27% LEASES INFLUENCED BY PERQ
5.5% WEB VISITOR TO LEAD
732 UNIQUE PERQ LEADS
The Bainbridge Companies picked two of its apartment communities in the Tampa area to test PERQ’s Web Engagement Solution. Despite launching the interactive AI website software during the slowest leasing months of December and January, the properties experienced a big spike in website visitor to lead conversion.
“It influenced a great percentage of our leases at both properties,” says Heidi Jehlicka, Senior Vice President of Marketing and Employee Development at Bainbridge. “I mean, who tests in this industry during winter? What we saw was fantastic.”
In 60 days, PERQ influenced an average of 27% of leases signed at the properties.
“One of the most impressive takeaways after reviewing the initial results was the significant increase in number of leads,” Jehlicka says. “I also think the data we collected was very impressive, as far as what the customer is looking for — that’s critical information.”
According to Jehlicka, The Bainbridge Companies now plans to continue adding the PERQ product to its other multifamily properties located in 36 markets across several states. “As marketers, we’re often trying to predict what the customer wants,” she says. “With PERQ, now we know what’s important and where to focus.”
Bainbridge chose its urban Tampa community Ybor City and 930 Central Flats in St. Petersburg, Florida, as the first multifamily properties to try out the PERQ software. Between the two websites, PERQ converted 732 unique property website visitors to email leads in two months.
Jehlicka says the AI-driven software makes the online interaction with prospects more conversational and easier to navigate. The website automatically serves up options based on what they indicate they’re looking for in an apartment, making the decision to rent with Bainbridge less complicated and therefore quicker.
“If I’m shopping for a pair of black high heels and tell the salesperson I want a half-inch heel in this size and style, and they hand me the exact pair of shoes I’m looking for, why would I keep searching?” Jehlicka explains. “I’m getting everything I wanted. It’s the same for the renter who gives us all of the details on what’s important to them in a home.”
The property management company collects data on each visitor who uses the interactive assessments and tools on the property websites, such as Floor Plan Match, Rent Calculator, and Community Fit Assessment. Bainbridge not only gathers great insight into what renters in the market want as a whole, but also specific details on each lead to help leasing agents when reaching out to those prospects or giving them a tour they scheduled online.
“It’s an experience that really engages the customer,” Jehlicka says. “The built-in technology gives them options, so they’re not just looking at a website. It’s an experience where the end user feels like they’re having a conversation with us.”
By tracking prospects across multiple sessions and devices, gathering 5x more lead data than average websites, PERQ Web Engagement delivers valuable analytics Bainbridge can use to make better, more efficient marketing decisions. “We’ve got a lot more intelligence on these two properties,” Jehlicka says. “We’ll continue to add communities, so we can be better.”
She says reviewing PERQ’s in-depth analytics made her realize the lack of data and transparency they were relying on previously. “We’re going to explore some major Google Analytics training. Prior to having PERQ as a partner, we were just trusting our pay-to-click vendors and not getting enough data in return. Now we can have higher-level conversations and make better decisions.”
Leads at 930 Central Flats jumped from a benchmark of 6 website email leads per month to an average of 269 website email leads per month with PERQ. Influencing 25% of all leases in the first 60 days, PERQ’s cost per lead conversion for the property equaled $1.97 and cost per lease conversion was $95.45.
Influencing 29% of leases at Bainbridge Ybor City during that time, the property website went from 26 monthly email leads to an average 96 monthly email leads. Cost per lead conversion totaled $5.61 and cost per lease conversion totaled $150. That’s significantly lower than the industry norm for lead generation costs.
“PERQ resulted in significantly lower per lead and lease costs,” Jehlicka says. “Our costs per lease using PERQ are far better than any other solution we’re currently using.”
Not only did their costs to acquire go down, the interactive website software freed up valuable time on their leasing agents’ calendars. “We can use that time to focus on a lot of other things instead of manually nurturing and chasing leads, like taking care of the customer and giving better tours.” Jehlicka says. “When prospects come to us after visiting the website, they now know exactly what they’re looking for, which increases our likelihood of leasing.”
“As marketers, we’re often trying to predict what the customer wants. With PERQ, now we know what’s important and where to focus.”
Heidi Jehlicka, Sr. VP of Marketing and Employee Development