How to improve lead to lease conversion
Everything you need to know to see growth where you need it most.
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It’s one of the most important metrics for multifamily and property management companies. Lead to lease conversion lets you know whether your marketing efforts, the tech you’ve invested in for nurture and follow-up, as well as onsite team members are all working the way they’re supposed to.
All these things can impact your lead to lease. When it comes to investing in the right tech, leasing AI has started to make waves in the multifamily and property management world. There are a few to choose from that all promise amazing results, but which is the best fit for your property’s needs and budget?
Along with leasing AI comes AI chatbots that are geared toward multifamily. AI chatbots can be either natural language or rule based which can impact the overall experience for the online visitor who is interacting with it. We have a whole post about the difference between chatbots and what to look for when the time comes to invest.
A more engaging website and better follow-up are also key to growing your lead to lease conversion. While some chatbots are single point solutions meant to integrate with other single point solutions, the AI Leasing Assistant is a complete solution with website conversion, lead nurture and follow-up, direct experience links, and a natural language chatbot. This all-in-one means that you only deal with one vendor instead of multiple and there’s no need to worry about if all the solutions work seamlessly together because it’s a complete solution. In the next section we’re going to dive into website conversion and how to sift through all the trash leads so onsite teams can focus their time and energy on qualified leads that are ready to talk, tour, or lease.
More Leads Doesn’t Mean More Leases
There has been a dramatic increase of online leads for multifamily properties everywhere, but not all of these visitors are serious. Some of these are just “looky loos” in the words of Dalia Kalgreen, Director of Marketing at Unified Residential. The “looky loos” are pretty much just online window shoppers. With many people living remote work/learning lifestyles, it’s no surprise that these people are constantly looking for apartments in other cities in their down time for fun.
This creates a problem for multifamily teams who are now getting many more leads and less talks about signing a lease contract. Onsite teams can’t waste time pursuing and nurturing leads that aren’t serious but when your current tech solutions can’t sift through the trash from the quality, it becomes harder for the onsite team to do their jobs correctly.
The AI Leasing Assistant lives on your multifamily website. Through the Assistant and the chatbot, it collects data on the online visitors’ time on your website — from what they were looking at to what they’ve been talking about with the chatbot. With this data, the AI Assistant then nurtures and follow-up with leads and only hands off the quality leads that are ready to talk to a leasing specialist, book a tour, or even sign a lease. The Assistant also gives the onsite team access to all of the data it has been collecting and the conversations it has had with the lead so that onsite teams aren’t left in the dark and can tailor their conversations and tour to fit what the lead is interested in. Let’s get into the next important factor in lead to lease, the follow-up and lead nurture.
How To Follow Up On A Prospect To Lease an Apartment
Following up on a prospect to lease an apartment can be difficult. You don’t want to bombard their inbox with messages, but you also don’t want them to forget about your property. The AI Leasing Assistant’s follow-up capabilities are designed with this worry in mind. It knows when to pull back and when to keep sending messages.
The AI Assistant collects better data which in turn allows for better follow-up that is more geared toward what the prospect is looking for in an apartment. It doesn’t feel generic or robotic, it’s more personalized to the prospect and to the property’s brand.
With PERQ’s AI Leasing Assistant, you can customize your follow-up and lead nurture messaging to be in your brand voice and brand colors. To the right is a sample follow up email to prospective clients in that property’s brand colors and voices. This kind of personalization from automation is a driving force behind today’s consumer buying habits. They expect automation and instant gratification because that is what they’ve grown up with. By using more personalized data and using brand colors and voice to make it feel more put together, these sorts of automated lead nurture make more of an impact with the new generation of renters.
Offering Different Types of Lease
What does that have to do with lead to lease conversion? Offering multiple lease lengths gives some of the power back to the rental prospect. They can choose to lock in the price of rent for a longer period if they choose. This leads to lower turnover and higher occupancy. Personally, as a renter, once I was given the option to choose any number of months between 12 and 24, I never want to go back to just 12-month leases.
For starters, it feels good to know that you don’t have to go through renewing or moving again in 12 months. It also has increased my overall satisfaction at this property. Knowing that I’m here for how long I choose is nice and 12 months goes by fast. Doing year to year is mentally straining on the renter and on the onsite team.
For happier residents, higher occupancy, and leaving a great impression on rental prospects, offering different lease lengths is worth it. It’s more efficient from an operational perspective and it’s better for residents. Some people are contract workers or go to school in programs that are x number of months long. Not all of lead to lease is about the technical aspects of lead nurture and engaging websites, it’s also about making the renter feel like they have some say in their living situation and that they aren’t completely powerless.
To learn more about how the AI Leasing Assistant can help grow your lead to lease conversion, talk to one of our specialists today.