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3 Ways a Prospect Management System Secures NOI for Multifamily

On Apr 27, 2016 12:00 PM

3 Ways a Prospect Management System Secures NOI for Multifamily As a multifamily property manager you’ve experienced more than 6 years of the best Bull Run in apartments and occupancy, yet it’s still critical to look ahead. After all, what’s working today, may not work tomorrow. You should always want to stay competitive.

A good prospect management system can help you get up to speed with the changing marketplace and it can even help you tap into other areas that have the potential to drive NOI, no matter what’s going on in the economy.

Let’s look at that changing marketplace: today’s prospects shop and lease in very different ways than they did 6 years ago. In 2016, they call, email and text at all hours of the day and night. In our 24-hour, always connected world, they expect an immediate response through the communication channel of their choosing. When they don’t get it, they move on.

According to the Insights on Multifamily Lead Management report, 40-60% of calls are not answered even during normal business hours. You also most likely know that most prospects won’t leave a message and instead, will call the next multifamily operator on their list. Even if they do leave a message, will your leasing agents get back to them in a timely manner?

An August 2014 study of 31 “name brand” operators found 16% of leads were never responded to and 32% received a generic computer generated response.

If you haven’t addressed your process around lead conversion and know exactly which channels are bringing you the best NOI, then you’re leaving profits behind now and in the future.

Today’s lessees live in a highly customized world. Their expectations are high. The best property management software will help you meet their expectations and improve your lead conversions.

After all, it’s impossible to create more demand for multifamily housing; yet, you can maximize the existing demand and increase your lead-to-lease conversions.

3 Ways Online Property Management Will Improve Your Lead-To-Lease Conversions

1. You’re Responsive

You can close the lost leads gap by ensuring your prospects receive timely (and customized) communication in the way they expect.

Here’s an example, your prospect can send a text message or an email inquiring about pricing and availability, they can received an automated (and immediate) response thanking them for their inquiry. That response can provide the needed information and invites them to call to set up an appointment.

This ensures no lead goes ignored. It also gives them the initial information they need in order to take the next step.

If they call, they’ll reach knowledgeable contact center representative who not only answers, but also is capable of delivering the knowledge and information your prospect wants. Additionally, your contact center representative can deliver this information in such a way that they’re able to maximize the probability of a qualified appointment and lease.

2. Prospect-Centric

The best intelligent relationship management platform will help leasing associates take the right action at the right time with the right people. It’s people-centric, not property centric. What are the prospect’s needs and biggest desires in her new home? A knowledgeable contact center representative will be able to have a conversation with the prospect to find out what she’s truly looking for in a lease.

For example, what if your prospect calls and asks about the availability of a three-bedroom apartment and the leasing agent says you have a two bedroom available with an alcove. If your prospect says, “thank you” and hangs up, her needs haven’t been met and you’ve lost a potential lead.

In another scenario, your leasing agent could have asked a couple of questions, learned the prospect had three children she wanted to put in two bedrooms while she took the third and if your apartment community didn’t have that available, your leasing agent may be able to recommend a sister apartment community.

 3Data 

Intelligent Relationship Management Software gives you clear, accurate and timely data that allows you to positively identify the lead generation sources that work best, what messages connect with your prospects and how to improve the overall leasing experience.

It will also help your leasing agents track their actions and tie their efforts to outcomes.

That means you know which methods and people are delivering the best results. It helps your leasing agents become more productive and work with prospects who are the most interested in your apartment community.

When you put these together, you’ll have an up-to-date leasing process that maximizes your lead-to-lease conversions and improves your NOI because you’re meeting your prospect’s expectations, you know which marketing sources perform the best and you have data on all of it.

We increasingly live in a data driven world. Yes, it takes time and energy to invest in making changes and implementing property management software but it improves your NOI, now and in the future.

Have you adopted a data-centric leasing model? If so, please share in the comments below how it’s changed your business.

If you haven’t yet adopted a data-centric leasing model, consider that lead capture and conversion are the two most important activities that impact your NOI. Don’t you think it’s time to have a system for maximizing conversions?

Driving NOI Growth in Multifamily

Topics: NOI, Prospect Management