Are You Meeting Residents' Needs?
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Technology has dramatically changed the way people carry out day-to-day tasks and interact at an unprecedented rate. Today, renters expect to be able to shop for a new apartment the same way they shop for groceries on Amazon or select a new show on Netflix. Based on a study by Microsoft, 56% of consumers have higher expectations for customer service now than they had a year prior. If your residents' needs are not met, they will look to live elsewhere, which can result in negative reviews, a decrease in occupancy, and less income for your business. This means adopting the latest technology is critical if you want your property management business to remain competitive.
Disorganized, manual processes can make it difficult for property managers to maintain occupancy and respond to interested prospects in a timely manner. In fact, 40% of renter leads go unanswered, which means 40% of your marketing spend is wasted. This presents a great challenge, but also an opportunity for technology to solve the needs of property managers in new, innovative ways.
Technology solutions have been developed to help property managers respond to leads faster and more efficiently. AppFolio's AI leasing assistant, Lisa, quickly follows up with inquiries around the clock, giving your team more time to focus on providing higher levels of customer service. Evidence has shown that Lisa's quick, 1-1.5 minute response time converts leads to showings 80% better than a typical 30+ minute response. Far from a typical robot, she engages with renters in a thoughtful manner, and takes on the manual, repetitive tasks—like booking showings and cross-selling units—that used to slow property managers down. In addition, she gathers data and analytics on each and every lead, so you can ensure you have 100% accurate lead attribution.
One company that has particularly benefited from AppFolio's AI leasing assistant is Bear Property Management. Since implementing Lisa, they have nearly doubled their amount of leads, achieved a 100% response rate, and seen a 2% boost in occupancy. Before, they were struggling to respond to the influx of leads they received daily. As a result, their leasing agents worked longer hours and were bogged down with administrative tasks. Now their team is able to spend more time in the field and to focus on delivering an outstanding customer experience. Overall, Lisa has completely optimized their leasing process for the better.
Along with fast response time, renters also look for mobile tools, like an online resident portal, when they are choosing a place to live. In a recent survey conducted by AppFolio on resident satisfaction and technology, 75% of renters said they would not rent, or would move out if their property management company did not offer mobile or online tools. In addition, 57.6% said it was important for them to have access to these tools. By giving your prospects the ability to interact with your team via text message or email from the beginning of the leasing flow, you'll make a better first impression and therefore increase the odds that they'll sign a lease.
With the right technology solution, you can solve many of the challenges your property management business faces. AppFolio Property Manager can give you the tools you need to streamline your leasing process, improve your lead conversion, and deliver the on-demand, instant services your residents expect.