Embed Size (px)
DESCRIPTION
Leasing transaction insights from data from Property Solutions about the multifamily rental business. Presented to the 2010 AIM Conference by Ben Zimmer, President of Property Solutions.
Citation preview
AIM 2010
MARKETING DATA INSIGHTS
Ben Zimmer
6,000 properties (3.5MM residents)
Portals + Payments
25 percent of Top 50
DATA
Floor plan pricing
PM SOFTWARE
Lead sources for guest cardsLead sources on online applications
Unit availabilityMaintenance history & current status
PULLINGCurrent balance & payment line items
Payment historyRecurring charges
Payment restriction statusPayment policies
PUSHING
Property information
Online applicationsUnit reservations
Application fee paymentsNew maintenance requests
New one-time payments
Guest cards
NSF & charge back notificationsUnique payment ID
Recurring payments
Percentage of website visitors who complete guest cards and subsequently submit online applications.
4.1 %
If you use guest cards alone, you may be missing out on leads.
TAKEAWAY
Use guest cards AND online applications to increase lead capture AND lease conversion.
42 %Percentage of individuals filling out an online application and actually finalize the application.
27 %Percentage of incomplete applications that are converted to leases.
TAKEAWAY
Track each step of the application process-- don’t wait until applications have been completed to process leads.
Use online forms rather than PDFs to capture lead information most efficiently.
61 % (5,558 of 9,083)
75 %(13,097 of 17,542)
Percentage of completed applications that become leases when application fees are not assessed.
Percentage of completed applications when application fees are assessed.
TAKEAWAY
Require an application fee as part of your online application.
Applicants who are assessed application fees are 14% more likely to lease.
28 %
52 %
Percentage of Property Solutions’ clients absorb one-time ACH payments.
Percentage of overall payments that those clients represent of all Property Solutions payments.
TAKEAWAYIf management companies pay ACH transaction fees, they will have significantly better participation with online payments.
Case Study: Company had 240% increase in resident participation.
70 %
45 %
Percentage of time that average U.S. cell phone user is spent on Voice (versus Data).
Percentage of time that average U.S. iPhone user is spent on Voice (versus Data).
TAKEAWAYU.S. trends show that mobile Internet users will surpass desktop Internet users by 2014.
Be prepared to showcase your properties by mobile devices.Source: Morgan Stanley’s “Internet Trends.” April 12, 2010. http://www.morganstanley.com/institutional/techresearch/pdfs/Internet_Trends_041210.pdf
SUMMARYUse guest cards and online applications.
Process incomplete applications (not just completed applications).
Require an application fee payment with application.
Pay transaction fee expense to increase online payments.
Develop your mobile presence.
