In almost any industry, change is just a part of the game, and multifamily is no exception. From manually aggregating pertinent information into guest cards to providing virtual leasing and application processes, the resident journey has certainly evolved. And at the center of all of the advancements that the industry has made is technology.
For multifamily operations, Customer Relationship Management Software (CRMs) has long been a foundational component to converting more leases and retaining optimal occupancy rates. An adequate CRM can help onsite teams leverage and utilize vital data to create a customized journey for prospects and increase satisfaction among current residents. However, apartment leasing and living has significantly transformed over the last few years, and the customer journey is exceedingly different than it ever has been with new self-service leasing and automation tools becoming more widely available.
Modern residents, and 80% of all consumers, display a tremendous desire for personalization throughout their entire shopping experience. When it comes to searching for and leasing an apartment home, operators are meeting that need by way of revolutionary Lease and Renewal Conversion tools.
With these new tools, onsite teams are more equipped to fully dive into what the modern customer journey really looks like and leverage automated capabilities to craft unique, customized experiences for prospects and residents alike. In fact, it’s because of automation that onsite teams are now able to orchestrate the entire journey from end-to-end in an effort to enhance the overall experience.
Orchestrating the customer journey is extremely impactful for consumers who want personalized experiences and messaging, and operators are starting to see the conversion and renewal benefits derived from adopting the technology that helps them adapt to this new era of apartment leasing and living. According to internal data, automation allows for three times the engagement that operators traditionally see and an impressive 15% more applications being submitted. Additionally, when automation is coupled with a CRM, operators witness a 15% uptick in on-time payments and a 6% or more increase in renewals.
Taking a forward-thinking approach and not waiting for the new era of apartment living to pass them by puts operators ahead of the curve when it comes to improving the customer journey by supplying them the means to support and optimize the entire customer and resident lifecycle.
By using technology and automation to create a hyper-personalized experience, operators establish meaningful relationships with residents that make them want to live at their communities and in many cases, renew their lease agreement for multiple years. Automation guarantees consistent, personalized communication and marketing practices that curate the customer journey in a personal way and increases resident satisfaction, leading to a greater ROI.