How a Marketing Cloud Solves Common Multifamily Industry Problems

How a Marketing Cloud Solves Common Multifamily Industry Problems

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]The “cloud” may seem like an obscure notion, an ambiguous technology we use often despite understanding very little about how it works, but once mastered a marketing cloud for multifamily properties can address pain points across every level of a property management company.

 

An AI-driven marketing cloud centralizes a multifamily property’s various technologies and data, streamlining internal business processes while also delivering a better customer experience for prospects who start their apartment search online. Every member of a property management team stands to benefit from the multi-pronged approach to generating, tracking and converting leads.

 

From asset owners and C-suite leaders to on-site property managers and leasing specialists, to the staff working in marketing and regional management, a marketing cloud gives everyone at the company clear, cohesive and actionable insights into prospect data and calculates return on marketing investments. The cloud also frees up time and energy for the staff by utilizing marketing automation and artificial intelligence for a personalized, yet automated approach.

 

“Having all of our data in one location to search through, versus having to go to each individual [database source] would be great,” says Trent Jones, Regional Marketing & Training Director at The Worthing Companies, which manages apartment communities in Georgia, Texas and North Carolina. “You could plate it up by zip code or other parameters, so you can get a snapshot of likes for multiple properties and prospects at one time.”

 

The possibilities a marketing cloud presents a property are endless, particularly when created specifically for multifamily communities. Here’s how a cloud can help property management companies tackle common problems the industry faces at every level of operations.

 

Improve Property Websites Using AI Technology

 

With online search engines changing algorithms to focus on local and voice-based searches, which is expected to soon account for half of all searches, more prospective renters land directly on a property’s website instead of first visiting a general third-party leasing website.

 

Optimizing a multifamily property’s marketing strategy begins by bolstering the website with AI technology, so it can serve as the No. 1 lead and lease source for property managers. The property website is often the first point of contact for prospects, which do most of their apartment research online well in advance of contacting someone at the leasing office. By improving the website so it captures and nurtures more leads, properties can solve multiple problems at once.

 

Pain Point: Competing against properties on third-party websites.

Why spend more money to compete against other properties on apartment listing sites when more people search direct these days? Stand out from the local search competition with an exceptional property website. With just a single line of code added to an existing site, a property management company can add interactive leasing tools automatically personalized with AI-guided software and behavior tracking.

 

Pain Point: Only get name and basic contact info from leads, instead of robust profiles.

Websites augmented with web conversion software collects detailed lead data from prospects as they go through the online experiences that help them narrow their list of potential places to live, such as a community assessment that evaluates the neighborhood priorities of individual renters and then shows them related Yelp reviews on places of interest nearby.

 

“The data gathered on our websites helps us be more personable on our responses,” says Chris Berry, Senior Regional Manager at First Communities Management in Atlanta, when talking about the advantages to collecting more robust lead data on their property websites. “We’re able to tailor our responses, whether it be in an email or phone call.

 

“I encourage my team to use that information and not just send a cookie-cutter response that’s telling the prospect something they already know about the property. They’ve already been to our website and answered questions. You have to really think about it and put those things they’ve told you into action.”[/vc_column_text][vc_empty_space][vc_single_image image=”29445″ img_size=”full” alignment=”center” qode_css_animation=””][vc_empty_space][vc_column_text]

Automate Lead Generation and Lead Nurture to Increase Leads

 

Investing in a marketing cloud solution that includes quality lead generation tied to an automated lead nurturing system can save properties significant money by collecting and converting exponentially more leads, without extra work from the leasing or marketing teams.

 

Pain Point: Expensive and poor conversion rates on third-party leads.

Online visitors who spend several minutes engaging on an interactive site and volunteer personal information are much more likely to convert to a lease than generic leads generated through third-party websites — and at a much lower cost per lead and lease.

 

Within three months of adding AI-powered software, First Communities experienced an average online lead lift of 865% across four properties and a 200% increase in time online visitors spent on the websites. PERQ data pulled from the website analytics shows the software influenced 25% of all leads at those properties during the first 90 days, with a lead-to-lease conversion rate of 4.78% (industry average hovers around 1%). At a cost of $3.82 per lead conversion and $91.92 per lease, the website software performs well above any other lead generation source the company invests in, according to Berry.

 

Pain Point: About half of online leads not followed up on properly, or at all.

