In the competitive world of multifamily real estate, generating leads from a top-shelf ILS is only half the battle.
The true challenge lies in converting those leads into actual leases or sales. This process, known as lead nurturing, is crucial for maximizing conversions and ensuring a steady flow of prospective residents or buyers.
This week, we're digging into the proven best practices for effectively nurturing leads to convert.
Lead nurturing is the ongoing process of engaging and maintaining interest in prospective residents or buyers from the moment they show or express interest until they make a final signing decision.
In other words, turning interest into income.
It involves regular communication, providing valuable information, and creating a genuine sense of excitement and urgency. By keeping prospects engaged, property managers can significantly increase the likelihood of converting leads into leases or sales better and faster than their competitors.
One of the fundamental principles of effective lead nurturing is starting the process early. Activate your project, engage with your pipeline, and excite potential residents well before the property is ready for tours.
This will build anticipation and interest. And in this market, attention is the best currency your property can have.
Regular updates, whether through designed emails, SMS, or retargeting ads, keep the property top-of-mind. This early engagement allows for a more personalized approach, tailoring the communication to the specific needs and preferences of each prospect.
1. Personalized Communication: Sending tailored emails and messages that resonate with the recipient's preferences and needs can make a significant difference. For instance, offering information about apartment home sizes, amenities, or neighborhood highlights can help potential residents envision themselves as founding members of your new community.
2. Engaging Content: Regular updates should include a mix of informative and visually engaging content. This could range from construction updates, virtual tours, interviews with developers or designers, to local area highlights. This approach to content helps prospects feel connected to the project and builds excitement and allure.
3. High-Frequency Touchpoints: Initially, it might be beneficial to maintain a high frequency of communication. A series of welcome emails followed by regular updates can keep prospects engaged. As the project progresses, adjust the frequency to keep the interest alive without overwhelming the prospects.
Building a sense of urgency and prestige can be a powerful motivator to the modern renters of today. Offering early access to hardhat tours or first come, first serve premier reviews for those on the interest list can create a sense of loyalty and closeness to your community. It encourages neighbors to become the first chapter of your project's story. Highlighting limited availability or providing incentives such as gift cards or concessions can prompt quicker decisions.
Effective nurturing often requires a multi-channel attribution approach. Combining thoughtfully designed emails, catchy SMS, memorable social media, and even direct mail can ensure a broader reach and more touchpoints. Each channel offers unique advantages and can cater to different preferences of the renter's journey, making the overall nurturing strategy more strategic.
Showings are a critical conversion point. Preparing prospects for tours through detailed pre-tour communication can enhance their experience. Offering virtual tours or hard hat tours can provide a behind-the-scenes look, further building excitement. Ensuring that the sales or leasing team is well-prepared and aligned with the overall messaging strategy can also significantly impact the conversion rates.
After the tour, timely and personalized follow-up communication is essential. Truly thanking prospects for their visit, providing additional information, and addressing any concerns promptly can help maintain their interest and move them closer to a decision.
Effective nurturing is an ongoing, dynamic process that requires a strategic approach. Smart communities nurture at pivotal checkpoints throughout the lease term to contribute to a high retention rate. 30 days, 90 days, 6 months, and 9 months into a lease term are great times to check in with your residents, and when done properly, encourage a positive word-of-mouth referral culture.
By starting early, maintaining consistent and personalized communication, and creating a sense of urgency, leasing teams will significantly increase their conversion rates. Leveraging multiple channels and ensuring a seamless tour experience further enhances the likelihood of turning leads into leases. In the end, a well-nurtured lead is more likely to become a satisfied tenant or buyer, contributing to the overall success of the property.
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