Missed Calls Are on the Rise
The multifamily industry is seeing record-breaking missed call rates. Find out what savvy management companies are doing to reverse the trend.
People
The phone is ringing—is your leasing team answering? Our data shows more than 50 percent of the time they are not.
More than half of the inbound communications received by properties were phone calls (2020, LeaseHawk). Leads that decide to call your property are typically highly motivated and more likely convert to a tour. This is because most prospects self-qualify themselves by using online resources to assist in their home search before deciding to pick up the phone to contact you.
Missed calls can lead to more than just a frustrated prospect. It can mean a missed leasing opportunity. Unfortunately, for the multifamily industry, missing calls is a trend that is on the rise.
On average, LeaseHawk tracks more than 6 million calls for the multifamily industry each year. The data confirms the same pervasive problem in the industry, year after year: Leasing offices struggle with answering the phone.
In 2020, 44 percent of all inbound calls were missed. So far this year, over 50 percent of calls have been missed. And the trend is getting worse—over the last 60 days, up to 54 percent of all calls were missed! That’s a missed call increase of more than 10 percent.
Every missed call is a lost opportunity. To have missed calls increase from 44 percent to 54 percent is a startling problem that has be fixed.
You can’t manage what you don’t measure. The first step to improving your missed call volume is to track your data. With call tracking and lead analysis, you can eliminate the guesswork on how calls are handled at each of your properties. It's simple to setup and gives you the full picture of your callers’ behavior. With dynamic and easy-to-use reporting, you can immediately see if calls are handled or missed by your leasing team.
With increased renter demand and a growing list of responsibilities for onsite teams—it’s no wonder missed calls are on the rise. Leasing teams simply can’t answer the influx of calls received each day. The second step to never missing a call is to add an AI-powered virtual leasing assistant, like LeaseHawk’s ACE, to help your team.
Virtual leasing assistants are a cost-effective solution to ensure every prospect call, chat, and text is answered. Powered by Artificial Intelligence (AI), a virtual leasing assistant can handle prospect calls when the human leasing team isn’t available, such as during lunch breaks, when helping residents, or after-hours. It will conversationally book tours and collect guest card information in real-time to deliver qualified leads to your leasing team, 24/7.
At LeaseHawk, our mission is to simplify the leasing process by creating intuitive software solutions that enable data-driven decision making and productivity for the multifamily industry. Let our experts show you how your properties can decrease missed calls and create better customer experiences. Get in touch with us to schedule your demo today.
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UDR has seen significant cost savings and increased prospect conversions since implementing ACE™ Virtual Leasing Assistant from LeaseHawk. According to Scott Wesson, UDR’s Chief Digital Officer, “By implementing ACE, UDR is on track to reducing its operating expense for managing calls by 65%.”
The LeaseHawk and Apartments.com partnership includes full integration of ACE™ Virtual Leasing Assistant on listings, so renters can enjoy instant and conversational responses to leasing inquiries. This partnership promises to streamline the rental process and create a lift in prospect conversion.
2023 is going to be a big year for AI in the multifamily industry. And so far, ACE™ Virtual Leasing Assistant powered by LeaseHawk has already released a host of new enhancements—with even more powerful features to come.
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