Reporting-Actionable-Insights

Does Your Reporting Lead To Actionable Insights?

As marketers, reporting is essential to the process — it’s the bread and butter. That’s why it’s critical to consider this question: is your reporting leading you to actionable insights? Looking at each tool’s reporting can help you decide on future budgets and procedures. Here are a few questions to consider when evaluating your reporting. 

How are you saving time? 

Figure out how your marketing tools are saving your team’s time. For instance, BetterBot’s Multifamily automation solution saves an average of 100+ hours (per property, each month), allowing team members to focus on more critical tasks. When your marketing tools help save your teams time, it’s also saving them money. Check out how your property is saving time through your reporting. It’s important to consider if your solution is to set appointments or nurture your traffic.

What is your lead volume? 

Knowing your lead volume can help you assess the next steps for your community. For instance, if your property is getting more leads than it can handle, it might be time to introduce some automation tools. How can you increase your traffic if your property isn’t seeing enough? If you are using bot technology, greetings are one of the first KPIs you will want to look at regarding your web traffic. This number tells you how many people your bot has, you guessed it, greeted! It’s essential to get a good gauge on what is the typical amount of traffic for your community. Then consider how many of those greetings are turning into actual leads for the community.

Conversion rates? 

The last reporting metric you want to hone in on is conversion rate. BetterBot’s NurtureSkill converts nearly 60% of leads into conversations. From those leads, 1 in 5 turns into an appointment. Once prospects have all the info, the serious ones will take the next step to visit the property. This is such a substantial number because it shows how many of those who contacted you are making an effort to visit your community. As marketers, it’s essential to focus on the leads coming in. It’s the property’s job to take it from there and convert those leads. If you notice that the leads setting appointments are not converting to leases, take the time to find out why. Is it that they aren’t qualified? Or does your team need additional sales training? Consider all of these when evaluating conversions.

There are specific KPIs your marketing solutions should be hitting in order to ensure they are successful. Take advantage of the reporting available to you through your providers. Of course, people don’t like to have their reporting all over the place. No one wants yet another dashboard to log into. However, it can prove a great way to double-check your data and access data you may not have been able to on other platforms. Consider if the data available to you through your reporting is leading you to actionable insights. If not, let’s take steps to fix that so that your marketing can be precisely where it needs to be. 

Recession-Proof-Marketing

Recession Proof Marketing

Many experts predict that a recession will be present in our economy over the next year. Marketing in times like these can sound tricky, but it doesn’t have to be. The multifamily industry is strong — people always need somewhere to live. There are some ways property management teams can continue to market throughout a recession while being sensitive to what others are going through. Here are some recession proof marketing tips teams can use to market successfully through a downturn. 

Focus on word-of-mouth marketing

These days, 65% of millennials are willing to pay more for good customer service. That being said, it’s one of the most important focuses your property can have. If your teams focus on making the experience smooth, word-of-mouth marketing comes quickly. Individuals are more likely to share what they experienced with others, and this can help your teams. Plus, you may be driving more traffic to your property with a higher emphasis on online reviews. 

Solve a problem

At first glance, the problem you are trying to solve may seem obvious. Of course, you’re trying to help people find where to live. Consider how you can take this thinking a step further. What are some ways you can work with prospective customers to solve a problem? Are customers struggling to find pet-friendly communities? Make sure this is clear in your advertising. Does your property offer concierge services? Figure out how you can leverage your marketing efforts to promote these features. When you solve a major issue, you have a higher chance of persuading potential residents to choose your community. 

ROI 

What return on investment is your property providing? If you can prove this, choosing your community will be a no-brainer. For instance, can you save your residents money with an on-site workout center? Does your community have a pet washing station? Can you save pet grooming expenses by offering a place to bathe their pets? Consider how their investment in your community will save them time and/or money. 

It’s essential to have empathy and understanding for residents during challenging times like a recession. Remember that word-of-mouth marketing is priceless. Be sure to help solve a problem and find out how you can help your residents save. Most importantly, you’ll want to help ensure your team has time for what’s important…being human

Types-of-Chatbots

4 Different Types of Chatbots Explained

According to IBM, over 265 billion customer service requests are put in each year, costing around a trillion dollars to resolve. And with more and more consumers choosing to do business online, that number is only expected to grow. Fortunately, as much as 80% of these requests can be taken care of without a CS rep – and that’s where chatbots come in. Today we’re going to take a quick look at the most common types of chatbots – and how they can elevate your customer engagement strategy

Why are chatbots effective? 

