How to Master the Leasing Experience

Calling all apartment marketing teams! Learn the keys to mastering each phase of the leasing customer journey.
December 5, 2019
Marketing

If you want to master the leasing experience, you’ll need to deliver on the moments that your rental prospects really care about.

Renters’ expectations are getting higher, while statistics show that the multifamily industry is not keeping up. Millennials and Generation Z account for 64% of today’s renters. As one of the largest cohorts of renters, their expectations should not be taken lightly. More than 70% of them expect a reply from your leasing staff within a day or less (many expecting it within just a few hours) and 35% will move to the next option if they don’t hear back within their desired response time.

Multifamily managers and owners need to actively optimize each step of the renter’s buying journey to address these expectations. Your leasing, marketing and training teams need to be equipped with the tools to succeed so you can track, measure, improve—and ultimately win—the entire leasing experience.

Optimize Each Step of the Renter’s Journey

Phase 1: Research

The first phase of the renter’s journey is their research. The average renter uses five or more online resources in their search for a new apartment. Understanding which of these resources generate the most leases is key for generating a high marketing ROI.

How to master it…

  • Measure ROI based on prospect calls and lease conversion—not general lead forms or call volume.
  • Allocate advertising budget to the most effective online resources for high lead quality.

Phase 2: Outreach

The second phase of the renter’s journey is their outreach. This occurs after they have vetted your property online and are ready to give your property a call. As an apartment marketer, you’ve spent a lot of advertising dollars to make this moment happen, and it’s up to your leasing staff to answer that call. Ensure your leasing staff is active on the communication channels (e.g. phone, text, chat) that your renters prefer—this is crucial for keeping prospects engaged and keeping your property top-of-mind during their apartment search.

How to master it…

  • The phone should ring no more than 3 times before connecting with an agent.  
  • Leasing agent response time to all inbound communications should be less than one hour.
  • Ensure a process for prioritizing prospect communications is in place for leasing agents.
  • Manage calls, texts and emails with prospects from one platform, such as using CRM (Customer Relationship Management) software.

Phase 3: Decision

The third phase of the renter’s journey is their decision. Once they have decided to lease, you should take a look back at the moments that led to the execution of the lease. By learning from your past wins or losses, you can optimize for the future. Ad source effectiveness and employee performance are two factors that have a major impact on the leasing experience. They should be measured closely.

How to master it…

  • Use an industry-standard survey to score employees on calls with actual prospects.
  • Record prospect calls and review recordings with employees to identify areas that need improvement.

The LeaseHawk Performance Platform helps you to optimize all phases of the leasing customer journey. To learn how you can optimize the leasing experience for your properties, drop us a note. We look forward to strategizing with you.

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