For a leasing agent at an apartment community, their job relies solely around the introduction, management and closing of new leads. A lead for a potential apartment resident can come through in different forms like someone walking in off the street asking for a tour, making a phone to the leasing office to ask a few questions, or our most favorite, using digital human chat bots to get some beginning information about your apartment community. No matter where the conversation starts, the goal is always centered around a few steps–conversations generate tours, tours generate interest, interest generates a signed lease.
Why it is So Important to Track Property Management Leads
Tracking lead management is extremely important for marketing teams because generally there are budget and conversion rate goals involved in a strategy. Keeping lead management organized allows teams to evaluate data about tactics and strategies they instruct their leasing agents to use on the phone, during tours and follow up with potential residents. In addition, teams can evaluate digital and print advertising strategy based on placement, variance in spend, creative work, messaging and more.
The main point is that tracking property management leads means keeping track of effective data. Creating informed analysis and decisions around that data helps marketing and leasing teams create more leads.
Understanding Your Lead to Lease Conversion Ratio
Lead to Lease conversion is the rate of signed leases over total leads generated for a certain tactic or time period. If an ad brought in 100 leads to a property’s website, and then 25 of those leads ended up signing leases, the lead to lease conversion would be 25%.
Normal lead to lease conversion ratios sit at around 7%. Frequent measurement and evaluation systems are key players in increasing lead to lease conversion rates. Monitoring what works and what doesn’t work helps lay the foundation for setting attainable, yet challenging, goals.
How to Generate More Apartment Leads
Generating more apartment leads can come in many different forms. On a basic level, word of mouth and location are great self-marketing strategies for your community.
Beyond those basic concepts, AI can be a great tool for lead generation. In a past blog, we highlighted 3 main concepts for using AI in lead generation: Advertising & Marketing, Visitor Engagement, and AI & Leasing. Take a look on that page to get a more in depth view on those lead generation ideas.
Managing Multifamily Leads for Increased Efficiency
Generating a high number of leads is great for business, but comes with its own set of troubles. Keeping track of a high number of leads is no easy order. Thankfully, property management systems streamline tedious tasks, resulting in increased organization and efficiency that makes tracking contacts, and their actions, a piece of cake.
In addition to increased organization, property management systems also provide invaluable data that can be used to guide tactics focused around lead generation. PMS systems often come with built in functionalities that generate reports on campaigns and the leads that are tied to them. This capability is a key player in determining the direction that leads are headed. Property owners and staff would be wise to use a PMS to manage contacts and influence their lead generation strategies.
AI Tools for Improving Real Estate Leads
Lead generation tools have come a long way. Nowadays, leasing staff and marketers rely heavily on advertising and social media strategies, as well as AI tools like digital human chat bots.
Digital human chatbots create realistic scenarios for potential residents to view and interact with an apartment community. Digital humans create a way for renters to view the entire property on the computer, take away the burden of leasing agents dealing with multiple phone calls to answer questions and book tours, and offer the full face simulation of an actual leasing agent. In our eyes, AI digital human chatbots can create three ways to help future proof an apartment community’s lead generation strategy:
-Entire Online Property View
-Give Leasing Agents More Time
-AI Driven Conversation and Face
Want to learn more about how technology can create more conversations and more leads? Reach out to us!
