Leasing office life would be a lot simpler if all leads were created equal. But they’re not. And unfortunately, you can’t always tell just by looking whether or not a lead is likely to progress to a lease. Luckily, you don’t have to just trust your gut when you’re trying to figure out if that prospect who’s excitedly calling about an available apartment today will sign a lease tomorrow or ghost you in a week. Entrata’s LeadManager is pleased to present Lead Scoring. continue
That’s a mistake, much like viewing only the scoring and rebounding averages of a basketball player, when several other metrics such as shooting percentage, assists, steals, blocked shots and player efficiency rating provide a deeper analysis of the athlete’s acumen.
While the quantity of leads and leases are clearly important metrics, marketing teams should also be peering closely at conversion rates, volume of impressions on various channels and prospect data, such as location, demographics and psychographic of those potentially considering the property.
Here are a few deeper metrics that can provide a clearer picture of how effectively your marketing efforts are working and lead to more informed choices with your channels: continue
Apartment communities spend a lot of time and energy providing a positive living experience for residents and developing a strong curb appeal at their properties. And while focusing on these areas is an important aspect of successfully managing a property, it unfortunately means that attention to digital curb appeal often takes a backseat.
Ensuring that a visit to your website offers the same brand experience as a visit to your community is a step in the right direction, but it’s only half the battle. In addition to looking nice, your property website needs to function. This means that your property website not only does everything your residents want it to do, but that it’s set up to make life easier for you by connecting workflows and positively impacting your bottom line. continue
The digital marketing strategy for some apartment operators begins and ends with the ILS. But that really shouldn’t even qualify as a strategy considering everyone uses an ILS to some degree – and it leaves a lot on the table.
Sure, ILS listings are effective for attracting some of the traffic at the top of the funnel when prospects first begin their apartment search. But ILSs aren’t very helpful later in the search process when you’re competing with other communities in your neighborhood to close a lease. continue
It’s unavoidable. Whether your apartment community is affordable, market-rate or luxury to the extreme, your residents are going to cause damages.
What makes a difference is how you handle those damages.
Apartment operators forfeit significant amounts of revenue every year by failing to file smaller insurance claims pertaining to resident-caused damages, and oftentimes these damages fall under the umbrella of coverage. The gold standard for loss recovery is about 85 percent. Entrata data indicates that clients recover only 11 percent of resident-caused damages, which clearly leaves a vast amount of money on the table. continue
Smart home technology is no exception.
Smart thermostats, smart smoke detectors, smart locks, leak detection systems and many others often come with their own software that gives residents the ability to control the devices from their smartphones. But being required to log in to several disparate apps and web portals to control different smart devices is not only inefficient for the resident, it is an inefficiency that apartment owner/operators managing hundreds of homes can’t afford.
“I believe in an open and scalable ecosystem,” said Tommy Deserti, head of RNC and OEM for Nest. “Regardless of the brands you love, if you want longevity, an open ecosystem always wins. When you think about open and scalable, there are going to be software updates. If you’re buying into a software heavy innovation you’re going to be good.” continue
Synthetic ID is the fastest growing form of fraud, and its pervasion has seeped into the multifamily industry. Created by using a combination of real and false information to forge a new identity, synthetic ID continues to become more prevalent.
It’s true: some of your own residents might have used an altered social security number on the apartment application. They passed with fraudulent info and moved right into your community. continue
To say that people are now comfortable purchasing products online before even touching and seeing them in person is a massive understatement. After all, according to the Census Bureau, e-commerce sales increased 15.5 percent in the third quarter of 2017, compared with a mere 4 percent growth in total retail sales.
Part of the reason for that bump is the amount of detailed information now available about products and services online. With numerous review sites, detailed specifications, and 360-degree-rotatable images, you can learn more about a product with the tap of a finger than with an in person examination. continue
Deconstructing consumer behavior really comes down to one thing – perception of value.
Unfortunately, that one thing is more complicated than it sounds. There are an endless number of perceptions from a seemingly endless variety of prospective renters and residents. That’s why apartment owner/operators who navigate the consumer behavior maze most effectively and efficiently win residents at higher rents and for longer lease terms than their competitors. continue
In a session at the recent NMHC OpTech Conference, panelists ruled on the debate over whether or not to add smart home technology to apartments: It’s not a matter of if, but when. What a smart apartment actually looks or sounds, however, is still very much in question. continue