PERQ Renter Data Shows Which Resident Events Ideas Are Worth It

Recent reports show that Millennials have the lowest rate of homeownership when compared to the generations before them. When surveyed, 18% expressed that they believe they will be renting for their whole lives. This number has only continued to increase in the last few years.

 

Today’s renters are viewing apartment communities with a different lens than generations past.

 

So, what does this mean for your onsite multifamily teams?

Women working around a big laptop

 

One way to keep residents happy is to cater to their need for community and one way to accomplish this is through fun and creative resident activities ideas for apartments, like virtual event ideas and in-person gatherings to giveaways and promotional experiences. However, with all the other tasks your onsite team is managing, they may not have the time to decide what activities are best for your community to get residents to participate and enjoy themselves.

 

Luckily, some of the guesswork of what residents want can be taken off your team’s plate. PERQ’s Multifamily Field Guide gathers data from over 4 million consumer responses through our leasing automation platform powered by an artificial intelligence (AI) decision engine that lives on over 1000 multifamily property websites all over the nation. The Field Guide offers multifamily property management companies (PMCs), like yours, an inside look into what renters want.

 

Below are a few examples of the kind of data we collect and how your team can interpret it to come up with the best resident activities for your communities.

 

 

SHOPPING AND SOCIAL ACTIVITIES

On a national level, when it comes to activities renters enjoy the most, shopping and social activities are tied for the number 1 spot. There are plenty of fun resident activities and events that can be centered around shopping and socializing with others including:

  • Pop-up Shops
  • BBQ Cookout/Tailgate
  • National Food/Beverage Days Celebration
  • Cornhole Tournament
  • Food Truck Fridays
  • Puppy Play Date

 

Your communities could partner up with local businesses in the area to do a farmer’s market style pop-up shop event. If the weather allows this can also be done outside. Residents can shop around, talk to one another, and bring their friends and family along. This is a great way for residents to also show the property to others they know who may be looking for their next rental, which could be a great referral opportunity! This kind of event allows for the property to increase resident satisfaction while also fostering relationships with local businesses.

 

Whether it’s the pop-up shops or hosting a Food Truck Friday, be sure to take photos and videos for your property’s website and social media. Events come and go. Being able to show prospects through your website or on your social media actual footage of past resident events gives them a better idea of life in your community.

 

 

VIRTUAL EVENTS

We do live in a world that is ever changing when it comes to whether in-person gatherings are best for everyone given the COVID-19 pandemic. And virtual resident events are still a great option for the colder months and for more casual events. You can host a monthly bingo or trivia night for residents with prizes for the winners. The prizes can be anything from gift cards to local shops in the community or tickets to an event happening in town.

4 friends hanging out on video chat

 

Outside of virtual game nights, you can even host virtual book/podcast clubs. Send out which book or podcast that will be covered in your monthly resident newsletter that way everyone can be prepared.

 

 

This kind of activity is still social but allows for residents to connect with each other on a deeper level. The best part about these virtual events is they can be shifted to in-person when the time comes.

 

You might be wondering if it’s worth doing resident events at all.  However, with more renters staying in the rental market over owning a home, fostering a community at your property is imperative for resident retention and satisfaction. This is your residents’ home and with renters looking to do social activities, creating that space at your properties is essential.

 

Remember, we have the data to help your team select resident events that make the most sense for your communities. Access our full renter data report to get a deeper dive into what your residents and prospects are looking for.

 

PERQ integrates with your existing website and lead sources to engage, nurture and convert every lead, improving the multifamily leasing journey for everyone. Learn how it works or request a demo.

The Exact Science of Cost Per Lead and Cost Per Lease

Multifamily PMCs often manage to a measurement of the cost per lead or the cost per lease.  The average spend varies widely and is reportedly on the rise. Whether you manage one or both of these metrics, if you’re not comfortable with what you see, you need to take action. 

 

Cost per Lead refers to the average cost of each of the leads you create.  It is calculated by taking your marketing spend and dividing it by the number of leads you generate.  Many PMCs look at this number by their different advertising sources.  It’s widely reported that this number is on the rise due to expensive ILSs and it varies greatly by PMC.  Each PMC has a number it can tolerate and still meet management’s important NOI numbers and this often dictates marketing spend. 

 

Cost per lease takes the same spend but divides it across the number of leases signed.  This number, like cost per lead is also rising and PMCs often like to look at both numbers to get a sense of what’s happening with their marketing spend. 

 

The fact is, if you’re not happy with your marketing spend, you really only have 2 options: 

  • Improve your conversion numbers across the lead funnel, so you need less leads to achieve the same outcome 
  • Improve your conversion on website leads because these “free” (sometimes called “earned” vs. paid) leads can be a replacement for higher cost leads from other lead sources, allowing you to turn down your marketing spend. 