When connected to a marketing cloud, the website feeds detailed consumer profile information into a cloud-based CRM database where property managers can organize leads based on estimated move date and other essential personal information gathered from online visitors. They can also track who in the leasing office touched a lead, along with when and how they followed up, and how successfully they converted leads into leases.

 

An AI-driven cloud solution that’s digitally linked to a property’s prospect database also offers properties a way to automatically send lead nurture emails and text messages based on where they’re at in the leasing journey. Leasing specialists can then focus their time on renters ready to sign a lease right away, while prospects who are months away from leasing receive timely, helpful content and incentives that drive them back to the website to re-engage with the property and eventually set an appointment through an online scheduler.

 

When automated, every lead gets acknowledged in a timely fashion with a personalized, relevant message. No more leads slipping through the cracks of a manual database and tracking system.

 

Calculate Online Advertising ROI and Base Marketing Decisions on Data

 

To make better marketing decisions, properties need better data. Marketing clouds featuring next-generation tracking software and machine learning capabilities deliver big data insights into the targeted online audience for a particular property and the ROI of all online marketing efforts, then automatically take appropriate action in response to the real-time results.

 

Pain Point: Inability to optimize marketing spend based on quality data.

An AI-based CRM tracks multi-touch lead attribution across multiple online platforms and channels to give multifamily companies the complete leasing journey for prospects, as well as broader analytics to spot trends and marketing opportunities. Regional property managers and executives can easily peer into the cloud-based system to see which marketing efforts converted the most leads into leases and evaluate a leasing office’s performance.

 

“By tracking our leads, we know whether or not our teams are following up and how they’re doing so,” Berry says. “You’ve got to be able to prove it out, that you’re getting the value out of your investment in the software and the people who work for you.”

 

Pain Point: Difficulty seeing which advertising channels drive leads and leases.

Because it accounts for multi-touch attribution and identifies anonymous leads to build in-depth profiles, a connected CRM gives properties the power to run detailed analytics reports that calculate the exact ROI of every advertising and marketing spend.

 

Sophisticated marketing clouds utilize machine learning, a subset of AI technology that evaluates large sets of data to predict outcomes and automatically adjust settings, to present properties with an “ideal renter profile” and how to best target those type of prospects. It compares a property’s proprietary data to millions of other data points stored in the cloud to show the best path to conversion for their specific target audience.

 

Based on the real-time data, the unified cloud systems can work together to evaluate every online advertising campaign for a property and automatically adjust spending to maximize results.

 

“Feeding them too much data is overwhelming,” says Bob Romine, owner of R.C. Romine and Associates, a full-service marketing agency that primarily serves multifamily clients. Many businesses use enterprise cloud systems designed for big corporations that aren’t industry-specific. A cloud-based system built for the multifamily industry instead makes the data more manageable for local property management companies.

 

“They’re basically saying, ‘Hey, I just want to know who my perfect customer is and then give me more of those kinds of people,’” Romine says. “Being able to bring all of that data into one integrated system and look at it in one place, to identify your avatar, that works really well for any business, big or small.”[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_empty_space][vc_column_text]

Additional Multifamily Resources

[/vc_column_text][/vc_column][/vc_row]

Press Release: PERQ Launches New Multifamily Marketing Cloud to Empower Rental Properties

Press Release: PERQ Launches New Multifamily Marketing Cloud to Empower Rental Properties

The PERQ Multifamily Marketing Cloud, a suite of technology solutions, extends the power of the company’s existing website conversion software, keeps prospective renters engaged online throughout their leasing journey, while providing deep marketing intelligence to properties.

 

Indianapolis, IN – June 18, 2019 PERQ, a marketing technology company, today announced the launch of the PERQ Marketing Cloud for the multifamily industry. The first-ever suite of AI-driven technology solutions is specifically designed to empower multifamily properties with data-driven strategies to decrease cost per lease and bridge the gap between their digital marketing efforts and on-site tours and signed leases.

 

Over 300 multifamily property management companies have integrated PERQ’s web conversion software, a key component of the Marketing Cloud, on their existing websites. Results include a 477% lift in leads, an average of 12 minutes on site with PERQ leads, and 5X more consumer data mined to help leasing agents build rapport with potential renters.

 

“Our data revealed that nearly 60% of online prospects are 90 days away from leasing so we knew that we needed to further extend the benefits of the data our tools were leveraging beyond the website to increase in-person transactions,” said Scott Hill, PERQ’s Co-founder and Chief Revenue Officer. “The Marketing Cloud is a natural extension of the success multifamily businesses have been reaping from our web conversion software. It brings new transparency with tools that enable businesses to better measure digital marketing ROI.”