Before we get into the different types of chatbots, it’s important to understand why companies choose to leverage chatbots in the first place. From reducing the load on customer service-centric teams, to gathering valuable data, chatbots have quickly become a tour-de-force when it comes to improving the prospect journey. 

While you can find a chatbot for just about anything these days, most of the different types of chatbots you’ll find fall into one of four categories. 

4 different types of chatbots you’re likely to encounter

Guided conversation 

The most common types of chatbots are what we call “guided conversation”, or “rules-based”. Used in a variety of contexts, these chatbots lead users through scenario trees, offering them predetermined options to choose to help them complete simple service requests and get information. Think “Choose Your Own Adventure” but for finding an apartment. At BetterBot, this is the type of chatbot we use to help property managers turn prospects into renters!

AI/Natural language processing

Unlike guided conversation bots, “AI” bots utilize natural language processing (NLP) to guide users through human-like conversations. Instead of giving users a predefined set of options to choose from, NLP bots analyze user queries for keywords and phrases and then answer accordingly. The cons with this type of bot are that it’s much more expensive to create, requires a long training period before it can be active must be constantly updated and maintained, and often fails and gets confused.

Hybrid

As the functionality of Natural Language Processing can cause issues in the prospect’s experience due to misunderstood questions or responses, some brands utilize hybrid chatbots, which provide the capabilities of NLP combined with the effectiveness of Guided Conversation. While they mainly operate in a rules-based way, they also have a limited capacity to answer other queries through NLP. By introducing a text field many consumers enter questions the bot is not equipped to answer by introducing a text field many consumers enter questions the bot is not equipped to answer which confuses the bot.  See NLP bot above.

Voice-based

A newer type of chatbot we’re beginning to see emerge is based on voice-recognition technology. In 2020, 24% of American consumers owned a smart speaker, creating the opportunity for advanced companies to create more personalized chatbot experiences. While this is still an emerging category, it’s exciting to imagine the possibilities here. 

Check out which type of bot may be best for your business. In addition to these four main types, many users yield to live chat which can also be something to consider. We’ll break out those pros and cons for you in our resource about chatbots vs. live chat. Want to learn more about how chatbots can improve your customer service strategy? Explore the BetterBot blog for more! 

Robotic-Process-Automation

What Is Robotic Process Automation?

Using specialized software, you can eliminate repetitive tasks from your team’s workload.

As technology continues to advance, humankind is finding more efficient ways to use emerging technology to simplify and eliminate repetitive tasks. One such advancement is the ominously named robotic process automation, which leverages software to make repetitive tasks a thing of the past. While RPA is more common in the enterprise realm, small businesses can utilize this emergent tech.

What is robotic process automation?

Though its name might evoke images of an uprising of metal and lasers, robotic process automation is anything but that. At its core, RPA is a piece of “robot” software that lets users reduce the number of repetitive tasks they need to do on a computer by mimicking those actions.

From timecard management to data entry, RPA tools eliminate the need for employees to spend their time on computer-based, routine tasks. Instead, employees can focus their energies where they’re needed, increasing overall productivity.

Because of its relatively new status on the automation front and increased hype surrounding the technology, researchers at Forrester estimated that the RPA market would balloon from $250 million in 2016 to $2.9 billion in 2021.

How does robotic process automation work?

Since RPA is not powered by artificial intelligence, it needs some human interaction to work. It’s after that initial setup that the magic happens.

To get RPA working, a person must first teach the actions that will be automated on the computer or virtual machine. Whenever an application is opened, a mouse click is initiated, a new task is started, or some other action is taken in an application, an RPA can be taught to do those same actions as a set of programmable rules and instructions. After each step is mapped out, the program can run those manual tasks back, recreating each action with incredible speed and precision.

While RPA by itself is not considered AI, the two can work in tandem to pick up how an employee completes certain tasks. By including intelligent bots, RPA software can actively follow a person’s actions on a computer. Once enough data is collected, the bot and the RPA it’s attached to can begin handling whatever processes it needs to do by itself.

