Emerging Tech That’s Changing the Rental Search Game

Cut through the confusion of new multifamily technologies with three tools that convert more leads to leases.

The modern multifamily marketer’s tech stack is expanding. Property teams have to continually adapt marketing efforts with the ever-changing ways that renters find homes. In the past, if your property had quality listings on an ILS (internet listing site) and a good property website, you were set. Similarly, channels to connect with staff were limited to calls, emails and onsite meetings.

Fast forward to today where properties have to diversify their marketing to keep up with their audience. Social media, search advertising, email marketing, review sites, and text are just a few of the many channels multifamily marketers activate to reach renters. And as renters bounce from channel to channel, their attention is increasingly limited. To get their attention and keep it, property marketers have to be prepared to reach renters where they are and anticipate their needs.

Thankfully, technology is evolving with the goal to help property teams convert leads to leases. Today’s technologies simplify the leasing process for the renter who is overloaded by options and for leasing teams that are balancing a variety of tools.

Let’s talk through emerging technologies that have changed the rental search game for the better.

Generate quality leads with geofencing

Geofencing is a Fair Housing friendly solution for properties that want to stand out to prospective renters who are active in specific locations. It’s more fine-tuned than traditional location targeting methods. When building an audience based on a record’s proximity to the property location, marketers are, in essence, guessing that the prospect is interested in that general area. With geofencing, marketers can zoom in and reach prospects in the specific location they are visiting right when they step through the door.

How does it work? By selecting specific locations where they want to reach prospects, multifamily marketers can create a “digital fence” around desired areas. Powered by location technology like GPS, WiFi, RFID, or cellular data, geofencing can serve ads to visitors in real-time and even after they have left the area.

Because of this, geofencing is effective at generating brand awareness for a property. Most importantly, multifamily marketers can use it while complying with regulations. The Fair Housing Act restricts advertisers from targeting based on protected class demographics such as race, religion, familial status and even zip code to name a few. You can decide which area is most promising without excluding individuals who will see the ads.

Location is all about live, work, play. And you can use that as a guideline for deciding on a perfect location for geofenced ads. Think about what people enjoy about your property’s surrounding area, whether that’s a career, a favorite restaurant or shopping center. Be aware of restrictions, however. For example, schools below the university level and certain medical services are off-limits due to privacy concerns and age-related advertising restrictions.

Quickly convert leads with chatbots

Cut down the time it takes in getting renters to book a tour! If you’ve ever been deliriously happy by how convenient a service was, you’ll understand the appeal of chatbots. They are efficient lead qualification tools located on your property website, and adding chatbots to a site can improve conversions by 12%. With a built-in menu, chatbots can guide your property’s website visitors through common questions and actions like finding out availability, scheduling a tour, reviewing policies and more.

Small tasks build up over time. For busy leasing teams, chatbots can help with the added back and forth of finding times that work for tours, getting common questions answered for renters and more. This means fewer emails in the inbox and voicemails to respond to.

For prospective renters, this means less time spent getting to that tour and eventually signing a lease. If they can find apartment availability, access a 3D tour, and book that in-person appointment all with the chatbot, they have saved themselves days of time compared to traditional processes. Plus, they’ve walked away with an even better impression of your property and the service it provides.

Qualify renter prospects with voice AI

Virtual voice assistants (or voice AI) are powered by artificial intelligence to help renters get information and engage with the property more efficiently than live agents alone. When a renter calls into the leasing center, voice AI guides renters through common questions and tasks in a way that is natural to the listener. Voice AI can also easily transfer those who prefer to speak to a live agent. This saves time for leasing teams and allows agents to focus more on renters who need additional assistance.

Voice AI has a lot of applications, including:

• Answering common questions
• Sharing pricing and availability
• Scheduling tours
• Automatically qualifying renters
• Creating guest cards
• Adding leads to interest lists if occupancy is high

51% of customers expect businesses to be available 24/7. Voice AI ensures that there is zero wait time for callers so properties don’t have to risk losing promising renter prospects by missing calls during busy times or off-hours. It also addresses non-leasing-related calls so teams can focus attention on their highest priorities–prospective renters and residents.

Data shows that the voice assistant Charlie, used by Rent.’s virtual leasing center, successfully resolved 65% of calls without having to talk to a live agent (according to Rent. Internal Data).

With future-focused solutions that improve the rental search experience, properties can stay ahead of competitors regardless of how the market shifts. Maximize your property’s return by using new technologies that help current operations and cut down the work needed to convert new renter leads into leases.