Why Multifamily Properties Should Use Multi-touch Lead Attribution
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.
“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.
“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.”