{"id":16081,"date":"2020-02-01T19:00:23","date_gmt":"2020-02-02T03:00:23","guid":{"rendered":"https:\/\/yieldpro.com\/?p=16081"},"modified":"2020-02-19T17:30:43","modified_gmt":"2020-02-20T01:30:43","slug":"leverage-quality-leads-during-high-occupancy","status":"publish","type":"post","link":"https:\/\/yieldpro.com\/2020\/02\/leverage-quality-leads-during-high-occupancy\/","title":{"rendered":"Leverage quality leads during high occupancy"},"content":{"rendered":"

With apartment occupancy rates at the highest level in 20 years, averaging more than 96 percent across the country, prospective renters often struggle to find a readily available unit at their preferred property that meets their needs. They end up languishing on a waitlist<\/a> while they hunt online for other options.<\/p>\n

Don\u2019t let those valuable leads go to waste. With the right technology and approach, your property leasing teams can leverage quality online lead information to find another great property for the prospect to consider, or nurture the lead in a personalized way so they remain engaged and interested in your brand while they wait on standby.<\/p>\n

\u201cWe focus on providing the best experience for our customers when we do not have the availability they are in search of,\u201d says Jenny Richard, director of marketing at Gene B. Glick Company<\/a>, one of the largest privately held U.S. real estate management and development firms. \u201cThis allows us to better understand their wants and needs, and creates a warm connection to a sister community or we can add them to the waitlist, depending on their needs.\u201d<\/p>\n

Get to know waitlist prospects<\/strong><\/h5>\n

Keep occupancy rates up and steady across your multifamily property portfolio by proactively targeting those prospects who want to live at your apartment communities but can\u2019t get in right away. Steer interested renters toward comparable properties that still check all of their \u201ctop priority\u201d boxes. If they still choose to wait, keep them engaged with an automated lead nurturing solution and targeted digital marketing strategies. The trick is identifying what\u2019s most important to each individual renter on the list.<\/p>\n

Your website should deliver insights into what factors rank as most important in a prospect\u2019s apartment search, such as location or certain amenities, how far into the future they\u2019re looking to lease, and what\u2019s motivating the move. As website visitors engage with interactive quizzes and online leasing tools, they volunteer valuable personal information that leasing specialists can use to the property\u2019s advantage.<\/p>\n

\u201cOur website provides us with what\u2019s important to our customers to help better engage with their upcoming and future desires, such as preferred neighborhood, budget, floor plan layout, and hobbies or activities they enjoy,\u201d Richard says.<\/p>\n

Understand the various moving circumstances of the prospects on your property\u2019s waitlist and you\u2019re likely to discover a segment of renters motivated to move quickly, who will be much more open to alternative apartment communities your leasing team suggests. If they\u2019re on a tight deadline and must sign a lease soon, show them other options at your nearby communities that offer the same favorite features as their top apartment pick.<\/p>\n

\u201cThere\u2019s never a one-size-fits-all solution,\u201d says Catherine Azar, director of property management at Barratt Asset Management<\/a>, based in Indianapolis. \u201cWe want to provide them with the information they want and answers they need\u2014finding out things about them, like \u2018Why are you moving?\u2019 and in a conversational way, so that we can get all of this data.\u201d<\/p>\n

\"\"<\/p>\n

Leverage automation, video tours<\/strong><\/h5>\n

As an AI-driven website collects details on consumers that leasing specialists can rely on later when following up with those interested renters, the smart software<\/a> also helps the prospects narrow down the apartments that meet their main requirements. If a popular apartment community in your portfolio reaches high occupancy levels, property managers can adjust the website\u2019s algorithm to direct more prospects toward a different yet similar sister property through their search results.<\/p>\n

\u201cThat\u2019s one great thing that\u2019s just been a huge success for us,\u201d Azar says of adding AI technology to the property website<\/a>. \u201cPeople are able to immediately log on and say \u2018I want this, I want that, and I want to be close to here. This is what\u2019s important. I have a dog, so I need to be close to a dog park.\u2019 Then they\u2019re able to see an apartment home pop up that would work best.\u201d<\/p>\n

Videos and personalized virtual tours<\/a> are another way to get wait-listed prospects interested in another property you manage. Using the online lead data, leasing specialists can determine a prospect\u2019s top priorities and reasons for moving, and then create customized, quick videos with a personal voiceover to highlight those aspects at another apartment community.<\/p>\n

Sometimes, they have to see it to believe it; otherwise, renters may ignore your gentle push toward a secondary option with lower occupancy. They\u2019ll also know your team truly cares enough to make a video just for them and understands what\u2019s driving their decision. Azar says such personalized interaction provides prospects some comfortability when handing over private life details and begins to build trust in the property.<\/p>\n

\u201cWe can send pictures and videos to the customer. It\u2019s a game changer,\u201d says Azar, who also utilizes FaceTime and Facebook to have more personal two-way conversations with leasing applicants. \u201cIf they were wanting a specific unit, send them a video to show them \u2018Look what else I have.\u2019 It\u2019s completely tailored to what they\u2019re looking for.\u201d<\/p>\n

For those adamant prospects who have the time to wait on their preferred apartment unit, an automated lead nurture campaign can ensure your brand stays at the top of their list. Leads in your CRM can automatically filter into the property\u2019s email drip campaign<\/a> and be personalized based on the data they provided while on the website.<\/p>\n

Automated, scheduled-out emails or text messages build value by sending prospects additional information related to their goals, including other properties they might consider. Such communication can also drive prospects back to the website for helpful online leasing tools as they prepare to move.<\/p>\n

Richard says Gene B. Glick Company<\/a> uses the prospect profile data and detailed analytics they receive through their marketing cloud<\/a> to optimize all of their digital marketing assets. The marketing team can identify market-specific trends in amenities and commonly searched keywords, and adjust digital advertising campaigns to drive more traffic to a property where they want to increase occupancy. They use the prospect data to retarget leads through a variety of online channels.<\/p>\n

\u201cWe leverage email drip campaigns, PPC ads, text, and retargeting to keep our customers engaged for future availability,\u201d Richard says.<\/p>\n

\n

Author Kristy Esch is a marketing director at PERQ<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

With apartment occupancy rates at the highest level in 20 years, averaging more than 96 percent across the country, prospective renters often struggle to find a readily available unit at their preferred property that meets their needs. They end up languishing on a waitlist while they hunt online for other options. Don\u2019t let those valuable […]<\/p>\n","protected":false},"author":10,"featured_media":16041,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[46,47,427],"tags":[51,27,27118,27050,236,534],"class_list":["post-16081","post","type-post","status-publish","format-standard","hentry","category-article","category-featured","category-national","tag-article","tag-featured-article","tag-future-residents","tag-january-february-2020","tag-leads","tag-marketing-automation"],"yoast_head":"\nLeverage quality leads during high occupancy | Yield PRO<\/title>\n<meta name=\"description\" content=\"Nurturing leads, even when fully leased, builds strong connection to future residents.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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