Beware of Inaccurate Lead Data3 min read
Property management companies are often surprised to discover how often a consumer starts looking at one property only to sign a lease at another property within their same portfolio. It’s why Todd Katler, CEO of Anyone Home, stresses focusing on prospects versus properties when collecting data.
“It shows how people are moving between their assets,” says Katler, who estimates properties see between 18 and 44 percent of prospects who do just that (depending on the density of the property portfolio).
Is Your Data Really Accurate?
Many basic CRM systems log those type of leads as separate prospects, when it’s really the same person looking at multiple properties within the same brand. While the industry had a hunch this happened, “it hasn’t been visible until now,” Katler says.
Katrina Greene, senior property manager at Sheehan Properties, points out another common flaw of tracking multiple leads within one system: human errors. “Having a CRM is a blessing and a curse,” Greene says. “As decision makers, we want so badly to be able to rely on our data. But the fact of the matter is the person entering the data is oftentimes the least concerned with its accuracy.”
Don’t Underestimate the Power of Data Audits
Katler agrees this is a problem across all CRM and lead management systems. Anyone Home tries to mitigate as much inaccuracy as possible by running external audits on the data and writing in code to fix input errors, like using fuzzy logic so “Rob” and “Robert” aren’t listed as two separate people if they came from the same source.
Ultimately, it’s about using the data to provide some clarity into lead attribution and delivering a level of accuracy that gives multifamily property companies confidence in their decision making.
“You want data to be actionable, because that’s all that really matters,” Katler says. “Most sales or leasing positions are on a quest to try and satisfy unlimited requests with limited resources. A good CRM helps guide them to take the right action with the right customer at the right time.”