Leasing efficiency means finding ways to avoid missing leads that come in to busy property managers by leveraging automation tools.
By Kevin Juhasz
The multifamily housing industry has witnessed a significant shift in consumer behavior, one in which potential residents almost always rely on online platforms to research, compare and make informed decisions about their next apartment.
When a prospect reaches out, follow-up times of one or two days are increasingly unacceptable in today’s competitive market.
In an era where savvy renters inquire at all hours, timely responses are crucial. Onsite teams, despite their best efforts, often miss nearly 20% of leads while attending to current residents and other prospects. This issue has highlighted the importance of having a robust digital presence and leveraging automation to convert prospects into tenants.
Challenges in follow-up
Onsite teams face numerous challenges in their daily operations, from managing resident requests and interactions to responding to inquiries.
While 84% of leasing teams have a standard process for managing leads, ranging from manual solutions to automated solutions, 75% of leasing teams still report that they are missing some quality leads, according to a 2024 report by Rent.
With a myriad of responsibilities, it can be challenging for these teams to dedicate the necessary time and resources to follow up on every inquiry promptly and effectively.
Missed leads can have a detrimental impact on occupancy rates and overall success. In highly competitive markets, prospects will quickly move on to other options if their inquiries are not addressed in a timely and professional manner.
These missed opportunities can significantly affect the bottom line of owners and operators, including lost revenue and dropping occupancy rates.
Tools For Supporting Lead Generation and Nurturing
Leveraging technology can significantly enhance the ability to nurture leads more effectively.
According to the Rent.com study, 82% of multifamily professionals use automated communication; but among those, only about half of these communications are automated. The challenge in today’s marketplace is to use an effective combination of tools and strategies to streamline the process for both teams and prospective residents.
Whether automation results in getting leases to the finish line, helps narrow the right prospects or enables effective person-to-person interaction, the goal should be to ensure that no lead goes unaddressed. Teams can start by making sure the following are in place:
- Automated capture – Integrating lead-capture solutions on a property’s website and social media platforms can ensure that every inquiry is promptly recorded and tracked.
- Management systems – CRM platforms allow onsite teams to organize and prioritize leads, assign follow-up tasks and track interactions.
- Automated communication – Utilizing automation tools can enable personalized and timely communication with prospects through email, text messaging and chatbots, providing a seamless and engaging experience.
Automation tools in the rental journey
Initial inquiries, tour scheduling, and re-engagement efforts for lapsed inquiries are key touchpoints where automation can make sure things don’t slip through the cracks.
Regardless of staffing fluctuations, office hours, or number of inquiries, automation can quickly and easily address these crucial opportunities, allowing teams to engage with more serious prospects.
Automation tools to improve conversion rates
Automation doesn’t have to stop at booking a tour.
More sophisticated platforms can not only streamline processes and enhance efficiency for teams, but also provide a superior experience for future residents.
- Lead-scoring and prioritization – Automated lead-scoring algorithms can prioritize leads based on their likelihood to convert, directing focus to the most promising opportunities.
- Task automation and reminders – By automating follow-up tasks and setting reminders, teams stay on top of lead-management responsibilities after inquiries and tours, ensuring timely and consistent communication.
- Reporting and analytics – Automated reporting and analytics tools offer valuable insights into lead sources, conversion rates and marketing campaign performance, enabling data-driven decision-making for continued performance.
While it can feel intimidating, technology can significantly enhance lead-management efforts to improve leasing efficiency.
The biggest roadblocks in lead nurturing— including no follow-up, inconsistent follow-up, and incorrect/inauthentic follow-up— can be virtually eliminated by implementing cutting-edge solutions and implementing a tech-driven marketing strategy.
Multifamily communities can effectively capture and nurture leads, streamline operations and provide a superior experience for potential residents. By adopting best practices, multifamily properties can unlock the full potential of technology and drive occupancy rates, net operating income and overall success.
About the author:
Kevin Juhasz is a content manager for LinnellTaylor Marketing and a writer, editor, and storyteller.
Photo credit otortion via istockimages
