5 ways multifamily marketers can convert quality leads into leases

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The property marketing landscape has changed. Digital communication channels are more important than ever, and renters’ expectations have skyrocketed along with rent prices.

Once you have successfully attracted leads into the top of the funnel, how can you efficiently convert those qualified prospects into residents? Conversion strategies that work in today’s digital landscape include quick response chatbots, virtual tours, integrated digital applications, clearing your funnel of fraud, and an email marketing strategy built for the resident lifecycle.

Keep leads warm with quick, automated responses

According to Zillow, 71% of renters who inquire about a listing expect to hear back within 24 hours. But, only 51% of renters receive the quick response they expect. AI-driven leasing provides a way to meet renters’ expectations without requiring staff to be available 24/7.

Tom Sloan, President of Windsor Property Management agreed, commenting that “AI and chatbot technology allow [a prospective renter] to make progress in their transaction even if the leasing office isn’t open.”

“For some years now, companies have been looking to AI leasing agents to add capacity and consistency to call handling while improving customer experience.”

Hubspot 20 for 20 whitepaper

For communities targeting younger renters, Millennials and Gen Z are very comfortable with chatbots. In fact, 40% of Millennials interact with chatbots daily.

For multifamily, well-designed chatbots using AI can schedule tours, manage availability on tour calendars, and communicate reminders and follow-ups without any human interaction.

An effective multifamily digital marketing strategy involves multiple communication methods. Improve the user experience by implementing a chatbot with automated sequences that welcome potential renters and answer their questions immediately when they land on your website. Then follow up with a phone call to create a personal connection.

Offer virtual tours and video walkthroughs

Zumper reported that in 2020, 16.2% of renters signed a lease on a unit they toured virtually. That number increased to 16.9% in 2021, suggesting that virtual showings may be moving from a trend during the pandemic to a staple component of modern apartment marketing.

Virtual tours

Virtual tours have changed the game for multifamily digital marketing. The flexibility of virtual tours help move leads down the funnel faster than manually scheduling and conducting in-person tours. They are a win-win, adding convenience for prospective renters, while helping your community appeal to younger demographics. 52% of Gen Z renters say they actually prefer non-agent options, including self-guided and virtual tours.

In an article for Multifamily Executive, Ariana Rasansky, SVP of Residential Operations at The John Buck Co. said “As they continue to gain popularity, virtual tours may serve as a starting point in the typical apartment search, with more serious prospects following up with in-person tours for buildings that checked all the virtual boxes.”

On-demand, immersive video walkthroughs

A Hubspot survey found that video won over email, social media, blog articles, and PDFs in terms of the types of content consumers want to see from the brands they support. Adding a video walkthrough to your listing gives prospects a better picture of your property, and gives your unit an advantage over competing communities that only feature photos.

Plus, video assets are easier to create than ever before. A video recorded with an iPhone or Android, and edited with your computer’s built-in software will get the job done. But, depending on your budget and asset type, a professional videographer can exponentially elevate your efforts.

Multi-Housing News reported that drones have become extremely popular in the world of property video marketing, since they can capture unique angles and perspectives at a relatively low cost.

When it comes to video content, property marketers are thinking outside of the box. Don’t limit yourself to property tours. Try sharing moving tips, maintenance hacks, and cleaning or organization inspiration to build an audience with organic content.

In a recent Resident Experience Podcast episode, Barbara Savona, CEO and Co-Founder of Sprout Marketing, suggested creating a video that showcases the neighborhood. Position yourself as the expert on your city. Then, turn that video transcript into a blog, linking out to local businesses, school systems, etc. Those looking to move to your city may organically find your marketing content and community website.

Clear your funnel of fraudsters

Most apartment communities will ask for a prospective renter’s driver license or passport at some point during the leasing or lead capture process. But, what do you do with that ID? Do you simply scan it and put it in a drawer as collateral?

As marketers, you rely on a funnel of qualified, quality leads. If you are not verifying those IDs, you are missing an opportunity to eliminate the potential for fraud at the earliest point in the relationship.

We interviewed Brian Zrimsek, Industry Principal at MRI Software, who explained the value of extracting the data from IDs and validating formats against standard databases. CheckpointID can tell the property manager in real time if the ID is valid. “We found almost 50,000 instances last year,” said Zrimsek. Criminals will create these fake IDs, build up credit over time, apply for an apartment, and won’t pay a dime once they’re moved in.

“And then you’re going to spend between $5,000 and $10,000 in total costs between legal fees, lost rent, and turn costs as you evict them,” Zrimsek continued. With around 50% of evictions stemming from fraud, using a solution like CheckpointID to clean up your funnel is a vital step in the resident acquisition process.

Integrate digital applications for leasing and payments

Integrated digital applications for leasing and payments elevate the prospect experience while eliminating redundant workflows for your staff. Since most renters are looking for their next home after hours, giving them the ability to apply online improves their experience while turning your leasing office into an ‘round-the-clock operation.

Also, have you been using the same application form for years? Think about the user experience, and rethink your rental application. Maybe scale it back, and only ask for the necessary information to deliver a quick decision to the applicant. After all, streaming services and next-day deliveries have reprogrammed us to expect things almost instantaneously.

Refine your email marketing strategy

Email is not dead. And according to Jered Lerum, Director of Business Development for Edison47, “email is never going to be dead from a prospect workflow or a leasing funnel standpoint.” It still provides an opportunity to get your property’s name into your potential renters’ inbox (and top-of-mind). Dial-up new resident engagement, even prior to move-in, through automated emails.

A great marketing email strategy is all about personalization. If a lead was interested in a one-bedroom apartment, drip out a few emails highlighting your available one-bedroom units. If you know they have pets, send an email about your neighborhood dog park or your community’s “pet of the month” photo contest. Deliver value to your prospective renters by emailing them one of your blogs that showcases the community lifestyle, or provides helpful moving tips or information about the area.

The guide to creating a modern multifamily marketing plan

Once you’ve converted prospective renters into residents, how do you engage and retain them? Multifamily marketing experts revealed how to deliver a resident experience that boosts retention rates in our free digital guide, Multifamily Property Marketing for the Resident Experience Revolution.

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