Multifamily-Marketing-Trends

Multifamily Marketing Trends To Look Out For In 2022

As the multifamily industry continues to evolve, some practices are essential to keep top of mind. 2020 brought massive change to the industry, and 2021 was no different. Now, looking forward to 2022, you may be wondering what’s on the horizon. We’ve got you covered with the multifamily marketing trends to watch in the upcoming year.

Increasing Social Goodness

Social goodness is one thing more and more prospects, residents, and employees are becoming aware of. They want to know what impact companies are making in the world. In the realm of property management, individuals are wanting to see higher involvement through community efforts at the property level. This impacts not only the world around you but also the reputation of your company and communities. Residents are also highly considering social goodness as part of the resident experience. People are looking for easy ways to get involved in causes around them and providing opportunities to make a difference is crucial. 

We caught up with Paul Edgeman at Thrive Communities, they recently created a “Strive to Thrive” internal organization to coordinate their efforts and maximize organizational impact – Thrive’s teams have had a blast building tiny houses, partnering with Move for Hunger for consistent measurable food donations, and organizing clothing drives for aspiring professionals in need.

First-Party Data Takes Over

Meeting consumers at their first touchpoint can tell a lot about their behavior and what’s working — that’s where first-party data comes in. For example, BetterBot collects first-party data because it is the first touchpoint. With the reports that are available in BetterBot’s dashboard, you can see where traffic is coming from and how they interacted with the information you’ve provided. You’re able to see what renters really want to know and where they are actually looking for their next home. This data becomes important because it helps your team make big decisions like where to allocate spending.  

Short-Form Video Marketing Efforts

In the past few years, content creation has become increasingly important. In fact, social media posts with videos have 48% more views. Social video generates 1200% more shares than text and image content combined. One trend that is occurring more and more is an increase in short-form video marketing efforts. Christina Singleton, Co-Founder of Show My Property (SMP), the apartment industry’s biggest provider of video content, recommends short-form video released weekly onto social media feeds, a video advertising strategy that suits each platform (it’s not one size fits all), and a website video to live on the top third of your homepage, on loop – for the greatest success. Video content should be one of the following: authentic, beautiful, funny, inspiring, emotive. One of these will evoke emotion and create a memory, below is one of Show My Property’s favorites.

Automation of the Prospect and Resident Journey

Of course, the switch to automation may seem daunting. However, it’s essential to embrace the shift so that you can take full advantage of it. Utilizing automation such as chatbots, follow-up processes, and lead nurturing are some of the trends we see more and more of. This trend is not meant to replace humans but to help them. Not only does this provide a great user experience for prospects, but it also helps the teams save time, allowing them to focus on more important tasks. Embracing automation is one thing your communities will want to begin doing in the year 2022 and moving forward. 

Again, we know that it can feel overwhelming to think about what’s to come in the year ahead, but it doesn’t have to be! You’ve already taken the first step by researching what trends to watch out for. Now it’s time to put these multifamily marketing trends into action. For more ideas on how to take your marketing to the next level, check out our article about Pandemic Tech Trends That Are Here To Stay & How our Leasing Chatbot Can Help.

Looking Back at 2021

2021 was a year that had us hopeful for change. The previous year was challenging for everyone with the emergence of COVID-19 in 2020. However, we were excited about what the year ahead would bring. It’s an understatement to say that 2021 exceeded our expectations. In the last year, we have worked tirelessly to create a product that serves the multifamily industry in a way no product has before. Here are some of the things we were able to accomplish in 2021.

Q1

The most exciting part of the new year was that we could raise capital to expand product offerings and reach. This also allowed us to increase our team by __%. During Q1, we worked with our team to integrate with Rently. We also launched two new products — Affordable Bot and Student Bot. These two new products were created specifically for these communities built with unique features that help promote this property type. We also launched our latest version of the BetterBot dashboard, which allowed us to provide our customers with insights into the bot’s conversations.

Q2

During Q2, we expanded our partnership by working with Tour24. We also greeted our 50 millionth renter and were able to share what we learned with the industry. Underscoring this achievement is the internal growth BetterBot has experienced over the past two years. This has allowed us to set the foundation for our product and work on expanding into new areas.