 

The Marketing Cloud’s automation and AI technology creates new efficiencies for leasing agents and marketing teams, freeing them to work their hot leads, with the confidence of knowing that each and every potential customer is being nurtured behind the scenes via automated, personalized communications. In addition, the Marketing Cloud’s AI engine provides leasing specialists and marketers the information and insight they need to move a prospect closer to signing a lease.

 

Early adopters of the PERQ Marketing Cloud have reported a 6+% website visitor-to-lead conversion, with 15% of leads scheduling tours and an average $5.86 cost per lead with a $168.90 cost per lease. PERQ also provides valuable insights about each prospect such as how they prefer to be contacted (via email, text or phone), whether or not they have pets or the activities they enjoy most, giving owners and marketers a better understanding of what features and amenities prospective renters in their market are looking for.

 

“PERQ’s technology allows us to better understand what our customers look for, not simply based on completed form fields, but based on the customer’s continued engagement throughout the website,” says Marcella Eppsteiner, Vice President of Marketing for Mission Rock Residential. “This information enables our centralized marketing team to dynamically optimize a community’s digital footprint, as well as encourage our sales teams to better tailor the sales experience for the customer. We now have a better understanding of what aspect of a community inspires our prospects to convert to a lead.”

 

During Apartmentalize, Patty Crawford from PERQ will moderate a panel on “Mining Data and Analytics from Online Prospects to Grow Your Business” on Friday, June 28, at 9 a.m. in the Four Season Ballroom.

 

PERQ’s 100+ page Multifamily Field Guild will also be released during Apartmentalize. The book will showcase national, regional and benchmark data from almost 320 properties across the U.S. — with over 320,000 data points collected — to empower the industry to connect with apartment shoppers on a new level. Download a copy here.  

 

About PERQ

 

PERQ (www.perq.com), a marketing technology company founded in 2001, empowers businesses and the online consumer experience through innovative solutions powered by artificial intelligence. More than 1,000 businesses in the home furnishings, auto retailing and multifamily industries leverage PERQ’s Marketing Cloud and technology to give them more visibility into their digital marketing efforts and sales.

 

PERQ has been named to the Inc. “500 Fastest Growing Companies in America” list on three separate occasions. In 2019, PERQ won the Stevie Award for Fastest Growing Company of the Year and the 2018 Best in Biz Silver Award for Fastest-Growing Company of the Year. In 2018, PERQ won a Gold Stevie Award for Entrepreneur: Founding Team of the Year in the American Business Awards. PERQ has also been named on the Indy Star Top Workplaces four years in a row (2016-2019).

Is Your Property Management Software Delivering Quality Leads?

Is Your Property Management Software Delivering Quality Leads?

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1521226682387{padding-top: 25px !important;padding-bottom: 25px !important;}” z_index=””][vc_column][vc_column_text]Multifamily property managers often wonder if there are web tools or software they can use to better generate or manage quality leads. We talked to some seasoned leasing pros to see what tools they use to get the best leads possible, at all stages of the apartment shopping process.

 

As a property manager, you’ve probably invested a fair amount of time into property management software and online marketing. And if you’re using the right tools, your website is not just for pretty pictures and floorplans. It also has the ability to engage with customers and transform curious apartment seekers into bona fide leads.

 

So how do you know if you’re partnering with the right company? It’s all about whether or not your property management software is delivering quality leads.[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1521237406917{padding-top: 15px !important;padding-bottom: 15px !important;}” z_index=””][vc_column][vc_column_text css=”.vc_custom_1531361483112{padding-bottom: 25px !important;}”]

What is a Quality Lead?

[/vc_column_text][vc_column_text]Generally, one might assume that “ready to buy” is the most vital component of a “quality lead.” But if a visitor is interacting with your website, perhaps even filling out contact forms and including a phone number and price range, they may still be a year away from ending their current lease.

 

Derek Hoover, leasing manager at TWG Management, LLC in Indianapolis, elaborated on how confusing this can sometimes be. “Shoppers who are just starting their journey are looking for the most information as possible,” he says. “They’ve thought about the questions and thought about the answers, but that doesn’t mean they’re ready to sign.” Englert Management property manager, Beth Roberts also agreed with this sentiment, saying “People who give you the most information are sometimes the ones who are looking the furthest out.”

