How Multifamily Can Increase Lead to Lease Conversion
Increase lead to lease with lead generation and automation tools.
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There are many elements that drive lead to lease conversion for multifamily properties. From lead generation to nurture to the interactions with the leasing team, getting a good lead to lease conversion rate means having a solid lead conversion strategy. As a multifamily marketer, lead generation falls into your lap. The success of a great salesperson is based on the quality of the lead. For the leasing team to be able to get more leases signed, their time and effort needs to be focused on higher quality leads.
Sounds simple enough.
They can just log onto the CRM and have access to high quality leads. This isn’t reality though. Too often multifamily CRMs are cluttered with all kinds of leads leaving the leasing team to spend time sifting through and hoping to find the right one. When CRMs entered the multifamily world, there was this idea that CRMs were a savior that would make it easier for leasing teams to convert leads to leases. The thing is CRMs are just a database. If junk gets put in, then junk is what the onsite teams get to work with.
This sort of system is what makes lead to lease conversion harder to achieve. How can multifamily properties clean up their CRMs to just store quality leads that are worth the leasing teams’ efforts? This is where using lead generation and automation tools to manage leads comes to play.
Generate Leads From Property Websites
Lead generation for multifamily property management companies mainly comes from the property website or listings on an ILS or other marketing channel. The property website is the most important asset a multifamily property management company has when it comes to lead generation. Prospects typically view a few property websites before making a decision on which ones they are leaning towards touring or finding out more information from.
Property websites need to be interactive and engaging in order to stand out to online visitors. Tools like an AI chatbot, budget calculator, explore the community, etc are great to have as they can also collect insightful data on the prospect as they work through the site and interactive features. This kind of data can then be used in automated lead follow up and when the leasing team does talk to them or give them a tour. They can cater the conversation to what the prospect is looking for from the beginning.
Generating leads from your website doesn’t automatically make all of those leads good quality or high-intent leads. A lot of those leads can be low-intent or even just casual online browsers who are looking at apartment websites in their free time. This still leads to the problem of an overcrowded and cluttered CRM.
This is where software comes into play. Above, tools like chatbots and calculators were mentioned. These kinds of tools are typically one of solutions or widgets from different tech companies. At PERQ, the complete automation platform incorporates these kinds of tools into an all-in-one solution. This means that the data collected from lead generation is then used by PERQ’s AI-powered platform to know which leads are high-intent. With this data, automated lead nurture begins through tech like PERQ.
The leasing team has still not touched the lead at this point because they aren’t ready to be handed off to the team. PERQ understands this and handles all of the leads generated at the top of the funnel and doesn’t hand them off to the CRM until they are ready to be talked to by the leasing team, whether through a tour or to begin the application process.
Personalize Multifamily Lead Automation
Leads are being generated from the website, but as mentioned there are too many to be considered good leads. Automating the lead nurture process allows for that technology to sift through the leads and keep the more serious one’s top of mind. According to data from PERQ’s latest edition of the Multifamily Field Guide, around 30% of renters are looking 1 month from when they would need to move. An additional 40% are looking 3+ months out, half of this being 6+ months out.
Those are still serious leads; they just are looking farther ahead than most multifamily property companies expect. Automated lead nurture is essential to make sure leads further down the pipeline are not lost and so the leasing team doesn’t have to worry about them. They can focus on the high-intent leads that are ready to move within a month as Daniel Paulino from Bozzuto dives into below:
Prospects are looking at multiple property websites which means they’re going to be in a few automated follow up cadences with different properties. To stand out in inboxes, a property’s follow up needs to be more personalized. A feature of PERQ is customizable follow up communication. With PERQ, multifamily properties automated follow up can be personalized to the property’s brand colors and even brand voice.
While today’s consumers expect automation and robotic communication, that doesn’t mean multifamily properties can’t sound more human in their automated follow up. With the data collected from the prospect’s time on the website interacting with all those tools, software like PERQ uses that information to cater the follow up to hit their inboxes in a timely manner. It also knows when to pull back and not overcrowd the lead’s inbox.
How PERQ Increases Lead to LEase COnversion
With better lead generation and automated software, multifamily properties can see an increase lead to lease conversion rate. As mentioned earlier, the success of a salesperson is dependent on the quality of the lead. Leasing specialists are in the position of salespeople at the property. They are trying to get more leases signed and hopefully have lower turnover in the future. This happens when leasing teams can focus on high-intent, quality leads.
When the property website is generating more leads and there’s software in place to collect meaningful data which is then used in automated lead nurture, the overall operational efficiency of a property improves. PERQ has been operating on hundreds of property websites all over the country and has executed more than 4 million consumer experiences through the tools that come with it like a natural language AI chatbot, budget calculator, schedule a tour, etc.
Before PERQ, Dalia Kalgreen, Director of Marketing at Unified Residential, estimated that Unified’s property websites were converting close to 2% of traffic. With PERQ on their property websites, Unified’s website conversion increased 3x in just 60 days. Online visitors are engaged as they interact with the property website and nurtured until they are ready to be handed off to the leasing team. Unified’s leasing teams can work with less distractions and give serious leads a better experience on tours. Dalia estimates that on average they are seeing 325 leads come through PERQ and of that 83% have already scheduled a tour.
Property management companies expect leasing teams to be able to execute their job efficiently. This can’t be done if the CRM is cluttered, and all kinds of leads are being handed to them. With PERQ, multifamily properties operational efficiency improves as leasing teams are only talking to leads that are serious about leasing at the property. Kalgreen goes more into this below: