Apartment operators are always searching for new and innovative tactics to increase lead-to-lease conversion rates and take their leasing strategies to the next level. On the flipside, today’s renters want to accomplish as much as they can virtually in the most efficient and personalized way possible. Luckily, there are many automation tactics in multifamily onsite teams can use today to accomplish this.
While many operators experience tremendous success with Customer Relationship Management systems (CRMs) and new PropTech implementations, there is still ample room for improvements to the customer experience with tech-driven enhancements to ensure even further success. From searching for an apartment home online to paying rent each month, automation is now at the forefront of optimizing operations while creating a more customized and enjoyable customer journey.
Automation Tactics in Multifamily
New tools like leasing automation are optimizing CRM capabilities with trigger-based communication, AI chatbots and hyper-personalized follow ups in ways that are meeting and exceeding modern customer demands. Automation is more than just assisting operators in a few leasing capacities – it’s truly changing the game for the entire industry and attracting new and long-term residents.
Although every organization has different objectives, nearly every operator agrees that the goal of this business is to bolster the number of leases and renewals, increase customer satisfaction and maintain high occupancy rates that beget more profit. However, many operators are still leaving an excessive amount of leads on the table and failing to land renewals.
88% of consumers expect a business to respond to their inquiry within 60 minutes. Integrating a leasing automation tool makes certain that no lead is ever missed and operators can keep vacancy to a minimum. Responding quickly (within 5 minutes) can increase likelihood to convert by 25x. By integrating a leasing automation tool with their current CRM, operators are experiencing impressive conversion rates of 30 percent or more.
The industry has long been trying to reimagine the leasing process and resident experience in a predominantly digital world. Automation has proven to be an essential key to unlocking the door for better customer experiences, higher lease conversions and increased renewals rates.
Optimal Performance with Automation
It takes an ideal eight to 12 touch points to convert a lease, but with the use of lease conversion automation, it takes an average of just 6 touch points. The aggregated guest card information is used to craft hyper-personalized automated messaging that reaches the customer at appropriate times. Within one hour of showing interest in a community, a prospective resident receives a customized response, which is just the first step in the continuous communication that facilitates a personalized bond with each individual resident.
Nurture Boss’ lease conversion automation is not only revolutionizing the leasing process, but the entire resident experience. Automated communication doesn’t end once a lease is signed – it continues throughout a resident’s entire stay at a community. Lease conversion and renewal automation allows operators to maintain communication with residents via personalized messages sent at carefully chosen points from their initial apartment search to when it’s time to sign a renewal. From move-in checklists to renewal reminders, residents will get the customized treatment they crave that shows them they are valued, increasing the likelihood of a lease renewal.
Lease conversion automation allows customers to be self-sufficient while getting the vital information they need to make a confident decision. It also helps onsite teams deliver a higher grade of personalized customer service that will attract a larger pool of quality residents and maintain long-term residents. By incorporating lease conversion automation tools into CRMs, satisfaction will skyrocket amongst associates and residents alike and operators will see a noticeable upswing in NOI.