 

Though not every apartment hunter is going to be ready to lease the second they see your multifamily property website, it’ll still be quite beneficial to gather information on their wants, needs and lifestyle. The more information you have on a prospective resident, the more likely you’ll transform a casual window shopper into an intrigued and informed buyer, even months down the line.

 

“What I want is the most information they’re willing to give me,” Hoover says. “A quality lead gives specific details as to what they’re looking for, so we can actually have things prepared when they or we reach back out, instead of having to ask questions again to get all that information.”[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1521237414253{padding-top: 15px !important;padding-bottom: 15px !important;}” z_index=””][vc_column][vc_column_text css=”.vc_custom_1531361507900{padding-bottom: 25px !important;}”]

What Web Tools and Software Deliver Leads?

[/vc_column_text][vc_column_text]Quality multifamily leads are all about renter information, both in terms of quality and quantity. But even the best-looking lead might not be only reaching out to you. “If someone is filling out a guest card, they’re not just doing it for me.

 

They’re doing it for twenty other apartments,” Hoovers says. Roberts agreed, but observed that often, filling out the guest card gives room for certain audiences to express details about their situation that can help property managers fit their needs better.

 

Robert has also received  good responses to the new 3D floorplans Englert implemented on their websites. Like a model home or unit, the floorplans have small icons of “staged” furniture to help shoppers visualize what the apartment would look like furnished, even before they see the space themselves. “Getting many good pictures of the interior to help them visualize is essential,” Robert adds.

 

As customers engage with your site, they can and should be given the opportunity to not just learn more about your property, but to learn more about what they want and need.[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1521237423302{padding-top: 25px !important;padding-bottom: 15px !important;}” z_index=””][vc_column][vc_column_text]Hoover noted that while many apartment websites are simply “floor plans, pictures, and a phone number,” the standouts in the industry feature more personalized experiences, for both for the visitor and the property manager.

 

“Having a more interactive website is just far more helpful.”

 

“Many sites allow potential renters to schedule a tour or find out if they qualify. But the more you’re providing people the tools to find the answers on their own, the longer they’re on your website, and the more likely they are to stay interested.

 

“We use PERQ [at TWG Management, LLC], and they’re able to create quizzes that have very specific, unordinary questions, like ‘Are you looking for the finer things in life?’ or ‘Do you want to spend more money on fun or necessities?’ which increases the shopper’s curiosity, and also their sense that we are interested in them as people — which of course, we are,” Hoover said.

 

Capturing a ready lead in the housing market can be a nuanced and complicated puzzle. However, the right property management software can help you get more qualified and engaged leads from your website.

 

From virtual tours, to quizzes, to 3D floorplans and pre-qualifying calculators, lead generation software for property managers is making great use of the web technology available today.[/vc_column_text][/vc_column][/vc_row]

How PERQ Data Helps Your SEO Team Optimize Property Websites

How PERQ Data Helps Your SEO Team Optimize Property Websites

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]Over 74,000 consumers perform a Google search per second. That’s a lot of opportunities to improve your property management company’s digital marketing and SEO efforts.

 

As renters use technology to access the vast amount of information available online to help them find an apartment or condo, an expansive amount of valuable data becomes available to your business. Imagine capturing detailed online data for every potential tenant who visits your property website, any time of the day, every day.

 

“It has significantly opened our eyes to how many current prospects will be reviewing a single community at one time,” says Caleb Bartlett, Digital Sales & Media Manager at Nolan Real Estate, of the website conversion software the multifamily company added to several property websites. “We see about 150 unique visitors to our individual websites each day, and PERQ has changed how we go about managing all of those qualified leads.”

 

Use Website Data to Improve SEO Strategy Across Channels

 

Capitalize on your property’s website data to help your leasing specialists better meet a lead’s needs and enhance prospect engagement, while also gaining insight into what renters in your market are specifically searching for and which trending keywords your SEO team should target on your website, in digital ads, social media and content marketing. By constantly tweaking your SEO strategy based on real-time data, you’ll drive more organic traffic to your website, and improve your search page ranking and visibility.

