3 Property Management Analytics You Need to Know

The multifamily metrics that will keep you from losing leases to the competition.
April 4, 2019
Tech

You collect and track data surrounding your properties’ renter retention rates, affordability, vacant days and revenue growth. But are you as familiar with your sites’ marketing metrics? Not knowing these three analytics could be costing you big time—both in marketing dollars and missed leasing opportunities.  

Key analytic: How many calls your leasing agents miss.

You spend thousands of advertising dollars to make the phone ring, but what happens when those calls go unanswered because it’s after hours or leasing agents are out on tours? In 2018, leasing offices missed an average of 43 percent of incoming calls, which is a big deal considering 52 percent of those callers will not call back.  

Instead of missing those sales opportunities, don’t let the phone go unanswered. LeaseHawk’s ACE (Answer Calls Every time) is the multifamily industry’s first conversational automated assistant. It takes calls, answers questions, collects guest card information and sets appointments when leasing agents aren’t able to answer the phone. Prospects are four times more likely to converse with ACE than leave a voicemail. In fact, 30 percent of prospect calls answered by ACE resulted in guest card information in 2018.  

Key analytic: The number of calls coming in from prospects.

It’s not enough to know that the phone is ringing. You need to know who’s on the other end. Tracking how many calls are from prospects versus residents, vendors or other general business, is necessary to determining how well your ad sources are performing.

With Dynamic Number Insertion (DNI)—assigning a unique phone number to each ad source—you can track which ones are bringing you the most leads. And lead scoring tells you which ad sources are generating true prospects. LeaseHawk makes lead scoring easy with LeadScore AI. The service leverages artificial intelligence and analyzes call recordings to reveal caller intentions, such as rental inquiries. The data is then populated into business intelligence reports so you can determine the true value of your advertising spend.

Key analytic: How well your leasing agents are performing.

Let’s assume everything has gone to plan until now: A prospect saw one of your ads, called and a leasing agent answered. That still doesn’t guarantee the interaction will result in guest card information or an appointment.

Find out who your top performers are with TPA (Telephone Performance Analysis). TPA records calls with prospects and scores them according to best practices. You can use this information to help train underperforming leasing agents and to reward those who are doing a stellar job.

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