Q3

During the summer months, we improved our multifamily chatbot user experience by updating the interface of our bot. We made sure to provide users with a simple but effective design to have the best user experience. In addition, we launched our newest product — BetterBot for Leads. This offering allows us to help teams nurture their leads throughout the leasing process and ultimately save them time. During Q3, we were excited to meet for the first time since the pandemic started at Multifamily Social Media Summit and Multifamily Women’s Summit. We were ecstatic to see familiar faces once again. Lastly, we announced integrations with both Entrata and Yardi. This allows us to reach more of our customers and provide more accurate information to our clients.

Q4

The final months of the year had us out and about! We took over both AIM and Optech conferences and were able to see so many friends, clients, and team members. We are super grateful for this time to reconnect in person and take in new industry insights. We also announced our latest integration with Rentgrata.

If 2021 has taught us anything, we can be open to new ideas and new partnerships. We have rolled out exciting updates and products that we never dreamed of in the past. We have grown our team exponentially and made meaningful connections. This past year brought us so much to be grateful for and has us excited for what 2022 will bring. If you’re wondering what lies ahead in 2022, check out our article on trends to watch for the year to come.

BetterBot Makes List Of Top Places To Work

Multifamily Leadership recognizes BetterBot as one of the Top 50 Best Places to Work Multifamily®

Atlanta, GA – 12/09/2021 BetterBot has ranked #2 in the nationwide Top 50 Best Places to Work Multifamily®. The annual list of “Best Places to Work Multifamily®” is published by Multifamily Leadership.

The Top 50 companies found out how they ranked at the Multifamily Awards show on December 8, 2021, which was broadcast live and could be viewed for free anywhere in the world.

The Multifamily Industry, serving apartments and their residents, contributes more than $3.4 trillion to the economy annually, supporting more than 17.5 million jobs. Not only do apartment homes drive jobs that strengthen local communities, individuals and families realize the value of renting as a smart choice in today’s economy.

As CEOs and executive teams create culture and innovation around the resident experience, employee engagement is seen as a key driver to meet multiple challenges. The Best Places to Work Multifamily® program recognizes those companies who have established and consistently foster outstanding workplace environments. 

The rigorous assessment process evaluated each company’s employee policies and procedures as well as responses from the company’s employees. The program is part of a long-term initiative to encourage growth and excellence throughout the Multifamily Apartment Industry and to attract new leaders to the industry.

If you want to know if it’s a great place to work, you ask the people who work there. Patrick Antrim, Founder and CEO of Multifamily Leadership says, “Employee engagement is actually a much more powerful indicator of organizational success than the size of the company, as employee engagement is tied to behavior and higher performance.”  

The program also helps companies who want to improve their business. The “Insights Report” is presented to each participating company, even if it did not make the list. The report summarizes employee engagement and satisfaction data, the “Multifamily Leadership Benchmark Report,” and the transcript of employee written comments. The report is used by many organizations to make significant improvements in their workplace culture. 

Antrim further states, “Next generation leaders want to know their company is making a positive impact on the world. They want to know the vision and mission of the organization and that the leaders of the organization are going to drive that mission and vision. This is becoming increasingly more important as society is asking businesses to play a bigger role. The Best Places to Work Multifamily® companies have stepped up to play that role and will have a much bigger voice in the future.”

For more information about, and to register for, the “Best Places to Work Multifamily®” program, go to www.multifamilyleadership.com.

Media Contact: 

Trevor Park

BetterBot, Head of Marketing

trevor@betterbot.com

4 Things BetterBot has learned from scheduling over 300,000 appointments

We are proud to say that BetterBot has officially scheduled over 300,000 appointments in just 3 years of being live. That being said, there are a number of lessons we’ve learned from our experience scheduling this many appointments and we want to share 3 very important lessons. 

There Is A Time And Place For Lead Gating

In certain situations, it may be appropriate to ask for a prospect’s information before providing more information. However, we have learned that in the multifamily atmosphere, the bounce rate can skyrocket if there is not enough information provided. Throughout scheduling over 300,000 appointments, we have seen a 92% show rate, which is 276,000 prospects we have helped through the door. A huge reason for this is that we don’t lead gate in order to find information. Prospective renters have a transparent experience that allows them to find all the information they are looking for all in one place. This also helps make sure that the leads that are making their way into the system are the most serious leads. 

