Many businesses measure their marketing success based on a handful of digital analytics, such as visits, page views and goal conversions—like form submissions. These measurements are a great way to understand the impact that your online channels have on driving leads, and ultimately leases, for your properties.
However, if they are the only metrics you are tracking, then you are severely underestimating your leads and rental inquiries.
60% of communications received by leasing offices are calls.
According to LeaseHawk user data, 60% of communications received by properties in 2019 were phone calls, followed by email (22%) and text message outreach (18%). By tracking calls, you are able to know which ad sources generate the majority of your leads—the leads who decide to pick up the phone, rather than submit a form.
Since the majority of multifamily communications are phone calls, it’s important to have your leasing staff ready and available to answer. With call tracking analytics, you are able to reveal useful insights like which day of the week and time have the highest call volume.
When you have an understanding of when your phone is ringing, you are able to easily adjust your staff’s schedule. When a leasing office is efficiently staffed, agents are more prepared to answer calls when the call volume is at its highest.
Monday is the day with the highest call volume for leasing offices.
Based off of nearly 9 million calls tracked and recorded by LeaseHawk in 2019, the day of the week with the highest call volume is Monday with 19% of calls. The days with the lowest call volume are Saturday (9%) and Sunday (5%).
Between 10am – 12pm is the time-of-day with the highest call volume for leasing offices.
Additionally, the highest call volume by time of day occurs between the hours of 10am to 12pm, receiving approximately 39.9% of daily calls.
Leasing agents are busier than ever. They are responsible hosting long tours, planning resident events, ensuring cleanliness, and so much more. It’s no wonder why leasing offices miss nearly 49% of calls—they simply aren’t able to get to the phone.
Nearly 49% of calls are missed by leasing offices.
Plus, nearly 4% of a leasing office’s daily call volume occurs “after hours” (7pm to 7am). This leaves many prospect calls unanswered and going to a voicemail during these times.
87% of people calling apartments will not leave a voicemail when they had the option to do so.
Every missed call is a missed leasing opportunity. When 87% of people calling apartments will not leave a voicemail when having the option to do so, this leaves a lot of room for missed opportunity. Keep track of how many calls your leasing office misses, so you can see your improvement over time.
In addition to leasing offices managing high call volume, Gen Z and Millennial renters expect lightning fast responses back from your agents. According to a Zillow research report, 73% of Millennials say they expect a reply from a leasing office within a day or less—with many expecting to hear back within just a few hours. Plus, 35% say that they will move on to the next apartment option if they don’t hear back within their desired response time.
73% of Millennials say they expect a reply from a leasing office within a day or less.
However, with call tracking and the use of CRM software, we are able to know the average response rates of agents do not even come close to this standard. According to LeaseHawk data, the average leasing agent takes up to 2.5 days to respond to a missed call. This is a disappointing number when compared to the expectations of renters stating they want responses within hours, not days.
The average leasing agent takes up to 2.5 days to respond to a missed call.
Speed to lead is all too important when trying to win a new renter. If a prospect reaches out to an apartment and does not receive a response within their desired response time—you can most likely say goodbye to winning that lease.
Call tracking helps properties shape the bigger picture on their ROI. Whether it be by helping to fill in the gaps of where leads are coming from, streamlining an advertising budget, or how to staff and train your leasing agents.
If your leasing office is struggling to answer calls, you may find that AI-powered virtual leasing assistants are a budget-conscious alternative to answering services and call centers. They offer a modern experience, similar to Amazon’s Alexa, by answering common leasing inquiries, collecting guest cards and setting appointments when your agents are unavailable. A virtual leasing assistant could be the first step in improving your call metrics and never missing another lead, ever again.
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