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Curing the Lost Leads Epidemic

qualified leads
October 2018

Reaching a large percentage of qualified leads is attainable.

Connecting with 100 percent of qualified traffic is an unattainable goal, and any community management team that makes that claim is either fibbing or misconceiving the situation.

Reaching a large percentage of those qualified leads, however, is attainable given the recent technological advances in the apartment industry. Yet, many in the industry allow those leads to slip into oblivion and end up at competing properties.

A panel of experts discussed ways to harness those leads and keep them within your ecosystem in the Apartmentalize 2018 session The Lost Lead Epidemic: What is the Cause?

“The natural reaction is just to throw more money at a certain channel, but you have to look for qualified leads and how you can get the most bang for your buck,” says John Reardon, Vice President of Marketing for Beacon Communities. “I don’t care if there are only six leads. If they all convert, then it’s a qualified source.”

In the case of the Beacon Companies, 70 percent of calls to the leasing office were going unanswered. That’s more than the industry average of 40 percent, and the result is millions of lost leads per year. In response, Beacon made operational changes and adopted software that increased response rates, and subsequently, the amount of leads entering the funnel.

Steve Merchant, Senior Vice President of Sales and Marketing for Equity Residential, says diagnosing any leakages in the lead funnel is required before embarking on a campaign.

“If you know that you are losing leads, there are companies that can add a marketing component,” Merchant says. “But we start to cut marketing and then get to the point that we are spending enough to enable our team to perform. And then, we slowly add to that, so we aren’t just throwing away money.”

Sometimes a strengthened pursuit of leads is a matter of integrating technology into your customer relationship management software – and making sure your CRM has the capability to accommodate and track new forms of communication.

“We implemented a texting feature into our CRM, which immediately generated leads and made us realize we had been missing out on a certain segment,” says Ashley Pavlovich, Director of Marketing for The Bainbridge Companies. “The more ways you can enable your prospects to communicate with you, the more qualified leads you can gather.”

Through the texting feature, 60 percent of Bainbridge’s first-time contacts were able to schedule tours and confirm availability.

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Weren’t able to join us in San Diego or want to review your favorite session? The NAA Education Institute presents its REWIND program for NAA’s Apartmentalize. Purchase the collection of 50+ PowerPoint-synced audio sessions.