As we step into 2024, the educational landscape is showing signs of recovery with a notable 1.2% rise in enrollment rates for the first time since the pandemic. Over two-thirds of institutions witnessed growth in undergraduate enrollment this fall, signaling a positive shift in the academic sphere. Correspondingly, in the realm of property management, we at Entrata have observed a surge in pre-leasing activities, indicative of a bustling year ahead.

In the ever-competitive world of student leasing, preparation is key to success. As you move through your leasing season and even start looking toward improvements you can make in your next leasing cycle, it's imperative to equip onsite and marketing teams with the right tools for the job. At Entrata, we're dedicated to providing software solutions that not only drive property efficiency, but also elevate the level of service your teams can deliver to prospects and residents. 

Here are four leasing strategies leveraging the Entrata system to make sure you’re using this season and in the future:  

1. Incentivize Meaningfully with Selectable Specials

Specials are a powerful tool to accelerate leasing goals and boost occupancy rates. With Entrata, you can create customizable specials tailored to specific lease terms, move-in dates, and unit types. Whether it's a rent discount or a bundle of incentives, our system allows you to offer perks that resonate with your target audience. Moreover, the ability to generate single specials for both prospects and renewals simplifies the leasing process and enhances customer satisfaction.

Now with Entrata, you can: 

• Create specials the give multiple incentives for students to choose from
• Generate a single special that can be shared between prospects and renewals
• Set up promotional codes to function for any type of special 
• Offer specials for certain lease terms or space options
• Specify specials to be used for certain lease start/move-in dates
• Offer specials that can be applied only manually by property staff 
• Mark gift incentive specials as having been “received” by a resident 
• Utilize new merge fields for specials 

2. Track Leasing Goals with Site Teams

Setting up leasing goals in Entrata enables site teams to track progress and stay aligned with property objectives. By defining targets for both new leases and renewals, teams can monitor performance in real-time and make informed decisions to drive leasing success. This feature not only streamlines workflow but also fosters accountability and motivation among team members.

Leasing Goals can be set up in your property leasing settings, and the visualized performance tracking can be accessed through the Student Hub, found on your dashboard quick links. 

3. Utilize Student Inventory Management, Sold-Out Functionality

Our brand new Inventory Management tool empowers student properties to efficiently manage online inventory without the hassle of navigating through complex or sensitive settings. From the Student Hub found on the Dashboard Quick Links, permissioned users can control how web visible pricing appears to prospects, ensuring accurate representation of available and sold-out options. By simplifying inventory management, properties can provide better real-time leasing data that creates a more efficient leasing experience with prospective residents.

Take advantage of this new tool on the Standard Track starting February 21, 2024. 

Now with Entrata, you can: 

• Control if a web visible prospect rate shows as sold out or available, and may do so for specific lease terms, floor plans, and space options 
• Permission property staff to control this flag without giving access to property level settings or pricing configuration 
• Prevent over-leasing by marking options as sold out, but still allow those options to show on websites in order to educate prospects about available inventory 

4. Use Generative AI to Easily Send Communication Updates

Effective communication is essential for engaging prospects and nurturing resident relationships. Entrata's Generative AI tool offers a time-saving solution by creating personalized messages, review responses, and blog posts tailored to the student housing industry. 

For example, if you enable Entrata’s generative AI functionality within ReputationAdvisor, with the click of a button it will read the review and create a professional and appropriate response in a matter of seconds. 

As you navigate the challenges and opportunities of the leasing season, leveraging the extensive capabilities of Entrata can significantly enhance operational efficiency and resident satisfaction. By embracing these leasing strategies, property teams can stay ahead of the curve and drive success in 2024 and beyond.

For more information and training on implementing these strategies, review Entrata’s release notes for the February 21st Standard Release or reach out to our dedicated support team.