If - like me - you're in the business of demand optimization, you'll know that it's been getting harder and harder to talk about any trend in multifamily without first referencing the ten years of unprecedented growth that the industry has been experiencing. For as long as anyone can remember, residents have been relatively plentiful. That's great news for operators and investors, but a growth environment can paper over cracks in sales and marketing performance.
This inescapable trend was on our minds when we embarked on a new study of lead conversion tactics. A couple of weeks ago at the AIM Conference, we published a new white paper "Converting Leads to Leases." It is an update to a study that we had run previously in 2014 and 2017.
The results of the first study were instructive, presenting a call-to-action for marketers and operators. They highlighted the extent to which operators were failing to implement some of the most effective and least expensive tactics for increasing lead conversion. We updated the data nearly three years later with an identical study, which yielded mostly similar results. The 2019 paper reproduces the methodology from those studies to report back on how the multifamily marketing has progressed in the last five years.Read More