What if dollar for dollar, you could account for your marketing spend and know where your greatest numbers of lead-to-lease conversions come from? How would that affect your NOI?
You’d be able to dial in on your most profitable channels and jettison the rest. You’d also be able to better track the process of lead management once prospects are part of your sales cycle. Once you connect marketing activities to sales activities, you can connect leasing results from your actions.
Actionable data improves NOI because it focuses on quality over quantity. Many apartment-leasing communities overspend on their multifamily marketing because they don’t know their best source of leads. They also don’t have a good process in place for follow up.
After all, most multifamily operators receive more leads than they can ever handle. The sheer volume of calls and emails can leave even the most seasoned leasing agent feeling overwhelmed.
You can improve your NOI through good multifamily lead management that addresses the way prospects shop and lease in today’s world. You can make sure you respond to every lead through a mix of customized (and automated) messages that would help your prospect make the next logical choice for them.
Better yet, this approach enhances your leasing agents’ productivity, because they’re spending time with prospects that are most interested in your apartment community.
So much of multifamily marketing is unaccounted for. In the past, it was difficult to track the marketing spend and tie it to specific leads but that is no longer the case. In many instances we’ve been able to slash marketing budgets 20-50% and improve lead-to-lease conversions.
Of course, to get results like this, you need solid data. The type of data that is available with the best property management software.
Track Your Lead-To-Lease Data for Optimum Results
Without the ability to gather good data and have it consolidated in one place, you run the risk of making “gut” decisions. Those often include overvaluing a community or overspending on marketing.
The problem is, without consolidated data, you don’t know where your dollars are most effective and you know there are gaps but you don’t know how to close them. Today’s property management cloud technology can deliver apartment-leasing reports with the information you need to make data driven decisions.
For example, you may find one of your marketing sources doesn’t deliver you any leads while another one consistently delivers high-quality leads. In fact, the leads from this source make up a large percentage of your lessees.
Other multifamily marketers have discovered their lead management process was flawed and their leasing agents needed improvement in their follow up and follow through. When you have a good tracking system and leasing agents are able to connect actions with outcomes, they’re more productive and are able to leverage the lead-to-lease data thereby improving NOI.
We think you’ll agree. It doesn’t make sense to spend more money on marketing if leads aren’t managed effectively. Let us know in the comments below how you’ve improved NOI and find out how your lead management process stacks up by downloading the Multifamily Lead Management Scorecard.