again, one of the reasons why we’re really heavily relying on our partnership with ShowMojo, rather than having us continue to spend and develop for our proprietary site.”

The Recap

What began as a need to finish a challenging lease-up became a long-term partnership between Forever Rents and ShowMojo.

Since implementing ShowMojo, Levinson and his team:

• Accelerated leasing velocity by 13% (from 39.8 units/month to 45 units/month) during the final 2 months of a lease-up compared to the first 9 months.
• Created urgency with prospects through group tours, resulting in faster applications.
• Freed agents from administrative burdens like tracking leads and coordinating showings.
• Leveraged integrations with property management systems to work within their clients’ existing workflows.

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