Guided Conversation Works For Scheduling Appointments

From the beginning, BetterBot has adapted to changes as we’ve learned. Early on, we built the largest proprietary Natural Language Processing (NLP) database in the multifamily industry, and we scrapped it for several reasons. We moved over to a Guided Conversation model because it’s fast and effective. Plus, Guided Conversation never breaks, which means prospects are not left frustrated and confused. Guided Conversation is also a simple platform. Having a simple platform helps break down information so that prospects can easily find and understand it. 

Just Because Your Office Is Closed, Does Not Mean Business Stops

We learned that traffic doesn’t always happen when your team is on the clock. 58% of leads are coming in after offices are closed. This means potential leads are looking for assistance at any time of day.  BetterBot has been able to come in as a solution and help share important information 24/7/365. Essentially, BetterBot is the leasing agent that never sleeps. It’s also more affordable than having someone on the clock at all hours. Business never sleeps, which is why it’s our mission to have our bots available to prospects wherever and whenever they want. 

A Smooth User Experience Is Essential

It is critical to show a smooth leasing experience by moving them through the funnel. Our goal is to arm the site teams with the tools to make the process as consistent and seamless as possible. Having an intuitive leasing process is crucial. For example, Rent Dynamics leverages BetterBot for the seamless user experience of scheduling an appointment to tour an apartment. This naturally brings those prospects into the leasing process. In turn, Rent Dynamics’ CRM simplifies the journey and helps to accelerate the process of leasing. The two work together to provide a smooth experience — BetterBot by getting users connected to the next step and Rent Dynamics by taking those users through the leasing journey. Not only is it creating a smooth user experience for the customer, but Betterbot has helped Rent Dynamics’ clients schedule 14,220 appointments and counting. Sounds like a win all around. 

At BetterBot, we are excited to hit some pretty significant milestones thanks to the help of our innovative team. In the last three years, we have continued to expand our offerings including the release of Student Bot, Affordable Bot, Senior Bot, and BetterBot For Leads. In addition to scheduling over 300,000 appointments, we have also greeted over 50 million prospective renters worldwide. We are grateful for all the lessons we’ve learned during this time. We will continue to share valuable information so that we can be an ever-improving source of knowledge. 

Putting Together A Tech Stack That Makes Sense For Your Business

In today’s world, there are so many different technology options. It can be overwhelming. That’s why it’s so important to find the right stack of technologies that make sense for your communities. When evaluating what technologies make the most sense, it’s essential to consider the following types of systems: 

  • Prospect Management Tools
  • Resident Focused Tech
  • Team Support Technologies

Prospect Management Tools 

Obtaining and converting prospects into residents can be a lot of work. This is why you need to have some sort of prospect management tools to help with the process. A few of the tools that are essential in this department include: 

  • Chatbot Technology — Help prospects get information all in one place. For example, BetterBot’s chatbot offers a place for prospective renters to find information where they want, when they want, and how they want. The bot is not only able to be seen on the property website, but it can go anywhere renters are looking, including social media, ILS pages, and so much more. The bot helps relay the most important insights about the community, which weeds out the unqualified leads. 
  • Self-Guided Tour Tech — Post COVID-19, more and more renters desire a self-guided interaction when it comes to touring their potential home. Self-guided tour technology allows them to set up their tour on their terms and feel safe knowing that they will have more control over their touring experience. 
  • Lead Management Tools — In addition to offering chatbot technology, BetterBot offers some great lead management tools. Using BetterBot for Leads, prospects are intercepted and nurtured in ways that are more likely to result in a scheduled tour. 
  • Marketing Tools — How are your prospects finding you? This is a loaded question. Marketing tools make it easier for your prospects to find you. This term, Marketing Tools, may sound broad but what we mean by this are tools that make it easier for prospective residents to learn about your community. This may mean using Google AdWords, Facebook Marketplace, ILS listings, or even geofencing services. You can use these tools to help attract your customers and get the word out about your communities. 

