In our recent RentFacts. Report: Nurturing renter leads in 2024, multifamily professionals shared their current lead nurture processes, challenges in lead follow-up, and what would improve lead follow-up for their teams.
Here are the top insights they shared and why greater efficiency is a resounding need for leasing success.
Biggest barriers to lead follow-up
Missed connections. Both renters and leasing teams have trouble reaching each other at the right time. Data shows that close to half1 of renters have trouble hearing back from leasing teams, and in the survey results, the same percentage of multifamily professionals also shared that connecting with renters was the top challenge in lead follow-up.
47% of multifamily professionals said the biggest barrier to following up with prospects in the desired response time was not hearing back from prospects.
Lead quality and adequate staffing. The survey also revealed that effectively reaching qualified prospects and getting support in managing the volume of workload would help remove friction in lead follow-up.
39% of multifamily pros said the biggest barrier to following up with prospects in time was wasting time on unqualified leads.
19% said the biggest barrier to following up with prospects quickly was not having enough staff.
Greater efficiency was a common need among respondents, whether they solely managed the lead nurture process or had a dedicated team. Here are a few insights on what multifamily pros said would be helpful in their lead nurture process:
“It is only me that works in the office, so simply being able to respond to my leads more quickly would be helpful.”
“Automation, better tracking of who needs follow-up and better way to know the prospects individual needs and desires would help my team.”
Responding within hours is the standard
Renters make decisions quickly in their search, and the standard for most multifamily professionals is reaching out the same day they send a first inquiry to stay top of mind. This timing was consistent across channels: phone, email and text communications.
Nearly half of multifamily pros say they aren’t able to respond within a few hours or less to phone, email and text leads.
Complex processes: Most use a mix of automation and manual tactics to manage leads
84% of multifamily pros shared that they have a standard process for managing leads, ranging from manually responding to each lead to automated solutions.
Despite having automated communications and lead nurture tools in place, many teams must still rely on manual methods to respond to and follow up with leads throughout the decision-making process. Two-thirds of multifamily pros do have a lead nurture tool in place. However, 49% of them said they nurture their leads manually as part of their standard process. This can require additional time and resources for staff dedicated to lead follow-up.
Driving more booked tours. Most want more ease in the lead-to-tour nurturing process
When it comes to driving booked tours, multifamily pros said it took an average of 3 interactions with each lead before they set up a time to see the property. And the top 3 needs property teams require to drive more booked tours were more automation, more qualified prospects and more responsive prospects.
What needs to change with current lead nurture tools
While multifamily pros saw benefits to the lead nurture tools they use, results also show room for improvement. 39% of respondents said they are dissatisfied or feel neutral about the lead nurture tool they have in place.
For those unsatisfied with their current lead nurture tool, here are the top 3 reasons:
- 27% said it was because it’s too time-consuming.
- 20% are unable to segment leads to send targeted nurture campaigns.
- 18% said it doesn’t integrate with their CRM system.
New Report: Nurturing renter leads in 2024
See all insights that multifamily pros shared in the RentFacts. Report: Nurturing renter leads in 2024. This exclusive research uncovers lead nurture challenges, successes, and priorities. Access your copy here.
1Rent. Internal Data, 2023.
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