Convert Leads in Multifamily with Data-focused Demand Generation
In multifamily marketing, more leads equals more leases, right?
If the number of web hits, emails, texts and calls could determine the success of a property, America’s multifamily properties would be happily stuffed with tenants year-round. But only about a quarter of leads are sales-ready, and the other 75 percent require follow-up communications that often lead to a dead end.
When leads aren’t converting, operators often ignore the data and go straight to the pricing. But devaluing a property with cheaper rates isn’t the only solution to vacancy exposure, multifamily experts say. Operators need to stop looking at the numbers and start looking at the quality of the leads.
But just how do property managers look past the numbers and capture the most ‘qualified’ leads? First, by fixing what experts call the “leaking demand funnel.” Often, managers’ marketing and advertising efforts don’t deliver enough qualified leads to fill that demand funnel. And in some cases, it isn’t ‘what’ is responsible, but ‘who.’ Here are four tips for keeping your team on top of conversions:
1. Keep your leasing associates accountable
Onsite leasing associates—the “boots on the ground” at every property—are usually the first point of contact for new tenants. They play a critical role in conversions that managers can’t afford to overlook. With the high turnover of leasing staffs, it’s easy for poor performance to slip through. Leasing associates who miss calls entirely or fail to collect information from prospects are the culprits behind lead failures. If the leasing staff doesn’t prioritize leads, they’ll miss the chance to focus on the prospects who are the most likely to convert and kill upcoming demand.
2. Do performance reviews
Onsite leasing teams go, performance reviews are an absolute must. Recording and scoring all interactions leasing teams have with prospects can help operators troubleshoot any issues in performance and implement any training. Accountability with leasing staff is key to driving conversions.
3. Don’t pull the pricing lever unless absolutely necessary
Performance data is another critical factor for marketing and advertising to analyze how effective their channels are at getting qualified leads. Their analysis helps managers sift the wheat from the chaff and deliver high ROI.
Resist the temptation to pull the pricing lever. Not until the demand management issues with marketing and operations have been fully investigated should any manager touch a property’s pricing.
4. Build an company dedicated to high conversion rates
When it comes to company culture, the power of collaboration pulls off the big win. When marketing, pricing and operations teams come together to look at data, they can view demand management holistically and point out the issues (other than pricing) that are leading the company to low conversion rates. Building a culture of accountability is crucial. Get your team to leverage marketing integrated data and revenue management to go beyond seeing the problem, and encourage them see solutions instead.
For more capturing quality conversions with demand generation, leveraging conversion performance data to better train staff, and find out where a demand funnel may be leaking, join Dustin Schwarz, Merrcy Moore, Sherry Reed and Samantha Skrobot at NAA Apartmentalize 2018 in San Diego, Calif. for “Stay Calm & Demand Funnel On: Strategies that Drive Conversions.”