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3 Tips to Help Embrace Technology and Improve Your Multifamily Profits

On Aug 31, 2016 12:00 PM

3 Tips to Help Embrace Technology and Improve Your Multifamily ProfitsAs a multifamily operator, you have limited control over the demand for multifamily housing, but you have the opportunity to improve your NOI with multifamily technology.

Modern, prospect-centric technology helps you connect with customers on their terms. When you’re accessible through your prospect’s preferred channel with the information they want 24/7, and you’re able to convey that information in a way that increases the likelihood of a qualified appointment and lease, you have a competitive advantage.

Below are 3 areas of focus that will give you a framework to maximize your apartment leasing opportunities with multifamily technology.

1. Unit Specific DNA for your Contact Center

It’s essential to respond to your prospects when they want to connect with the information they need while delivering it in a way that maximizes the probability of a qualified appointment and lease.

For example, when associates speak to a prospect, it’s important to remember that prospects are people looking for their next apartment home. That means they want to be treated as a person and not as guest card. They may want to know about specific apartment features and amenities, not just the floor plan level detail. The neighborhood also plays an important role. The right technology can help your associates visualize the neighborhood and the details and answers to potential residents.

For some, schools and nearby playgrounds are important while others are interested in coffee shops and restaurants. When associates focus on the prospect, and have useful technology at their fingertips, they’re able to answer the questions that will guide prospects to make the best decision.

The right tools mean a higher lead-to-lease ratio.

2. Prospect-Centric CRM 

Dashboards and actionable reports give you the insight you need to make effective decisions.

A data-driven multifamily technology tool provides a central place to design, manage and track every action through the leasing and resident process. Imagine a prospect-focused CRM that automates your marketing through email nurturing, your sales processes through daily task management and integration with Outlook and Gmail. Of course, your associates can also benefit from an at-a-glance view of scheduled showings, move-ins, and service requests from current residents. When your technology prioritizes tasks for your leasing agents, they’re able to be more efficient and help your prospects find their new home quicker.

The result of prospect-centric architecture shows you how many leads you have at any time and where they are in their decision making process. It also shows you if you have enough leads in the pipeline to keep your apartment homes leased. This information helps you make more effective marketing decisions such as knowing which channels are your best sources of leads.

3. Self-Service for Your Customers

Prospective residents have a smartphone but they may not want to use it to make a phone call to book a showing. Rather, today’s prospective residents want to email or live chat to schedule a booking. You can make scheduling a tour even easier for them with an on-line widget added to your site that will work as a tool at their fingertips to help them to pull up availability to see an apartment home and schedule a tour without ever calling or emailing.

When this widget is fully integrated with your CRM, it means all prospect data is tracked and recorded within your lead history so you don’t lose leads.

Modern Technology Can Help You Maximize Your NOI

A modern lead management system focuses on the prospect, rather than the property and automates as much as possible so your associates can focus on the right lead at the right time with the right information. Today’s technology allows you increase NOI through a combination of automation and actionable data that ties efforts to outcome, which will position you to improve your NOI because you have the data that shows what’s important.

We’ve seen some operators decrease their marketing spend by 20-50% without reducing leads.

All because they have a prospect-centric CRM that allows them to take the right action at the right time supported by the data they need to make effective decisions.

Download The Last Frontier: Driving NOI Growth in Multifamily for more information on how today’s changing technology impacts your future profit.

 Driving NOI Growth in Multifamily 

Topics: Multifamily Technology