Man working at home with boxes all over.

 

Improving Conversion Numbers 

Improvement of conversion numbers can only happen in a few ways.  Your contacts convert to tours at a higher rate. And your tours turn into signed leases at a higher rate. 

 

Often, conversion rates suffer when the leads that are moving through the funnel are not properly qualified.  This has become particularly challenging in recent times because today’s multifamily rental prospects are more digitally savvy and accustomed to buying online than ever before.  

 

Their buying behavior has changed. They crave information to learn on their own and explore the options before they decide to tour or speak with a person.  This has led to multifamily treating rental prospects like they are tour ready when they’re actually just following their modern shopping approach.  We have a bad habit of calling these folks “Looky Loos” but many of them are real buyers, just on their own timeline.  So as a first step in considering how to improve conversions, you should take a look at how you’ve been managing your leads and be honest about whether you’re doing the right thing for your prospects  

 

Improving your Website Performance 

The previous paragraph about buyer behavior holds true on website leads too.  Your website is is your PMC’s greatest marketing weapon because it is a low-cost asset compared to the leads you generate from leads sources.  The ability to generate more leads from your website can help improve your need to spend money with advertisers and will lower your cost per lead and cost per lease if you get really good at website conversion. 

 

But getting your website to convert better for you is a maturing science.  Consumers are now used to the kind of digital engagement they get from other consumer brands.  In short, they want and expect engaging and interesting content that is relevant to them.  Consumers live in a world where much of what they see is personalized to them, reducing their need to search.  And they’re used to interactive online experiences that go beyond static pages to engage them in more interesting ways. Plus, they expect a unified, consistent experience from the brands they choose to buy from that goes across all their favorite channels. 

 

A first step to improving website conversion is to evaluate your website and be objective about how engaging it is.  In reality, if you’re not seeing great time on page, repeat visions, or tours from website leads then those are all signals that your site needs to be more engaging. 

 

 

The Solution 

perq platform collage | PERQ AI Leasing Assistant

 

PERQ was invented to solve for both conversion metrics and website performance.  A next-generation technology for multifamily, PERQ engages prospects from your website and lead sources and nurtures those leads with interactive website experiences, cross-channel natural language chatbots, and SMS and email personalized nurture outreach, all powered by an AI decision engine that gives every renter exactly what they need along the renters’ journey until they are ready to tour or request to speak with a person.  PMCs using PERQ enjoy more leads and leases from their website, higher conversions form their lead sources, cost savings on their marketing and operational spend, and consistent consumer experiences that delight prospective renters. 

 

PERQ integrates with your existing website and lead sources to engage, nurture and convert every lead, improving the multifamily leasing journey for everyone. Learn how it works or request a demo.

Why Multifamily Needs Nurture

Managing multifamily leasing activity has never been more painful.  While it’s commonly expressed in different ways, 

  • My leasing team is not following up on leads 
  • Leads are falling through the cracks 
  • We have too many “looky Lous” 

 

Chances are it sounds familiar to you.  

Women frustrated while working

 

The conundrum is that you’ve generated more leads than the team can handle, but you also need to keep that volume going to ensure that enough leases get signed to maintain your occupancy numbers based on current conversion rates.  But that’s not actually where the problem starts. 

 

The actual root cause stems from the way we have been managing leads in multifamily. It no longer works for today’s rental audience.  

 

 

Why Multifamily Lead Management Needs Change 

The COVID-19 pandemic changed a lot for consumers. The need for isolation meant more needed to happen online, and consumers became more digital; embracing technology in new ways to research and purchase everything from groceries to cars.  With so many people spending more time at home, a great many of them decided to relocate to more a suitable place for their new situation, leading to a surge in leasing activity unlike anything we’ve seen before. With more young renters and those that are new digital buyers all in market for apartments at the same time, leasing activity began to shift to be more online. 

 

As the volume of renters in the market rose, supply and demand changes forced those renters to begin exploring their options earlier.  In fact, a recent PERQ study indicated nearly half of renters begin looking online 3 or more months in advance, a change over prior years’ results. 

 

In multifamily today, leads are passed directly into the CRM as soon as contact info is known.  The leasing team is expected to contact them and work that lead into a tour and lease.  But the renters aren’t ready for a tour or lease: their shopping behavior has changed 

 

Since today’s apartment shopper is looking months in advance and doing considerable research on their own before they are ready to tour, we need to be able to engage with them the way they want.  They want to look into multiple properties, understand neighborhoods, compare floorplans and rental rates to develop a short list. But, multifamily teams are not equipped with the staff to engage with these shoppers in this way. It’s simply more than leasing teams can handle. 

