Lead scoring is a hot buzzword for today’s marketer. Simply put, it’s a method of ranking leads to determine how “hot” or ready they are to be closed by a sales team.
Generally, the way to determine a lead score is by creating a point system. Points are earned by a lead when they complete an activity associated with your customer journey. For example, the lead opens a marketing email (2 points), clicks on a link in the email (1 point), and submits a contact form (5 points)—for a total of 8 points. The more points, the “hotter” the lead.
Using points to rank leads can help companies know which leads they should fast track as sales-ready or continue lead-nurturing. This methodology is great for B2B (business to business) companies with a longer sales cycle, and specific targeted personas or accounts.
However, most apartments are not B2B. They don’t have a long sales cycle. Assigning points based on personas is complicated due to fair housing. And frankly, many leasing professionals don’t want to learn a confusing ranking system to determine their follow-up activity.
Thankfully, there are lead scoring processes available for multifamily that alleviate these challenges.
The first step is to score leads from the multifamily industry’s most valuable communication source—phone calls. According to LeaseHawk, 75 percent of inbound communications to properties are phone calls, followed by email web forms (23 percent), and text messages (2 percent). When a lead decides to call your property, they are highly motivated and more likely to be in a position to sign a lease.
To implement this, use telephone tracking numbers on your property website and advertising sources. Ensure the phone calls from the tracking numbers are recorded in a high-quality, dual-channel format—this will ensure crystal clear audio and make it easier for software systems to analyze the calls for you.
The fun part is next. Scoring your phone leads.
Use a simple scoring methodology that directly identifies who is calling, this takes the guesswork out of creating a points-based ranking system. By listening to each inbound phone call, you can determine if the caller was a new or repeat prospect, resident, vendor and more. If it is a new or repeat prospect, those leads should be flagged and followed up with as soon as possible by your leasing team. Understandably, the process of listening to every inbound call and determining if it is a viable prospect or not can be a dauntingly manual process.
That’s where AI (Artificial Intelligence) can step in to help.
LeaseHawk has revolutionized the lead scoring process with the introduction of LeadScore AI. Using artificial intelligence and machine learning to make lead scoring for the multifamily industry faster and more intelligent than ever.
It does all the work for you to listen, transcribe, and score every inbound call and voicemail to determine caller intentions. Your calls will be assigned with one of 18 caller types, such as new prospect, repeat prospect, or resident. Results are available within minutes allowing for prioritization of follow-up activities and, since the ad sources are being tracked, the ability to make more nimble marketing decisions.
The machine learning model behind LeadScore AI was trained by one million phone calls (and counting) human-scored phone calls and voicemails from properties nationwide. And over time, the machine is only going to get smarter.
Make follow-up a simple process for your leasing team. To learn more about LeadScore AI and other artificial intelligence tools from LeaseHawk, visit leasehawk.ai.
Fill out this form to learn more.
Get tips for keeping your leasing spirits high when the season gets slow. Learn how to attract prospects and fill vacancies with these marketing ideas for winter.
Whether you’re marketing a new lease up or trying to fill vacant units, you need to have a solid plan that includes identifying the technology that can help boost your success. Learn 4 tips that can help you optimize your apartment marketing plan.
It’s budget season! Trends are continuing to evolve in the multifamily industry and it’s time to plan ahead for your AI investment. Use this guide to help you start the process to getting your team on board to fit AI into your 2020 budget.
This year’s OPTECH showcased more than 130 companies. If you’re feeling a little overwhelmed—just know, you’re not alone. We’ve summed up the best tech and takeaways from the event, so you can get back to the office, put those learnings to work, and be a multifamily maven.
The upcoming OPTECH conference in Dallas, Texas is sure to be filled with the latest technology. Use this guide to navigate your way through the yellow brick road of vendor booths and get the most out of your conference experience.
Don’t be scared and get in the Halloween spirit with this short story about how chilling leasing can be, and the thrill that technology can bring to your leasing processes. Happy Halloween!
Get the latest multifamily news, how-to's, infographics and more delivered right to your inbox.