In both instances, RPA needs some form of data input to mimic. Once it gets that data, however, it’s off to the races with those tasks, freeing up precious resources to be allocated elsewhere within your company. Both explanations are at the very basic level of how RPA works since this kind of software can handle as many simple or complex processes as you need, based on the actions you want to automate.

What can RPA automate?

It doesn’t matter how big or small your business is – if there’s any computer-based drudge work you want to eliminate for yourself or your employees, RPA technology can handle it. General knowledge points to the idea that RPA is best for tasks that rely on repetitive actions. Tasks like data entry and returns processing are ideal fits for RPAs.

While speaking with The Enterprisers Project, Olive chief product officer David Landreman listed four basic criteria for whether an RPA is a right tool for a specific repetitive task:

  • Is the process rule-based?
  • Can the process be repeated at regular intervals, or does it have an easily defined trigger?
  • Does the process have expected inputs and outputs?
  • Does the task have sufficient volume?

What are the benefits of robotic process automation?

Along with the reduction in repetitive tasks and the ability to free up employees to be productive in other areas of your business, RPA has some other inherent benefits that any business would find valuable. Here are some other examples of how a good RPA can help businesses of all sizes.

Reduced costs

Automation in its many forms is well known for its ability to cut operating costs as a sort of digital workforce. If you no longer need an employee to handle a certain task because of automation, you are spending less money on that task. Similarly, RPA can cut costs due to human error since the software will handle its functions accurately as long as it was taught correctly.

More engaged employees

Doing repetitive tasks for hours on end can be a mentally and emotionally draining experience. Implementing an RPA robot to handle boring tasks frees up employees to work on more engaging activities that increase their attentiveness, boost morale and, in the case of businesses that regularly deal with the public, provide a better overall customer experience.

Easy, flexible implementation

Since RPA mimics a person’s actions when completing tasks, programming it is relatively easy. No coding knowledge is necessary, and it can easily transfer from one task to another. As businesses grow, RPA can scale to meet their changing needs.

To learn more about how automation can help you and your teams, download these automation basics

Full-Stack-Marketing

Pros and Cons of Full-Stack Marketing 

In multifamily, we hear the term full-stack marketing often. How do you know if this is the way to go for your marketing needs? First, let’s understand what it means. Full-stack marketing is a form of marketing encompassing various marketing types rather than focusing on a single tool or service. To help you make the most informed decisions, we’ve put together some pros and cons when considering a full-stack marketing strategy.

Integrations

Ideally, all your marketing tools should be integrated. Many teams enjoy having all their tools under one umbrella so that the integrations are sure to work. This depends heavily on the platform. For instance, there are some platforms that may advertise that they all work together however, many of the tools that are used under that company’s umbrella may have been acquired at a later time. This means that the integrations would be the same as if you were to use any external tool. That’s why it’s important to understand the level of integration available between your tools.

Reporting

Consider the cost of investment in your tools before making your choice. Will it be more cost-effective to go with a tool within the services you’re already using, or would you get more for your money with an outside tool? If your full-stack marketing company offers a tool for free, consider the costs. You’re probably thinking, “What cost? It’s free.” However, it’s important to acknowledge that free doesn’t always mean it won’t cost you. Typically free widgets and add-ons are built by companies that provide a CRM, website, etc. The widget is not their primary focus, so it will not be optimized in all the ways it should be. That said, a paid model saves time and money in numerous ways. We break it all down in our article that shows why free doesn’t always mean

ROI

At the end of the day, it’s important to make the best decision for your team. Sometimes it can actually be beneficial to have multiple services under one roof. However, there are some things that can be done better by experts that focus on one specific service. It’s important to consider these points when making a decision on your marketing strategy. To learn more about getting the most value out of your tools, check out this article focused on Factors Multifamily Marketers Should Keep in Mind When Calculating ROI.


At the end of the day, it’s important to make the best decision for your team. Sometimes it can actually be beneficial to have multiple services under one roof. However, there are some things that can be done better by experts that focus on one specific service. It’s important to consider these points when making a decision on your marketing strategy. To learn more about getting the most value out of your tools, check out this article focused on Factors Multifamily Marketers Should Keep in Mind When Calculating ROI.

