Bonaventure Realty Generates $1 Million with Entrata Core
May 31 2017
LEHI, UTAH - Bonaventure Realty Group, LLC, the 6,000-unit apartment management company based in Arlington, Va., is driving new revenue by leveraging the no-license-fee, open API data platform that is Entrata Core.
Data isn't relevant unless you are able to access it, said Lauren Curley, chief operating officer, Bonaventure Realty Group, LLC. With Entratas open API, we can layer what's available to us from all of our systems to produce meaningful data, predictive models and actionable benchmarks and goals for our teams.
The Bonaventure team developed its own business intelligence (BI) platform using benchmarks and key performance indicators critical to the success of its operations. But a previous software provider lacked the transparency Bonaventure needed to get timely data on supply, demand or conversions, directly impacting their ability to manage leasing goals.
With Entrata, we have open access to our data and can layer it with our other data sources in our BI platform to see the true market potential of our properties, said Curley. It allowed us to set accurate leasing velocity goals and we were able to make one million more dollars in the beginning of 2017 than we made in 2016.
Since 2015, when Bonaventure Realty signed on to the Entrata platform for the majority of its resident, management, marketing and leasing technology, the software has been a major player in improving leasing workflows.
The more efficient we can be in converting our leads to leases, the less we have to spend on advertising and the more time that is saved for our leasing consultants, said Curley. We spend a lot of time chasing leads and if we can reduce that by a meaningful amount then we can spend more time providing those wow moments to our current customers which really helps us on the retention side.
Bonaventure adopted Entratas LeadManager to consolidate guest card traffic and organize it by lead source and Call Tracker, which measures call times and sources and recently reached its one-millionth call milestone. After analyzing this information on Entrata dashboard, Bonaventure discovered opportunities for staff to optimize follow-up processes. A few small adjustments helped the company increase lead-to-lease conversion ratios to 10.85 percent.
From a sales perspective Entrata gives us exactly what we were looking for, which is workflows to convert more leads into leases, said Curley. From a data perspective, were able to own our own data and make it meaningful.
For more information about Bonaventures experience with Entrata, watch the video, email [email protected], visit Entrata.com or reach out to your sales representative.
Founded in 2003, Entrata is the only comprehensive property management software provider with a single-login, open-access Platform as a Service (PaaS) system. Offering a wide variety of online tools including websites, mobile apps, payments, lease signing, accounting, and resident management, Entrata PaaS currently serves more than 20,000 apartment communities nationwide. Entratas open API and superior selection of third-party integrations offer management companies the freedom to choose the technology and software that best fit their needs. For more information, go to www.entrata.com.