Use Data to Enhance Your Multifamily Properties
Multifamily PMCs have access to more housing data today than ever before. Capture in-depth information from website visitors to get a better idea of what prospective renters in your market really want.
Interactive tools deliver smart apartment data about each person who engages with them. Every click tells a company something about the website visitor’s preferences and priorities, such as apartment amenities they value and their current lifestyle. Do they have kids? Does the renter own a pet? Do they want to live close to bars and restaurants? Would they pick an open floor plan over a nice view? Multifamily housing data like this can be used to know what kinds of improvements or upgrades need to be made to units, amenities, or if some policies (like pet ones) need to be looked at again.
Multifamily property companies with interactive websites collect detailed lead information on prospects, while at the same time gaining broader insights into what matters to local renters. Tap into this unique multifamily market data to brainstorm ways to attract new residents and prioritize property improvements.
“It’s about getting to know the clientele,” says Caitlin Berger, client success manager at PERQ. “See what prospective renters want, not just current residents. Look to the future, and figure out how to entice more people to live there.”
Property improvement decisions based on interactive website data can include extensive projects like renovating an apartment building. Alternatively, they can take the form of small enhancements that add a personal touch to the resident experience, such as a new coffee bar in a common area or adding a second community grill on the outside patio. Apartment rental data has a lot of uses but it’s important to use the data collected from your multifamily website to make your property stand out to prospects.
If several people who interact on your website mention they enjoy attending local concerts, consider offering a shuttle to take residents to and from the venue. If the apartment data shows that there are a good chunk of people on your website looking for local bars, create a list of reviews of the local bars nearby. This could be in a blog post or part of your move-in welcome package or in the monthly newsletter.
“Adding smart technology to an existing property website allows multifamily property companies to capture specific consumer profiles.”
Many apartment websites don’t track who visits unless the prospect enters their name and basic contact information in a static form to request more information.
Adding smart technology to an existing property website allows multifamily property companies to capture specific consumer profiles and leverage that multifamily data to identify trends in the market.
Interactive tools, such as an expense budgeting calculator or a simple quiz to help potential renters pick a floor plan, create a personalized, assisted shopping experience that encourages online visitors to engage with the website and divulge personal information as they do research in their hunt for the perfect home.
“What I love about PERQ is they have different ‘experiences’ the prospect can do online,” says Casey Rusk, regional manager at Watermark Residential, a multifamily development company that features PERQ’s Online Guided Leasing Solution on all of its property websites across the country. “When they do two or three experiences, you will have more information than when a prospect enters a guest card on a typical ILS.
“For example, by the time they’re done using the software on our website, we have their name, phone number, email address, price range, pet info and desirable features.”
The Community Fit experience gives the most salient feedback on what’s important to the people looking at a property’s website. Pulling in real-time Yelp data from the surrounding area, the tool educates visitors on the community’s offerings relative to interests they select, such as kid-friendly activities and pet care. Companies with multiple properties in the area can utilize this interactive experience to show which of its locations best matches the website visitor’s preferences.
It’s a win-win scenario for the prospective renter and multifamily property managers. The website visitor gets help with research to narrow down places to live, while the company gathers data it can use to develop new amenities or plan events.
“They can do stuff geared toward those interests, like enhancing the property by adding a dog park or a pet wash station, or planning a friendly get-together for pet owners,” Berger says.
“Multifamily properties must constantly evolve to meet the demands of new renters.”
Multifamily properties must constantly evolve to meet the demands of new renters as local demographics and rental trends change. Website data delivers real-time feedback to take the guesswork out of property improvements.
“Capture data on what’s most important to the prospect, be it a good view or more space or better amenities,” Berger says. “And use that information to make decisions.”