Lead Nurture Metrics

Metrics To Gauge If Your Lead Nurturing Automation Is Working

We’ve heard it before…too many leads and not enough team power to field them all. Automated lead nurturing is one tool that has helped companies manage their traffic volume. Moving this process to an automated platform allows teams to focus on converting the most qualified leads. 

How does lead nurturing work? 

Lead nurturing automation immediately follows up with leads from numerous marketing sources to convert them effortlessly to tours and maximize leases. This feature is aimed at helping prospects grab property information and schedule tours on their time, not restricted by office hours or limited staffing. It helps leasing teams engage with highly qualified prospects by giving them the tools they need to make informed decisions while reducing unnecessary back and forth. When someone finds a community on an ILS or any marketing source, they decide they want to contact them, and the workflow begins. They are then offered an immediate response, and that lead is nurtured. The converted leads are then pushed to the appropriate workflows so that leasing teams primarily interact with the most serious, qualified traffic.  

How do you know if it’s working? 

Automation helps streamline processes so that humans can do what automation will never be able to do — connect meaningfully with others. This means implementing new conversational technology into old automation methods to improve consumer engagement. While automation engages prospects and residents in new ways, it allows for those meaningful connections to be made by the site team at impactful points in the renter’s journey. So how do we know if it’s working? Teams should evaluate a few numbers to know if their lead nurturing platform is doing its job.

Open Rate

The open rate would be the number of individuals opening lead nurture emails. For instance, once a prospect engages with BetterBot’s lead nurture skill, they will be sent a follow-up email. This is the percentage of people who open/read this email. For comparison, BetterBot’s NurtureSkill sees an average 80% open rate on follow-ups. Looking at this number will help your team gauge whether or not people are opening up the emails sent. 

Engagement rate

The next step after opening an email would be engaging with it. You’ll want to see if the individuals opening your emails engage with them. In this stage, prospects gather the information they need to decide if they are serious about this community. BetterBot’s NurtureSkill has an average of 57% engagement rate, which shows that the other 43% of individuals are either unqualified or not serious. Instead of spending your team’s energy directly engaging with this traffic, automation is stepping in and weeding through it for you.  

Conversion Rate

The last metric you want to hone in on is conversion rate. Take a close look at the next steps. BetterBot’s NurtureSkill converts nearly 60% of leads into conversations. From those leads, 1 in 5 turns into an appointment. Once prospects have all the info, the serious ones will take the next step to visit the property, which is why this number is so significant. 

Renters want information 24/7/365. Lead nurturing works around the clock to ensure your prospects are always taken care of. It follows up with every single lead and shares the valuable information they are looking for. Looking at metrics such as open rate, engagement rate, and conversion rate can help you make informed decisions about which tools you use in your marketing strategy. To learn more about BetterBot’s automation that can help you and your teams, download the automation basics every multifamily marketer should know. 

Marketing To Multiple Generations

How to Market to Different Generations Simultaneously

In multifamily, we like to talk about renting millennials, wondering why that is? According to the Pew Research Center, in 2015, Millennials became the largest generation in the U.S. workforce. Plus, they are the largest living adult generation next year. So, of course, we can get hyper focused on renting to this generation as an industry. 

However, looking at customers more closely, it’s a diverse group. More often, baby boomers are selling homes and choosing the convenience of apartment living. With Gen Z entering early adulthood, they are also becoming a massive segment of renters today. Post-Millenials account for 33% of the global population, and they contribute $44 billion annually to the US economy, according to Commscope

More often than not, multifamily developers are tasked with designing communities that simultaneously appeal to all different generations. How is this even possible? 

Common Spaces

All generations tend to gravitate towards common areas within their communities. However, they appreciate them for different reasons. Gen Z’ers and millennials typically prefer being “alone together.” They want to spend time within the clubhouse, but they want to be in their own space. On the other hand, baby boomers love onsite group activities such as dance classes, cooking lessons, or brunches that allow them to socialize. Developers often have to find the balance in designing common areas to accommodate both needs.  

Leaning into this feature when marketing your community can be beneficial in attracting prospects of all age ranges. You have the opportunity to appeal to a wide array of people, and it’s essential to utilize that. 

