Low lead-to-lease conversion rate? This is costing your property time and money! Instead, multifamily data can help you improve your conversion rates. Knowing what other properties are doing and what renters in your area have come to expect can go a long way in helping you lease available units.
Using Multifamily Data to Improve Conversions
When improving your lead-to-lease conversion rate, it’s important to look at what your competitors are doing and your local market. However, there are a few overarching things to consider based on current trends across the nation.
Leverage Online Listings and Tools
If you’re not already using online listings for your available units, now is the time to start. First off, it’s one of the main ways prospects look for apartments today. Also, with the right listing, you can get better qualified leads for your multifamily units. For instance, let’s say you don’t allow pets. If you included that information in the listing, it can help pet owners know that your property isn’t right for them. Not everyone will read all the details, but it’s a good start.
Another way to use online tools is to help make things easier for potential prospects. A lot of people want to be able to look at the unit through video or virtual tour before reaching out to property managers. Also, the convenience of being able to submit an application or express interest any time, anywhere is a big plus. If you’re still emailing tenants an application to print, fill out by hand, scan, and email back to you, that process might scare good leads away.
Follow Up! Multifamily Data Suggests the Sooner the Better
Follow up is important for turning a lead into a lease. Remember, most of your prospects are looking at multiple different properties, so you need to stand out!
If your leads are hearing radio silence to their inquiries for days, then it’s highly probable they’ll go with another property. A good rule is to respond within 24 hours. However, a great rule is to respond in one to two minutes, as property management data indicates that creates a higher likelihood of conversion.
Now, obviously you and your staff need to sleep, so you can’t be responding to inquiries around the clock. This is where you might consider automation, like an AI chatbot. However, if that isn’t an option, try to respond as soon as possible.
Also, if you’re only following up once, that might not be the best strategy for conversions. Don’t spam their inbox, but it’s okay to send more than one email. In addition, it’s important to follow up throughout the process as well, such as within 24 hours of their viewing.
Create a Positive, Easy Experience for Leads
You may have seen a common thread here: making the process easy for the prospect. If they have to jump through hoops, they might go to your competitor across the street with a streamlined process instead.
In addition to making things simple and easy, it’s also important to humanize your brand. People like people, and a personalized email can go far when you’re trying to drive conversions. This can create positive experience for the lead that may just tip the scale in your favor.
Property Management Data from Apartment Data Services
Keeping up with your competition is vital for success in the multifamily market. At Apartment Data, we offer services tailored to your needs to provide you with high quality, up-to-date information about your market and competitors. We contact properties in our databases every month so you can make decisions with confidence based on updated data. Whether you’re a landlord or need leasing agent data, our team is here for you. Call us today at 800-595-8730 to request a demo!