The days of love-at-first-sight apartment conversions are dwindling, particularly in the digital space.
With various options in a hyper-competitive market, prospective renters have become more selective than ever when deciding on a home. In fact, the average renter peruses at least five lead sources when searching for their next home.
Those lead-source sites can vary from a community website, Internet Listing Service, social media, review sites and several others. Essentially, the renter is on a journey when selecting a home.
Marketing teams that track that unique journey can glean a competitive advantage by utilizing the data to attract more prospects. The problem is, many teams credit a conversion to the first or last site visited by the prospect. When a prospect visits several lead sources, the first or last touch point is only part of the story.
That’s why multi-source attribution platforms are becoming more relevant in today’s multifamily landscape. Many consider it a necessity. This platform takes into account every lead source visited by a prospect and assigns credit on a weighted basis. The benefits of multi-source attribution include:
The ability to visualize the renter journey: For a practical example, let’s say a concertgoer takes a ride-share to her local airport, flies to her destination city, shuttles to her hotel and rides a rented bicycle to the concert venue. By only crediting the final source, the bike would receive full credit for her commute to the concert. The renter journey can have similar diversions, and as with any business, understanding how consumers shop for your product is vital.
Diagnosing assist value: Some lead sources might not directly lead to a conversion, but direct prospects to a source that does. For example, many marketing teams have credited Facebook campaigns for redirecting prospects to the community site. If only the community site is credited for the conversion, the Facebook campaign might look like it’s not effective. Through multi-source attribution, it gets partial credit for the lease signing.
Delegation of resources: With a clearer, more thorough understanding of the effectiveness of each lead source, marketing teams can make smarter decisions about which channels to boost, modify or omit. With marketing teams becoming more intertwined with operations, this is the type of data that can move the needle and provide clear-cut value from an ROI perspective.
Don’t forget to factor non-digital sources into your model. Community tours, signage and word of mouth are still a significant part of many renter journeys. While these are more difficult to quantify digitally, multi-source attribution software allows the flexibility to credit non-digital sources.
The way prospects are shopping for apartment homes continues to evolve. That evolution includes the use of more and more sources and creates the need for apartment marketing teams to keep pace. The adoption of multi-source attribution qualifies as a strong component in that effort.