There is certainly no shortage of technology-driven strategies to help with increasing lease conversions at apartment communities and retain optimal occupancy rates. But with so many people searching for an apartment home online and an influx in digital leads from multiple platforms, a great deal of operators are still searching for the best way to field and nurture all leads.
Every lead is different, but they are all worthy of being nurtured in some capacity. However, it’s become a challenge for onsite teams to distinguish between the “window shoppers” and the people that are serious about signing a lease. Although there are tools like Customer Relationship Management systems (CRMs) that do help, there is still a breakdown in the ability to communicate with each and every lead in a timely and hyper-personalized manner.
Challenges with Increasing Lease Conversions
One challenge that operators are running into is an increase in the number of leads communities are seeing. Between community websites and Internet Listing Service (ILS) listings, leads can pour in left and right, and leasing professionals can quickly become inundated with leads. As with many industries, multifamily is transitioning to a primarily digital environment, causing a burst in the floodgates of prospective residents. That is definitely a positive step forward, but only if onsite teams can stay on top of every lead and prioritize the leads that are most likely to convert to a lease.
If a customer doesn’t hear back from a community in a timely fashion, chances are they will shift their focus to the next one on their list and move on. Even though the housing supply is low, operators need residents as much as residents need an apartment, and initial communication with a lead must be established swiftly. Operators are starting to tap technologies that assist leasing professionals in nurturing all leads and helping them prioritize the customers that need to move and are ready to sign a lease.
Lease Conversion Automation
Many operators have discovered the solution lies in the implementation of automation tools like lease conversion automation. By coupling CRMs with lease conversion automation, onsite teams are able to make contact with every single lead and discern which ones need immediate attention, and which residents are looking to move in a few months. Customer follow up via automation is almost immediate as all leads are responded to within one hour of inquiring. That kind of turnaround is what captures a prospect’s attention, delivers the essential information they need to make a decision and increases their interest in a community.
The subsequent messaging that is crafted and delivered with hyper-personalized content geared toward each individual lead is what solidifies their trust in a community and lets them know they matter. When a customer feels like their questions are being answered thoroughly and quickly, they will most likely schedule a tour or apply.
Increasing Lease Conversions with Automation
Automation plays an integral role in facilitating higher quality, hyper-personalized experiences for customers while moving them through the funnel more efficiently. In fact, operators using Nurture Boss’ lease conversion automation have reported tour-to-application conversions of 46% – nearly 12% above the industry average. Lead-to-lease conversions also jumped from 19% to 30% after integrating lease conversion automation into a CRM.
Properly nurturing leads with tech-centric tools like lead conversion automation undoubtedly streamlines the customer journey and contributes to enhanced resident retention rates. Resident satisfaction from end-to-end is what produces an increased NOI as apartment operators will see happier residents and boosted bottom line.
