Study, examining lead response of top multifamily companies, finds 60% of properties fail to follow up within 24 hours
Los Angeles – Jan. 17, 2014 – Velocify, the market-leader in cloud-based intelligent sales automation solutions, today published a study, “Evaluating Lead Response Strategies at Top Multifamily Companies” [link to landing page] revealing that some of the largest multifamily property owners and management companies underperform on key lead response benchmarks. Perhaps the most significant finding, however, is the lack of consistency in response tactics found among different properties owned by the same company, demonstrating a lack of consistent management-directed sales activities.
“Identifying, contacting and leasing to qualified renters through a consistent and customer-friendly process is critical to success for any leasing professional,” said Nick Hedges, president and CEO, Velocify. “Our new research provides significant insights into how multifamily companies can gain a competitive edge and increase revenue through faster lead response and increased agent leasing productivity.”
The study revealed a number of key findings:
- Sixty percent of multifamily companies surveyed failed to attempt contact with a new lead via telephone within the 24 hours after the lead was submitted, drastically underperforming against customer expectations and best practices.
- The average number of contact attempts to a new lead was 2.5, much too low to maximize the likelihood of lead conversion. Velocify research has determined that on average, six is the optimal number of call attempts to maximize contact rates without over-investing time and resources into unresponsive prospects.
- More than half of properties studied failed to call the prospect when he or she missed the scheduled tour appointment. A prospect who has scheduled a tour should be considered highly interested and follow up should, therefore, be a very high priority.
- There was significant inconsistency in response strategy between different properties that share the same owner. Properties at one company made anywhere from one to 18 call attempts. Best practices call for six contact attempts as part of a consistent, controllable, guided leasing process.
Though the research indicates that some apartment operators have invested in processes and technologies that allow them to respond to leads via email or phone within minutes, many properties underperformed against both their peers and best practices, limiting their leasing potential, frustrating prospective residents, and diminishing the effectiveness of their marketing efforts and spend.
Velocify is a market-leading provider of cloud-based intelligent sales software, designed for high-velocity environments. Velocify helps leasing teams keep pace with the speed of opportunity and increase revenue by driving rapid lead response, increased discipline, improved productivity, and actionable insights. The company has helped more than 1,500 companies across a variety of industries improve customer acquisition practices and sales performance. For more information please visit Velocify.com or follow the company on Twitter @Velocify.