Resident Focused Tech

It’s essential to leverage technology that focuses on your current residents. While gaining new prospects is great, it costs more to gain a new resident than keeping existing ones. This is why it’s so important to invest in tools that will help you retain your residents, such as: 

  • Automation Tools — Make it easy for residents to find information on your community website. Automation tools such as BetterBot can help residents find their portal to complete any order of business like paying rent or submitting a service request. 
  • CRM — Customer relationship management tools are essential to help your team keep track of crucial information. You want to make sure you have a quality CRM that maximizes every resident touchpoint. One tool that has seen great success is Rent Dynamics CRM function. Their tools offer an easy way to manage residents while still maintaining a personal touch. 
  • Resident Engagement Tools — Engaging the resident post-move-in can sound like a daunting task for property management teams. Teams have to get new residents lined up, but they also have to foster the relationship? It sounds like a lot of work, but it doesn’t have to be. Investing in resident engagement tools can help bridge the gap so that current residents stay interested and involved. Tools such as Updater, hOp, and RentPlus allow residents the opportunity to interact with the community with little effort on the team’s part. 

Team Support Technologies 

Finding technology that helps your property management team save time is imperative. It seems like the list of things to do just keeps on getting longer, and teams are becoming overwhelmed. That’s why it’s essential to find tools to support those teams, including: 

  • Time-Saving Tech — Invest in technology that will help save your team time. For example, BetterBot saves teams an average of 57 hours per month, per property, by helping provide information upfront to prospects and residents. It also saves time by providing the most qualified prospects so that teams have time to focus on what’s important. 
  • Reputation Management Tools — Online reputation is one of the first things prospects see when they find you online. That’s why it’s so important to have a reputation management tool that helps monitor and respond to online reviews. This also allows teams to learn what they can improve to make the resident experience an enjoyable one. 
  • Reporting — Being able to measure results will help your teams make better decisions regarding staffing, budgeting, and planning. When looking at your tech stack, be sure to find out which tools offer reporting so that your teams can be informed about how they are performing. 

Putting together a tech stack for your communities sounds stressful, but it doesn’t have to be. When you remember to look for suitable tools, it can become liberating knowing that your teams, residents, and prospects are all taken care of. For more information on putting together a tech stack, check out our resource covering ways to know a tool is worth using

12 Multifamily Builder Trends That Will Shape the Industry in 2022

While we have yet to see the full impact of the pandemic on the multifamily space, the ripples are already spreading, impacting everything from rental prices to construction and development plans. What’s more, multifamily units are becoming more popular than ever, with 2020 alone seeing a 50% increase in multifamily units. But upholding the status-quo doesn’t fly with today’s renters. Their wants and needs are continuously (and quickly) evolving – challenging builders to find ways to rethink the multifamily experience. Today we’ll explore some of the most prominent multifamily builder trends that will likely shape the future of the industry in 2022 and well beyond.

Top multifamily builder trends for 2022

Bigger, smarter spaces

Whether they’re working from home or quarantining in place, people are spending more time in their homes than ever. And what they expect from their living spaces is changing.

Built-in home offices

One of the biggest concerns of builders today is incorporating the rise of work-from-home into their plans. Things like in-home work nooks and exterior balconies are becoming more popular additions to spaces, along with communal co-working spaces.  

Larger square footage

Along with more space for remote work, renters want more space overall. Following a several trend of shrinking apartments, we’re now seeing square footage head in the opposite direction. 

Softer materials, calming color palettes.

People want their spaces to be designed with a sense of safety and warmth – and want them to be easy to clean. Light neutral colors along with materials like hardwood, wool, and stone are becoming increasingly popular. Studio director of NELSON Worldwide John Lewis explained to Forbes,  “Exterior color trends have shifted towards embracing a softer and lighter color palette, those shades that instinctively make residents feel like a space is light, bright, and overall feels clean. 

A focus on health and sustainability

Another big umbrella trend for the industry centers on creating spaces that promote health, wellness, and environmental sustainability. 

Wellness spaces

Fitness centers and outdoor walking areas have become the minimum for residents looking to be part of a healthy environment and community. Developers today are being challenged to push the envelope forward when it comes to creativity, adding things like community gardens and dedicated yoga and meditation spaces to apartment complexes. 

