appfolio and zillow webinar - how to qualify your leads
TRANSCRIPT
1 2015 © AppFolio, Inc..
It’s a Numbers Game: How to Qualify Your Leads
@AppFolio @ZRentalNetwork #AppFolioChat
2 2015 © AppFolio, Inc..
Join Us Online - #AppFolioChat facebook.com/AppFolio facebook.com/ZillowRentalNetwork
Follow Us @AppFolio @ZRentalNetwork
Follow Us – AppFolio
@ZillowRentalNetwork
3 2015 © AppFolio, Inc..
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
@AppFolio @ZRentalNetwork #AppFolioChat
4 2015 © AppFolio, Inc..
Zillow Group Rentals
@AppFolio @ZRentalNetwork #AppFolioChat
• 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
5 2015 © AppFolio, Inc..
Chris BrasherMarketing
Panelists
Ursula ShekufendehStrategic
Partnerships
6 2015 © AppFolio, Inc..
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
@AppFolio @ZRentalNetwork #AppFolioChat
7 2015 © AppFolio, Inc..
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
8 2015 © AppFolio, Inc..
Pricing and Market Consideration
@AppFolio @ZRentalNetwork #AppFolioChat
9 2015 © AppFolio, Inc..
Finding the Best Rental Rate
Small Upgrades
Leverage relationships with your PM community
Compare with local rental listings
Consider nearby Attractionsand Amenities
@AppFolio @ZRentalNetwork #AppFolioChat
10 2015 © AppFolio, Inc..
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
@AppFolio @ZRentalNetwork #AppFolioChat
11 2015 © AppFolio, Inc..
The Bad Lead
Misinformed about the property
Incomplete contact information
Doesn’t meet necessary qualifications
Unwilling to pay application fee
@AppFolio @ZRentalNetwork #AppFolioChat
12 2015 © AppFolio, Inc..
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
13 2015 © AppFolio, Inc..
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
@AppFolio @ZRentalNetwork #AppFolioChat
14 2015 © AppFolio, Inc..
The Good Lead
01
02
03
Informed
Connected
Committed
@AppFolio @ZRentalNetwork #AppFolioChat
15 2015 © AppFolio, Inc..
!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
@AppFolio @ZRentalNetwork #AppFolioChat
16 2015 © AppFolio, Inc..
The Good Lead
01
02
03
Informed
Connected
Committed
Someone that has made a reasonable attempt to “connect” with you
Fulfilled your leasing requirements and has accepted a meeting time
@AppFolio @ZRentalNetwork #AppFolioChat
17 2015 © AppFolio, Inc..
Polling Question #3• Do you use a call script when speaking with
prospective residents?oYesoNoo I don’t know
18 2015 © AppFolio, Inc..
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
19 2015 © AppFolio, Inc..
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….
@AppFolio @ZRentalNetwork #AppFolioChat
20 2015 © AppFolio, Inc..
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
@AppFolio @ZRentalNetwork #AppFolioChat
21 2015 © AppFolio, Inc..
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
22 2015 © AppFolio, Inc..
Tools to support every step
@AppFolio @ZRentalNetwork #AppFolioChat
23 2015 © AppFolio, Inc..
Technology
@AppFolio @ZRentalNetwork #AppFolioChat
24 2015 © AppFolio, Inc..
Technology
@AppFolio @ZRentalNetwork #AppFolioChat
Find Apply Sign
25 2015 © AppFolio, Inc..
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
@AppFolio @ZRentalNetwork #AppFolioChat
26 2015 © AppFolio, Inc..
Capture them when they are interested
@AppFolio @ZRentalNetwork #AppFolioChat
27 2015 © AppFolio, Inc..
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
@AppFolio @ZRentalNetwork #AppFolioChat
28 2015 © AppFolio, Inc..
Polling Question #4• How long does it take you to respond to
prospective residents?oA few hourso24 hoursoMore than a dayoA week or more
29 2015 © AppFolio, Inc..
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%
@AppFolio @ZRentalNetwork #AppFolioChat
30 2015 © AppFolio, Inc..
Polling Question #5• What keeps you from responding
immediately?o I’m too busyoThere are too many leadsoThe unit has already been leasedoOther
31 2015 © AppFolio, Inc..
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.
@AppFolio @ZRentalNetwork #AppFolioChat
32 2015 © AppFolio, Inc..
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
@AppFolio @ZRentalNetwork #AppFolioChat
33 2015 © AppFolio, Inc..
Tweet:@ZRentalNetwork @AppFolio
#AppFolioChat
Questions or Comments?