appfolio and zillow webinar - how to qualify your leads

1 2015 © AppFolio, Inc..

It’s a Numbers Game: How to Qualify Your Leads

@AppFolio @ZRentalNetwork #AppFolioChat

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AppFolio

• Property management and accounting• Online rent collection (free)• Prospect / guest card tracking• Vacancy Marketing• Websites• Online applications & leases• Resident Screening• Mobile Inspections

…So You Run A More Successful Business

Complete Solution Includes:Web-Based Property Management Software

Zillow Group Rentals

• Largest reach with an audience that is more than 40% larger than that of its nearest competitor

• Highest brand awareness among rental websites

• Top mobile apps with 2/3 of Zillow’s usage is from a mobile device; on weekends it’s more than 70%

• Vast, diverse marketplace from single family homes to condos and apartments

Chris BrasherMarketing

Panelists

Ursula ShekufendehStrategic

Partnerships

It’s a Numbers Game6% of all leads convert

18%of all appointments scheduled convert

It’s all about the AppointmentMany landlords miss the opportunity to schedule appointments with residents

Polling Question #1• How are your pricing your units today?

oBy looking at similar units posted on listing sites/Craigslist

o I use rent recommendation feature or softwareo I call competitors, posing as a residentoGut feelingoOther

Pricing and Market Consideration

Finding the Best Rental Rate

Small Upgrades

Leverage relationships with your PM community

Compare with local rental listings

Consider nearby Attractionsand Amenities

The MarketRental Rates Growth Upcoming Changes

Denver, CO: 14.2%Oakland, CA: 12.1%San Francisco, CA: 11.6%St. Louis, MO: 10.1%Phoenix, AZ: 10.0%

MillenialsIncrease in SupplySeasonality

The Bad Lead

Misinformed about the property

Incomplete contact information

Doesn’t meet necessary qualifications

Unwilling to pay application fee

Polling Question #2• How much time is your company spending

on bad leads?o10+ hours / weeko5-9 hours / weeko1-4 hours / weekoLess than 1 hour / week

Good Ads Get Results

Listings get 5% more contacts per page view for every additional detail field that is completed• Example property details are parking

availability, square feet, bedrooms, bathrooms, year built, dishwasher, washer/dryer, pets policy.

Listings with 11-15 photos get 70% more page views than listings without photos

The Good Lead

Informed

Connected

Committed

!Informed

1. Must-Haves: Date available, Pet policy, Lease term

• Listings get 5% more contacts per page view for every additional field that is completed

2. Qualifiers: Income or credit requirements, popular features like parking, A/C, laundry

• Pet policy will reduce leads by ~15%

3. Location: Full address will increase contacts by 20%

4. Photos: Listings with 11 to 15 photos get twice as many views as 5 photos

The Good Lead

Informed

Connected

Committed

Someone that has made a reasonable attempt to “connect” with you

Fulfilled your leasing requirements and has accepted a meeting time

Polling Question #3• Do you use a call script when speaking with

prospective residents?oYesoNoo I don’t know

Apartment Phone Call SamplesProspect: Hi, I’m calling about your listing for a 2-bed/2-bath $1,495 apartment for a $99 deposit.PM: Correct. Prospect: Okay, is it still available? PM: Yes, I have two available for immediate move-in. How soon are you looking to move in? Prospect: I need to move by October 4th PM: Are your dates flexible? You have to take possession of the unit within 10 days. The latest you can move in is September 7th.Prospect: Do you have any specials after that? PM: I don’t know, specials are subject to change. Prospect: Where are you located? PM: We’re right off Newhall. Prospect: Newhall avenue? PM: Yes, that’s correct. Are you available to come in and take a look this week? @AppFolio @ZRentalNetwork #AppFolioChat

Apartment Phone Call Samples

PM: Thanks for calling. My name is Chris, how may I help you? Prospect: I’m calling to see if you have any 1-bed/1-bath available for the end of this month or the 24th. PM: Okay. What’s your first and last name? In case we get disconnected, what is this the best number to contact you?Prospect: Yes, the best number is ______. My name is ____. PM: How did you learn about our property? Prospect: I was on Zillow and your website.PM: Okay, 1-bed/1-bath towards the end of this month. Does it need to pet friendly? Prospect: No, no pets. PM: So what other amenities are you interested in? Prospect: We’d like to have hardwood floors – at least in the living room and kitchen, – the appliances included in the unit, and at least two parking spots….

Call Script Tips1. Develop a friendly introduction

2. Create a questionnaire that represents your priorities

3. Ask open-ended questions

4. Ask for details and examples

5. Decide whether or not to pre-screen

Appointments

1. Add social pressure to unit to increase demand

2. Listings with open houses get twice the amount of leads

3. Batch your appointments

4. Once a prospect commits, create an open house

Tools to support every step

Technology

Find Apply Sign

The Modern Renter

4/5 Millennials own a smartphone

52% said that a bad mobile experience made them less likely to engage with that company

74% feel that new technology makes their life easier

54% feel new technology helps them be closer to friends

Capture them when they are interested

Going mobile

• 67% of renters located a property using a mobile device*

o 65% compared priceso 50% searched inventoryo 44% called a property manager

• Zillow Group operates the four most popular real estate and rental apps on iOS and Android.

• More than 2/3 of all traffic is mobile**

• 218 homes viewed per second***Source: Google.Millward Brown Digital Real Estate Survey 2014**Source: Google Analytics, June 2015

Polling Question #4• How long does it take you to respond to

prospective residents?oA few hourso24 hoursoMore than a dayoA week or more

Response

1. How long do renters expect to wait before getting a response?• A few hours – 32.4% • 24 hours – 54.4% • 3 days – 9.6% • 1 week – 3.6%

Polling Question #5• What keeps you from responding

immediately?o I’m too busyoThere are too many leadsoThe unit has already been leasedoOther

Improving responses1. Create a unique email to use for all first-inquiries.

• “Received your inquiry. Will respond within a few business hours”

2. Add a link for more information.• i.e., “Here is a link to begin filling out our application.”

Or “Here is a link to our pre-qualification questions.”

3. Central folder for all lead inquiries. Sent to your mobile device.

4. Mark your leads as hot, medium and cold.

5. Create standard responses to copy from. Beware of common email formatting issues.

Recap of the 5 Tips

1. Pricing your unit at the best possible rate

2. Providing information to find informed, connected, and committed contacts

3. Using a call script to keep the good and weed out the bad

4. Leveraging technology to expedite leasing flow

5. Streamlining effective communication tools to improving the leasing experience

Tweet:@ZRentalNetwork @AppFolio

#AppFolioChat

Questions or Comments?

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