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Establishing Multifamily Lead Management KPIs

Nov 23, 2016 12:00 PM

Multifamily operators have a lot on their plate – and that doesn’t include the latest “fire” that needs immediate attention. The thought of taking time to develop and track lead management KPIs (key performance indicators) is overwhelming. Yet, hundreds of millions of dollars are spent on lead generation each year. And if you don’t know exactly where your leads are coming from, and how they are moving through the leasing pipeline, money is being wasted. Knowing exactly how your communities are performing financially is a must-have in your business.

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7 Keys to Successful Multifamily Marketing to Millennials

Oct 26, 2016 12:00 PM

With a population of more than 75 million, the millennial generation (those currently aged 18 - 34) represents the largest single segment of the population ever seen, and are having significant impact on apartments, from how they’re developed, to how they’re sold and managed. With an annual buying power of $200 billion, they are also the most lucrative market.

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3 Key Points for Multifamily Lead Conversion

Oct 13, 2016 09:06 AM

Converting leads into leases is the top priority of multifamily owners and operators. In order to plan and budget for the year, operators use past experiences, year-over-year leasing data and extensive industry knowledge to forecast how many new leases they expect for the next year. With the advancements in technology and the amount of information available, it would be ideal if this cumbersome, inconsistent process was a thing of the past. Unfortunately, it is not. 

Many multifamily operators and owners have embraced the importance of having analytical data as a foundational strategy for converting prospective residents; however, capturing the right data is still not an exact science. In a city or town where similar apartment communities compete in the same market, detailed and accurate data that addresses the specific concerns of that property gives the operator (that uses it effectively) a significant advantage over the community that does not have access to that level of data. 

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3 Keys to Winning More Multifamily Leases in the ZMOT

Sep 29, 2016 12:24 PM

With information about apartment communities readily available on mobile phones, prospective residents are savvier than ever when shopping for a new place to live. Technology has enabled prospects to research their options before making a purchase decision. This evolution has changed the way that residents shop for apartment communities and has changed the way that multifamily operators attract and market to prospects.

The Zero Moment of Truth (ZMOT) is the moment between the time when a potential resident has investigated your apartment community and when they decide whether or not to initiate further contact. The decision the prospect ultimately makes depends a lot on your staff having the right information, at the right time and for the right customer. Being top-of-mind in those crucial moments can make the difference between a prospect leasing from you or moving on to a competing apartment community.

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The Mystery Behind Apartment Leasing Success Revealed

Aug 03, 2016 12:00 PM

Most multifamily apartment communities already have dozens of leads in their pipeline. Yet, if you’re like many multifamily operators, you know that more leads do not always equate to more signed leases.

What if you could improve your lead-to-lease ratio while streamlining your marketing efforts? You can if you solve the mystery of how to take the right action at the right time with your prospects. 

But before multifamily operators are in a position to solve this mystery, you need to invest some time in assessing your current lead management process so you know where the gaps lie.

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3 Places Your Sale is Lost During the Leasing Process

Jun 01, 2016 12:00 PM

What if you could optimize your entire leasing process, from the time your phone is answered, to the signing of the lease? What if you could reduce your advertising spend without reducing your lead quantity? What if you had a 360-degree view into the most productive daily activities of your staff?

You can because all of the above starts with having the right data, so you can take greater control of the revenue generation process, through a prospect-centric lead management approach.

For example, let’s review your contact center pipeline. What usually happens is that a prospect calls and speaks with a representative, who is following a strict script that focuses more on the property and its’ amenities, than on the prospect and his or her wants and needs.

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The Multifamily Lead Management Debate: Quality vs. Quantity

May 25, 2016 12:00 PM

Would you rather have many people touring your apartment community or fewer tours but a higher lead-to-lease ratio?

Obviously, you’d like your leasing associates to spend more time with prospective residents who are truly interested in your apartment community and most likely to sign leases. Yet, you can only do this successfully if you have a lead management process in place that is integrated with multifamily technology.

Traditionally, within the multifamily industry, if you wanted to increase the number of signed leases, since you can’t influence demand, you would increase marketing spend or as a last resort, lower prices. Yet, that’s not the most efficient method because while your lead quantity will increase the lead quality will be lacking – which ultimately results in not enough leases signed that will in turn, help you reach your NOI goals.

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Slash Your Multifamily Marketing Budget! Leverage Lead-to-Lease Data

Apr 20, 2016 09:00 AM

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.

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Improve Multifamily Prospect Engagement With Customized Email and SMS

Apr 13, 2016 12:00 PM

It’s clear that consumers shop differently for homes than they did in the past. In today’s world, they’re likely to send texts, emails or even make phone calls when it’s convenient for them and that can be anytime of the day or night.

Not only do they expect an immediate response, but they also want it to come through their preferred channel of communication, and for many potential lessees that’s SMS. Yet, the multifamily industry has not widely adopted SMS technology into their sales and marketing process, which hampers communication between prospects and slows down the lead-to-lease time.

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Always Be Closing's Over: A New Apartment Leasing Philosophy

Mar 02, 2016 09:00 AM

The phrase “always be closing” has been spoken in real estate sales offices for years. The theory goes that a salesperson should always have the mindset of “closing” the deal…and if persistence fails, move on. The phrase became even more popular in the 1992 movie “Glengarry Glen Ross” where an aggressive representative from the corporate office is charged with motivating a group of real estate agents to sell more property or be fired. In the film, this mentality ultimately pushes the agents to make the sale at all costs.

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