 

 

The Solution 

 

perq platform collage | PERQ AI Leasing Assistant

PERQ was invented to solve for all of this.  A next-generation technology for multifamily, PERQ engages prospects from your website and lead sources and nurtures those leads with interactive website experiences, cross-channel natural language chatbots, and SMS and email personalized nurture outreach, all powered by an AI decision engine that gives every renter exactly what they need along the renters’ journey until they are ready to tour or request to speak with a person.   

 

Multifamily leasing funnels that nurture leads enjoy higher conversions and lower marketing costs. 

 

The results: increased leads from your website, increased conversions from lead sources, higher quality tours and increased lead to tour conversion; all helping to drive down the cost of paid leads and optimize your leasing funnel. 

 

 

In Conclusion

Today’s multifamily rental prospects are more digitally savvy and accustomed to buying online than ever before. They crave information to learn on their own and explore the options before they decide to tour or speak with a person.  And they are used to the kind of digital engagement they get from other consumer brands.  In short, they want and expect engaging and interesting content that is relevant to them.  And they expect a unified, consistent experience from the brands they choose to buy from — across all their favorite channels. They want to be nurtured. 

 

PERQ integrates with your existing website and lead sources to engage, nurture and convert every lead, improving the multifamily leasing journey for everyone. Learn how it works or request a demo.

A Sweet Surprise: Woman wins $25K through PERQ Sponsored Sweepstake

 

Farmers Home scaled e1620138439150 | PERQ AI Leasing Assistant

It was a sweet, unexpected surprise for Shirley Salter as she found out she was the winner of FATWIN’s $25,000 sweepstake sponsored by PERQ. Shirley, a resident of Monroeville, Alabama was presented the winnings on April 22nd, 2021 at Farmers Home Furniture. This comes after Shirley was randomly selected after she completed a “Scratch and Save” online entry on the Farmers Home Furniture website, who leverages PERQ software, in September of 2020.

While shopping on the stores website, a pop-up scratch and save promotion appeared. Not thinking much of it, Shirley filled out the form and forgot all about it shortly after it was complete.

“I got a few emails and calls saying I was the winner of $25,000,” Shirley recounts. “I immediately thought this was a scam as nothing like this ever happens to me. I asked for a timestamp of my submitted form, and when I received the confirmed information, I was in complete shock!”

 

Group Photo scaled e1620138513659 | PERQ AI Leasing Assistant

Robbie Cook, Director of Marketing and Advertising for Farmers Home Furniture was delighted to know the winner came from their stores. “We are thrilled to be able to help bring this opportunity to one of our customers and help change their life forever,” says Cook.

“My advice for anyone hesitant about entering the FATWIN Sweepstakes when they see it, do it! You never know when you could be the big winner.”

Shirley says her first big purchase is going to be a new refrigerator. After that, she is looking to take a much needed vacation with her family. “2020 was a tough year for everyone and I am so thankful this opportunity presented itself, it will be a huge help to me and my loved ones.”

 

 

Apartments on the Go: Ethics of A Digital Brand — Muhammad Yasin

apartments on the go e1619640856331 | PERQ AI Leasing Assistant

PERQ EVP of Marketing, Muhammad Yasin, sat down with Apartments on the Go, a podcast all about the apartment industry. From the latest trends to industry insights, this podcast has everything you need to be up to date with all things multifamily. On Episode 45, Muhammad talks about authenticity and what it means to focus your energy on who you are.

Listen to the episode here: Apartments on the Go: Ethics of A Digital Brand — Muhammad Yasin

Listen to Apartments on the Go: Apartments on the Go on Apple Podcasts

 

For more information and resources about AI Leasing, take a look at some of our blog posts

 

Additional Multifamily Resources

  • There are many challenges presented from data; learn how others start understanding and embracing data.
  • Learn from Irina as she breaks down the basics to this now fundamental discipline, learning sales enablement while giving listeners a plan to start.
  • How do you ensure that your online actions lead to in-store purchases? In an era of smartphones and digital accessibility, learn what leads customers to purchase decisions.
  • Changing communication norms have created the need for companies to evolve how they engage with customers. See how Sheehan Properties embraced technology to cater to each and every potential renter.

CEO Andy Medley Reflects on PERQ’s Development and Focus on Culture

perq fam | PERQ AI Leasing Assistant

PERQ’s co-founders Andy Medley and Scott Hill didn’t have backgrounds in tech or in multifamily when they decided to create their first company in 2001. In 20 years, Andy and Scott have seen so much growth and have entered new markets that they didn’t originally plan to go into. Andy sat down with Rachel Smith at Elevate Ventures and reflected on PERQ’s development and talked about how he has helped create an award winning company culture.

 

Learn more and read the full story here: CEO Andy Medley Reflects on PERQ’s Development and Focus on Culture