Keeping Your Multifamily Community Ahead of the Local Competition7 min read
Every market varies slightly when it comes to the type of renter seeking an apartment, how much they’re willing to pay, and what amenities mean the most to them. How well do you know the prospective renters for each multifamily property you manage or oversee at a regional level?
Properties in your portfolio can leverage these market variables to edge out the local competition by analyzing all of the online data prospects provide during their search for an apartment community to call home.
More than 80% of rental prospects start their apartment search online, according to the newly published PERQ Multifamily Field Guide, which analyzes 193,000 consumer responses from nearly 320 multifamily property websites.
With so many renters starting their research of apartment communities online, staying a step ahead of the local competition means constantly improving the property’s website experience, and successfully using the lead information you gather online to nurture prospects until they’re ready to sign a lease.
“We use both the individual data and aggregate data to help us make sound decisions during the leasing process, but also to be sure we’re catering to our current resident base as well,” says Katrina Greene, Senior Regional Manager at Sheehan Property Management, which utilizes PERQ’s web technology to collect leads and their personal preferences, while guiding prospects in the rental process.
Add AI Technology to Property Website to Gather More, Detailed Leads
It’s a challenge to capture the attention of prospective renters with so many other property websites vying for it. Busy consumers want websites to be responsive, intuitive, informative and helpful — or they move on to the next site in a quick click.
By adding AI-driven technology to a property website, visitors enjoy an interactive and personalized shopping experience similar to what giant e-commerce retailers like Amazon deliver, and what savvy consumers say they’ve come to expect from brands competing for their money and attention. Provide that experience on a local level to make your property stand out in a crowded multifamily market.
“At one property, we know as many as 40% of our current residents engaged in a PERQ experience,” Greene says of how well the interactive software converts online leads. The information gathered on those now-residents comes in handy when planning new community perks that appeal to current renters, and when it’s time to encourage those residents to renew their leases.
Engaging visitors with a hub of useful planning tools and assessments designed to help renters find their ideal apartment boosts the time spent on the site, which in turn increases brand awareness and how much information the property managers receive in real-time from interested renters.
Highlight In-Demand Apartment Amenities: Online & During Property Tour
With the assistance of AI technology, leasing teams receive lead information on everything from a prospect’s preferred floor plan and move-in timeframe to how many kids or pets they have, what they like to do in their free time, and types of businesses they want in their new neighborhood. It gives properties both a granular view of a specific renter’s journey and a holistic look at what renters in that market value most.
Renters rank in-unit laundry as the most-desired feature in an apartment, followed by modern appliances and walk-in closets, according to the Multifamily Field Guide. It also showed 81% of prospects are a month to 90 days out from wanting to move in — a 13% increase in the number of renters looking at apartments while at least three months away from signing a lease since PERQ’s previous insights report in 2018.
Property management can use that online intel to personalize their lead follow-up approach through automated lead nurture email and text messages sent to website leads, keeping the property top of mind as they finalize their decision.
During tours, leasing specialists should strive to highlight that particular property’s most popular amenities as well as any must-haves the prospect revealed while researching online. Properties can also prominently feature a property’s top-ranked assets on the website, in digital advertisements and on social media, based on the new data streaming in from the website’s interactive experiences.
Target Prospects: Use Marketing Cloud Insights to Meet Local Demand
By tracking leads from all of those various online platforms and linking them to individual website visitors in a cloud-based CRM database, properties can finally account for multi-touch attribution and easily view a prospect’s entire online journey.
That comprehensive profile data, when stored and analyzed within an AI-driven Marketing Cloud, delivers in-depth insights into which featured amenities drive the most traffic, what online platforms convert the best, and the ROI of all of a property’s digital marketing campaign, including the cost per lead and for each lease converted.
When powered by AI technology, a marketing cloud offers machine learning capabilities to identify the ideal prospect and continuously tweak a property’s connected digital marketing accounts automatically. Based on the property’s own data and millions of other data points stored in the cloud, the centralized analytics predict the type of renters most likely to lease there, along with the common attributes and actions taken by those prospects and where to successfully target them.
Pouring over the online consumer data helps property managers identify what nearby activities and amenities attract local renters, so they can focus on building relationships with those types of businesses in the area and plan events that best cater to renters’ interests.
“The ‘Explore the Area’ assessment provides data regarding their preferences on favorite activities,” Greene says. “Our reporting may show that a prospect, for example, is interested in sporting activities and shopping. We are sure to highlight proximity to these preferred places, and with residents, it helps us to determine what social functions will appeal most to them.
“We may organize a viewing party for a big football game at our clubhouse, or post coupons for the outlet mall on social media as a result of the data.”
Across the nation, 20% of renters picked “social activities” as their top priority, according to the PERQ multifamily data. Shopping and outdoor activities tied for second place at 17%, and family activities (12%) and pets (11%) rounded out the list of favorite activities prospects enjoy most, giving property managers at those surveyed properties a good idea of their residents’ main priorities and lifestyle.
“We have found the questions we ask online helps us tremendously on centering in on the prospects’ likes in reference to social activities,” says Trent Jones, Regional Marketing & Training Director at The Worthing Companies based in Atlanta. “This gives us a great opportunity to cross-market with restaurants, shopping, outdoor activities, etc.”
Coupons Convert Leads: Pricing Ranks Top Priority Among Renters
Incentives drive impressive lead-to-lease conversion results because two-thirds of renters put pricing above all else when picking an apartment. The PERQ data discovered multifamily properties that presented online prospects with a coupon or offer, such as free month’s rent for signing a 12-month lease, increased lead conversions by 73%.
Of the prospective renters surveyed, 67% said pricing was the biggest factor in their decision on where to sign a lease. Play up the community benefits and utilities included in the rent price, and offer creative budget incentives like discounted dog walking services for residents arranged through a local provider.
At one apartment community managed by The Worthing Companies, Jones says 60% of the prospects clicked restaurants as a favorite place to visit in the neighborhood. “This gives us the knowledge to do a perks program for discounts with restaurants nearby, and even host events at different restaurants for the residents,” Jones says.
The PERQ Multifamily Field Guide contains multifamily insights, regional trends, renter profiles, and self-proclaimed pain points others in the industry face and how to solve those common challenges using AI-driven technology. Click below to request your copy of the full Multifamily Field Guide.