 

PERQ assigns a unique ID to online visitors in order for clients to take anonymous Google Analytics data and marry it up to lead and PERQ analytics in order to accomplish the cross channel/device tracking but also to see who is signing a lease at the physical property. This goldmine of information helps property management companies connect the dots between a prospect’s online activities to spot common words, phrases and renter trends that your SEO team or third-party vendor can use to maximize website growth and attract more leads.[/vc_column_text][vc_empty_space][vc_single_image image=”29445″ img_size=”full” alignment=”center” qode_css_animation=””][vc_empty_space][vc_column_text]

Your Market, Customers and Ways to Search Continue to Change

 

SEO is not a one-and-done type of task; it is an ongoing effort. To add to the dynamic nature of search, Google continually updates its algorithm. In 2018, Google reported 3,234 improvements to its search platform.

 

Optimizing your website requires continual analyzation and modifications. Data collected from customers’ online behavior using artificial intelligence is automatically analyzed and updated to provide properties with a treasure trove of information to influence search engine optimization.

 

When stored in a marketing cloud, that data can flow between your property’s various technologies and data collection systems to give you a broader picture of each prospect’s journey and your customer base as a whole.

 

Trying to anticipate how the market, your prospects or search methods will change or evolve is tricky business, but website data provides a view into what’s popular at the moment. When analyzed alongside big sets of industry data, your property can also make predictions on what’s coming next and make automatic adjustments to your digital marketing accounts.

 

Audit Online Consumers to Make Better SEO Decisions

 

Ryan Cox, Digital Marketing Manager at J.C. Hart Company, gives this advice to any property looking to improve their digital marketing: “No. 1, even if you have to hire outside to do so, do a comprehensive online customer audit of your residents and potential residents. Men lie, women lie, numbers don’t.”

 

He urges property management companies to examine customers’ purchasing habits, styles, likes and dislikes. “Just because you have a budget, doesn’t mean you’re spending it effectively,” Cox says. “If you’re just throwing money at [digital advertising], and spraying and praying, you’re doing it wrong.”[/vc_column_text][/vc_column][/vc_row]

Why Multifamily Properties Should Use Multi-touch Lead Attribution

Why Multifamily Properties Should Use Multi-touch Lead Attribution

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]Multifamily property companies historically focused on first-touch lead attribution. Before the internet, the renter’s journey was fairly limited and linear so that model made sense. Multi-touch lead attribution better reflects a renter’s behavior nowadays, delivering a detailed look at the many ways a consumer discovers and communicates with your properties; as well as which touchpoints compel them to lease.

 

By analyzing this more accurate data, companies can optimize marketing budgets and learn how to convert more leads.[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_empty_space][vc_column_text]

Multi-Touch Lead Attribution Gives Properties Big Picture

[/vc_column_text][vc_empty_space][vc_column_text]“Multi-touch lead attribution helps you to understand the holistic view of how all of your advertising and exposure contributed to that journey, because it’s not always super-linear,” says Todd Katler, CEO of Anyone Home, which develops scheduling and CRM (customer relationship management) software alongside customizable analytics and workflow platforms to serve the multifamily property industry.

 

It’s important to understand the path to conversion follows a nuanced and multi-faceted trail. It’s very rare that renters only search one apartment or condo website. They do hours of online research through multiple channels before contacting a leasing office.[/vc_column_text][vc_empty_space][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_video link=”https://vimeo.com/297746053″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_empty_space][vc_column_text]

Quantify Cost of Lead Acquisition with Multi-Touch Lead Attribution

[/vc_column_text][vc_empty_space][vc_column_text]“Multiple touchpoints are key to converting at a rate that provides enough leads for sustainable occupancy,” says Katrina Greene, senior property manager at Sheehan Properties based in Indianapolis.

 

In a perfect world, Greene says she wishes her lead management software allowed her to specifically designate leads as an “information” source and an “influencer” source. Right now, the CRM they use identifies a primary lead source and a secondary source, without giving any weight to how each played a role in converting the lead to a lease.

 

“I wouldn’t consider that multi-touch lead attribution,” Greene says. “I think the consumer’s experience and process typically require them to have both [information and influencer] sources in order to get a conversion.”

 

She gives examples of a prospect who finds information on an ILS but uses social media as an influencer, or finds information on the property’s website but it’s the interactive experiences on the site that convince the person to sign a lease.

 

“Marketing options and consumer behaviors continue to evolve, but marketing budgets are staying relatively close to the same,” Greene says. “It’s helpful to have a way to quantify the importance of both sources during the buying process. Information plus influence equals strong leads.”[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_empty_space][/vc_column][/vc_row]