The U.S. multifamily property industry is massive and is only continuing to grow to keep up with demand. It is projected that the industry will require more than 4 million units by 2030! So what does this mean for multifamily executives and marketing leaders in this space? With the projected growth and steady technological advancements, it’s important to make sure you’ve got a future-forward multifamily CRM software that can adapt to the growth and changes.
Keep reading and we’ll highlight some ways a multifamily CRM can help to automate/optimize the leasing process, incorporate apartment leasing and business intelligence tools, and innovate based on our other property group clients’ feedback.
Lease with Ease
Converting a contact from a prospect to a resident is of course the ultimate goal at any multifamily property! A good multifamily CRM will have built-in tools that optimize this process and automate many of the key communication types.
Rent Dynamics’ Multifamily CRM has an Automated Communications feature, which allows properties to set specific criteria and automatically send follow-up messages out to prospects. For example, when a lead has previously requested a 1 bed/1 bath unit and there was no availability for that unit type, once a similar unit opens up, our Multifamily CRM will automatically send a message letting them know their requested unit is available.
Another helpful way to utilize this tool is when a lead is assumed to have leased elsewhere, roughly 12 months after the initial contact emails can be sent to generate interest. Reaching out around the time (before) the lease is expected to end, and the prospect is potentially looking to move, is a great time to remind them all the reasons why your property is a perfect fit.
A future-forward feature includes a text-option for all of your resident communications (including these automated communications), ensuring you’re reaching your prospects in all the right ways. By taking advantage of automated messaging features, you can easily keep in touch with leads across their various buying/renting stages and better move prospects towards renters.
Business Intelligence for You
Multifamily marketing leaders know that keeping the right metrics top of mind is crucial to keeping owners and executives happy and in the know. And not all department executives want all the same metrics! With smart CRM platforms, you can set role-specific dashboards with customizable metrics.
Rent Dynamics’ Multifamily CRM is releasing an Executive Dashboard that accomplishes just this. On top of that, the tool is set up in a way that when key metrics are met, pulse notifications can be sent (via email). This can be used in multiple ways to help the property maintain optimal performance. For example, a trigger can be set that when a property has reached a low percentage of appointments to shows, an alert can be set so that the team can get ahead of the issue and make pivotal changes before leases reach a dangerously low level. On the flip side, triggers can also be sent once high-performance items (like shows to leases) are reached, so the team can celebrate positive wins and reinforce what’s working well.
Your leadership team won’t even have to log into the CRM to view important portfolio KPIs – these can be sent directly to your inboxes!
Innovation at Work
It’s no secret that technological advancements have made outdated systems and business practices obsolete. Uber and Lyft made the traditional taxi business seem like a poor user experience. Amazon completely changed the retail industry to necessitate the convenience of online shopping.
Property management companies can look to these examples as a way to innovate their systems and progress their business forward. One way to ensure future-forward business practices in multifamily is through implementing a CRM solution that not only aids you through the multiple facets of running a property, but also one that consistently innovates and responds to customer feedback.
Rent Dynamics’ Multifamily CRM software is addressing this through the development of the Executive Dashboard, which was inspired directly through customer feedback. On top of that, the team at Rent Dynamics brainstorms internally and innovates accordingly.
Another soon-to-be-released cool feature is the Voice of Customer tool. This is a unique and first of its kind AI and transcription service that can look at the context behind words and find similar calls, even though exact keywords aren’t used. For example, you can search within this feature for something like “sink is leaking”, and the tool will find all calls with similar sentiments, such as “overflow.”
Building on that, and further revolutionizing the multifamily CRM space, (and the industry in general), the tool identifies insights based on a certain percentage or number of calls within a given category. This can produce unique insights across your portfolio – like whether people really care (or not) about offerings, unique features like having a pool, or by identifying common issues like a maintenance problem and get ahead of the game by fixing issues before they become a more serious or damaging problem. The tool will send a notification once a threshold is reached, like 10 calls in a month, for example, and the regional or property manager can take a deeper look into what is going on.
This innovative and forward-thinking tool can help sales identify what features help sell the property most, or ways a property can improve to better encourage optimal lease volume. It can also be used as a training tool for leasing agents to get a sense of what is/isn’t working in sales calls across your portfolio.
As technology continues to shift and emerge, make sure you are choosing the right tech stack that will set your business up for success in the future.
To learn more about all the different ways partnering with Rent Dynamics can benefit you, schedule a demo today!