The Human Quotient in Apartment Leasing
The Facts for Effective Apartment CRM
Spherexx has done extensive research on how prospects interact with tools in ILoveLeasing Spherexx CRM. A case study conducted on 3.5 million managed leads for two years resulted in the importance of responding to a leasing inquiry quickly and often. Responding to a prospect within one hour increases the opportunity to convert a tour by 25% and close a lease by 17.2% and the opportunity disintegrates rapidly from there. Logistically, less than one-hour responses escalate conversions accordingly. Responding to a prospect six or more times increases the opportunity to close a lease by an astounding 226%.
AI Automation for Spherexx ILoveLeasing CRM
These facts weigh heavily on management budgets and stakeholders' returns. Spherexx has recently added AI leasing automation to assure that prospects are responded to quickly and followed up with systematically while leasing staff members may be otherwise engaged, and until such time as they can personally engage and assist a prospect in finding a new home or referring them to another corporate location that better suits their needs.
The Importance of Personalization in Multifamily Leasing
You probably know the irritation of having a customer service issue and being transferred on and between people, repeating your problem with each new person. The resulting frustration when you must explain yourself, again and again, is something apartment-seeking prospects may be experiencing when trying to find a future home. If they are not acknowledged quickly and respectfully, they will pass on the availability.
Prospects provide their leasing preferences upfront, but statistics show that leasing staff members may not always acknowledge those details soon, or in their communications back to the prospects. That lack of personalization is essentially asking the prospect to repeat themselves.
Spherexx ILoveLeasing CRM data shows only 44% of prospects received personalized email communication in 2022.
ILoveLeasing quantifies a “personalized” email as one where a leasing team member engaged the prospect based on their leasing preferences and answered specific questions.
View this short video to see how its done inside ILoveLeasing.
Leasing team members can easily customize a topic-based email or text template provided in the software library, company-designed templates, or write directly. ILoveLeasing Apartment CRM provides over 40 customizable email templates written by multi-family professionals that address commonly asked questions. ILoveLeasing subscribers can view how their company performed this personalization in the past year by viewing the “Emails Not Personalized” report from any ILoveLeasing dashboard.
Users can access templates in the Lead Communication window inside the platform. After the pre-written email has loaded in the preview, they can add the prospect’s specific information anywhere in the email body. The prospect’s leasing preferences and most recent notes are provided at the top of the communication page for easy viewing.
The same functionality is also available to personalize text messages. The leasing team member can select from a templated text or one of their customized texts while viewing the prospect’s leasing preferences at the top of the page to personalize the message.
Spherexx integrations with property management software and revenue management tools also allow presenting the pricing and availability on the Lead Communications window. Therefore, leasing team members don’t have to switch between multiple programs to quote a price or confirm if a unit is available.
Taking that extra minute or two to personalize communications benefits the leasing team as well. By sending more quality communications they will experience less need for multiple communications, higher closing rates, and happier residents who have greater confidence in the management company they represent.
Interested? Contact us for a complimentary consultation at www.spherexx.com/get-stated.