Press Release: 76% of Consumers Visiting Multifamily Websites are Deep in “Research Phase,” Yet Many Property Management Companies Are Ignoring Them5 min read
Analysis from PERQ reveals that rental prospects who are welcomed to a website and asked online questions about their lifestyle needs, and offered interactive tools, engage more deeply and are more likely to schedule property tours.
Indianapolis, IN – March 18, 2019– The majority of consumers visiting property management websites are engaged in extensive research and are 90 days from being ready to rent, according to new data from tens of thousands of consumers on multifamily websites. The data, which was gathered and analyzed by PERQ, has significant implications for the many multifamily websites that offer a single point of interaction on their websites and aren’t engaging valuable potential prospects by showing off the property’s unique amenities, surrounding community, or giving them tools to help them in their search online.
PERQ, who are experts in online consumer engagement and behavior, found that while 45% of these consumers are deep in the research phase, and 31% want to sign a lease in 30 days, only 25% are ready to make a decision within two weeks. So, websites that are not distinguishing where a visitor is in his/her research journey, and are failing to gather data on visitors’ specific needs, run the risk of losing those rental prospects. While most multifamily websites offer a basic ‘contact us’ lead form as the only direct interface with website visitors, this research demonstrates that increasing those points of contact — by enabling visitors to choose the right floor plan, explore the local community and calculate average monthly costs — increases the likelihood of scheduling a property tour and, ultimately, signing a lease.
“Today’s average renters are not only more tech-savvy, which means they demand much more of the websites they spend time on, but they are also more likely to be ‘lifestyle renters’ who are renting out of preference versus necessity — factors that indicate that the more a multifamily website can showcase its property and engage with each individual consumer, the more comfortable that consumer will be about scheduling a tour,” said Andy Medley, CEO and co-founder of PERQ.
PERQ’s data also reveals that, of rental prospects who scheduled tours on multifamily websites, 72% also interacted with the site in another way, increasing the length of engagement on the site to an average of 12 minutes and 41 seconds.
Nolan Real Estate, a management company with properties in Illinois, Kansas, Missouri and Texas, is experiencing improvement as a result of amping up engagement on their websites. “If a prospect engages with multiple experiences, we are winning the hardest part of the digital battle,” says Caleb Bartlett, Digital Sales and Media Manager with Nolan. “We have increased the likelihood of them taking that next step in the sales cycle.”
Key Multifamily Online Consumer Data
- 45% are in research mode – 90 days before they are ready to rent
- 31% are ready to move in a month
- 25% want to make a decision within two weeks
- Websites offering multiple consumer interactions report a 3X lift in the time consumers spend on site
- 72% of consumers that scheduled tours, also used other tools and assessments online
- Websites that interact with consumers are 6X more likely to convert traffic into a tour
Until now, property management companies have had few options to engage these research-driven consumers on their websites beyond a costly re-architecture of their website. But new tools like PERQ’s AI-driven, interactive experiences – which can be activated in 45 days or less with a single line of code – are enabling them to create a more engaging, personalized and interactive Amazon-like shopping experience that lets consumers view floorplans, check out community amenities, calculate average rental costs and more – all while asking key questions that guide them with relevance along their rental journey and into the leasing office. At the same time, it enables property managers to gather important data to fuel a more effective engagement when prospects come into the leasing office. The software is also able to identify consumers wherever they access the website so, if they used a desktop for their initial search and then switched to a smartphone and back again, multifamily websites powered by PERQ can continue a personalized dialog, never repeating experiences or asking questions twice.
Download, PERQ’s Consumer Insights Report here.
Founded in 2001, PERQ (www.perq.com) solutions are used by more than 1,000 businesses in the home furnishing, auto retail and multifamily industries. PERQ’s artificial intelligence-powered digital marketing software helps clients better engage with consumers, capturing unique user data that is leveraged in personalized marketing campaigns to increase conversion and sales. PERQ’s brands have been named to the Inc. 500 Fastest Growing Companies in America list on three separate occasions. PERQ won the Gold Stevie® Award for lead generation software and Product of the Year in the Big Business Awards (2017). In 2018, the company won the Gold Stevie® Award for Entrepreneur: Founding Team of the Year and a Best in Biz Silver Award for Fastest-Growing Company of the Year – Medium. PERQ has also been named on the Indy Star Top Workplaces three years in a row (2016, 2017, 2018).
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