Healthier buildings

Many new projects and developments are choosing to highlight sustainability and health in their design. Better air filtration, low VOC, and decarbonization strategies are all being prioritized by builders, with some striving to achieve LEED certification for their projects as well. 

Co-living

Today, some younger people are looking toward alternative living arrangements to reduce their footprint and build a greater sense of community. Apartments that combine private living quarters with shared kitchens and co-working spaces are becoming more popular. 

Premium amenities

Like we mentioned before, renters today are enticed by more innovative, more creative amenities that fit their needs. Here are just a few examples of premium amenities multifamily builders are looking to add to future developments. 

Rooftops and terraces

Outdoor communal spaces are more popular than ever, and for many people, a well-designed rooftop or terrace is expected (and not just in higher-end developments). What’s more, they can add a lot of value to multifamily assets, especially when designed with biophilic principles in mind. This design concept incorporates elements of nature, aiming to replicate the patterns and colors of the natural world to create feelings of calmness and joy.

Outdoor workstations

Along with more places to hang out with friends and neighbors outside, some residences incorporate outdoor workstations into their co-working plans to give people more opportunities to get outside. 

Pet-friendly spaces

Things like dog parks and even pet-daycare facilities are increasingly featured in multifamily developments in cities, especially in areas where some residents may still have a daily commute. 

Upgraded technology

Lastly, multifamily builder trends in 2022 are also set to feature smarter technology for both renters and property management teams alike. 

EV charging stations

Electric vehicle adoption is up and will likely continue to rise as vehicles become less costly. For those living in apartments, having easy access to charging stations is a must. 

Designated ridesharing areas

While traditional ridesharing has declined throughout the pandemic, many still use these services for things like food delivery. Having a dedicated parking area for pick up and drop-offs can be wildly helpful for renters who use these apps often. 

Leasing solutions

While builders cannot weave into their designs, many property management groups adopt chatbots to streamline prospective renters’ application and leasing processes. And once a renter is settled in, they can use these online solutions to do things like request maintenance and access property information 24/7, 365.

Want more multifamily insights? Learn about more multifamily builder trends and where the industry’s future is headed on the BetterBot blog.

Put Down the Wide Brush – Why You Should Tailor Your Chatbot to Your Unique Property Type

Under the multifamily umbrella, there are various property types – and no two properties are the same. And while innovations in proptech have made it much easier for property management teams to do everything from schedule tours to convert leads into new renters, no technology is a one-size-fits-all solution. Especially in the case of a multifamily chatbot, we’ve found that the more you can personalize and tailor your bot to your unique property type, the more effective it will be in the long term.

In this quick resource, we’ll outline both the benefits of tailoring your multifamily bot and how to go about it with specific examples.

Why tailoring your multifamily chatbot is important

More qualified leads

A great chatbot can help you insert yourself in conversations when and where it matters most. Still, a generic property chatbot can only help you get so far. Tailoring your chatbot to fit your property’s unique type and renter requirements can help you secure even more qualified leads and tours.

Meet your prospective renters where they are

Depending on your property type, prospective renters may be on the hunt for specific amenities and features. For example, students looking for housing may be interested in knowing how many beds an available room has. Customizing your bot to feature this and other relevant information can make it much easier to meet prospective leads’ needs directly without going back and forth with a property management team.

Give your team valuable time back

When your chatbot can more effectively meet people’s needs and provide relevant information, it can save your property management team valuable time. Instead of fielding endless email and phone queries, any information a person needs can be quickly obtained through your custom chatbot.

How to tailor your bot to common property types

Student

The apartment rental process can be unique for students, which is why it’s a great idea to craft a chatbot solution that can meet their needs. A few ways to tailor your bot for the student housing experience include:

Allowing students to search by unit availability: With many looking for apartments at the beginning and end of semesters, it can be helpful to search by availability at the touch of a button.

Search by the number of beds: Many students will opt to live with roommates to minimize the amount spent on rent. Your chatbot should be searchable by number of beds, not only to help your prospects find the right space but to help your property management team stay organized.

Student scheduling: The school year can look different based on the type of school and location. Our student bot offers a custom scheduling tool to schedule by semester, trimester, or quarter calendar.

Access to student resources: Providing interactive student resources is a great way to help your renters stay up-to-date with what’s going on at their building and school.

Conventional

Looking to spruce up your apartment chatbot? Here are a few of our recommendations:

Add multilingual support: Don’t leave great leads hanging just because English isn’t their first language. BetterBot offers multilingual support so you can easily communicate with all your prospects.

Offer virtual tours/videos: Although we’re a far cry from the beginning of the pandemic, many prospective renters may feel more comfortable taking a virtual tour of your property. With BetterBot, you can easily embed your virtual tours from Matterport, LCP360, Zillow, Vimeo, Helix, Realync, YouTube, and more.

Embed your photo galleries: Instead of sending users away from your chatbot to check out your fantastic pool and tennis court, you can quickly embed all the galleries you want directly into your chatbot.

Affordable

Especially in affordable/section 8 housing, it can be challenging for property management teams to keep up with the volume of leads and daily requests for information. A personalized chatbot can help make your life much easier by offering the following:

Waitlist management: With a user-friendly dashboard, our Affordable Bot makes it simple to view your waitlist at a glance. And once a renter moves out, you can easily choose the next – no physical list needed.

Affordable-specific dialogue: For example, you can pre-qualify leads by asking for yearly income and the number of residents looking to move in. This can help prospective renters know quickly and easily whether or not they qualify to move into your affordable spaces before even speaking with your team.

Affordable-specific reporting: Even at an affordable property, it’s still crucial that your team can sell your property experience. Our affordable-specific dashboard allows your team to quickly assess top-of-funnel leasing performance, helping you determine what’s working – and what isn’t.

Lease-Up

A Lease-Up specific bot can be beneficial for communities that may be so new that they don’t have a website up and running yet.

Offer community-specific information: Your bot will be the first (and likely only) place people go to learn about your upcoming community. Make sure to customize it with plenty of relevant information, including info on parking, amenities, and whether or not your facilities will be pet-friendly.

Set up tour appointments: Just because you don’t have a site yet doesn’t mean you can’t start booking tour appointments. Set up and manage tour appointments directly from your bot from the get-go.

In almost every industry today, personalization and customization reign supreme. And it’s not just about better serving your leads and renters – it’s also about helping make your teams’ life easier too. With the right chatbot solution at their fingertips, property management teams can feel empowered to spend less time on repetitive, low-value workflows. For more chatbot guides and insights into multifamily industry trends, check out the BetterBot Blog.

New Feature Alert – BetterBot Calendar

At BetterBot, we are always looking for ways to improve and save our clients time. We are excited to announce our latest feature that does exactly that! Introducing the BetterBot Calendar. Here are a few things you can do with this new feature:

  • See scheduled appointments
  • Block out time
  • Sort by appointment type
  • Hidden superpower

See Scheduled Appointments 

No need to jump from one platform to another. Now you can do everything right within the BetterBot dashboard. You can take a look at what appointments have been scheduled for the day and even find the contact information for those prospects, allowing for easy follow-up. 

Block Out Time

Working around lunch breaks and team meetings is no longer an issue! Block out time on the calendar and the bot will intuitively schedule appointments around those time blocks. This feature is easy to update so if there is a schedule change it just takes a couple of clicks to change.  

Sort By Appointment Type

BetterBot can set intelligent appointment types meaning, the bot can schedule an array of different types of tours. For example, users have the option to schedule an in-person, phone, self-guided, or live video tour. With the new BetterBot calendar, users can see what types of appointments are set for the day and prepare accordingly.

Hidden Superpower

The calendar function has a hidden superpower. The reason it’s “hidden” is because it’s working in the backend even if you don’t see it. BetterBot’s calendar is ubiquitous meaning, it can not only read other calendars but can also pass along information. The calendar reads and passes info on to other calendars such as Yardi, Entrata, RentDynamics, and many more. It’s the calendar that helps manage everyone else’s calendar.

BetterBot is proud to constantly be expanding and improving. Keep an eye out for more updates and in the meantime, check out what our bot can do HERE



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