Technology Preferences

Most of the world uses technology nowadays, but each generation has a different comfort level when utilizing these tools. Gen Z and Millenials have had internet most of, if not all of, their lives. They have been immersed in the benefits that the internet offers, like instant access and information at their fingertips. This is why it’s essential to use tools that appeal to both generations. For example, Millennials and Gen Z’ers tend to gravitate toward solutions that take up the least amount of social interaction. It’s not that these generations aren’t social — they are vastly social. However, they often prefer to save their social energy for meaningful interactions rather than transactional ones. They want information whenever and wherever they are, and as marketers, it’s our job to give them that. 

On the opposite side, baby boomers can and like to utilize technology but in a different way. They want a solution that’s easy to use, takes minimal thought and gets the job done. They’d prefer to talk with someone directly when it comes to complex processes. To learn about a solution that can appeal to all generations, check out BetterBot. The automation platform allows self-service when it makes sense and passes along traffic at optimal points. 

Location

The real estate cliche still holds strong today: location, location, location. It still matters, and it’s still heavily considered. Developments 10 minutes away from a central business can offer some exciting perks. These developments allow developers to build at a size and finish at a level that attracts all types of residents. They often provide proximity to jobs that renters of all ages are seeking. 

Strategic Marketing 

Every generation responds differently to marketing techniques. When trying to generate leads, it’s important to consider geography. In areas that tend to have a younger population, email and text campaigns can do well. In more suburban areas, you may need to focus more on face-to-face interactions, regardless of age. 

Today, prospects are comprised of a wide range of people. The diversity in age can pose some challenges, but if you know how to handle those challenges, you can be successful if you continue to plan strategically. For customized marketing tactics, check out our article on Why You Should Tailor Your Chatbot to Your Unique Property Type.

Why Free Isn't Free

Why FREE Doesn’t Always Mean No Cost

With the current economy, most companies are forced to evaluate costs and ensure they are getting the most bang for their buck on all the services they subscribe to. Companies will often offer “FREE” add-ons such as lead nurturing or chat solutions to help teams cut costs. While this may sound enticing, “FREE” doesn’t always mean there is no cost associated with it. We are breaking down all the reasons why free isn’t necessarily better and all the areas that could be affected. 

User Experience

Many free solutions offer a user experience that will get the job done. However, it’s not always satisfactory. In fact, most of these solutions have a CSAT (customer satisfaction) score below 30%. The mobile experience is even worse, and 60% are using the bot on their mobile. In addition, many free add-ons are simply a pop-out form that take the user away from the initial experience making them more likely to drop off. All too often, the free experience gets less than 1/3 of the appointments scheduled and delivers low-quality leads.

Think of it this way — say you are looking for a new car. You have the choice between a new, reliable vehicle that gets you where you want to go, and is cost-effective with a low monthly payment. Your other option is a FREE beat-up car that breaks down often, wastes time, and rarely gets you from point A to point B. Which car would you choose? 9/10, you will select the first option that can be trusted to get the job done. The same can be said for automation solutions. Sure, one is free, but it’s only reliable a small amount of the time. Solutions that cost money usually do so because that allows them to invest in the product and provide a superior customer experience. Instead of offering a solution that saves time, teams are often forced to spend more of their attention on menial tasks. As the old saying goes…time IS money! 

Customizations

To create a cohesive brand experience, customizations are key. It’s essential to be able to add customizations in several areas, including branding, integrations, and property-specific info. 

Of course, it’s essential to use the branding that makes the most sense for your communities, whether custom property branding, corporate branding, or even a cohesive look and feel. It’s essential to be able to make updates as needed. 

Integrations are another big area that should have the ability to be customized. For instance, you want a solution that integrates with your virtual tours, videos, site maps, etc. This also becomes essential when it comes to appointment setting. It’s imperative that leads are not lost or forgotten in the process and that everything flows smoothly. 

Lastly, property-specific info is an essential part of customizations. You want to be able to customize topics like sister properties and office hours. If they can’t incorporate every aspect of your community’s information, most likely, they are not getting the job done. 

Features 

When choosing a free option over a paid model, you lose a lot of functionality regarding features. Essential information like prequalifications, waitlists, and FAQs become challenging to share. Plus, these platforms often can’t be parsed out by property types like senior, student, affordable, mixed-income, etc. Making sure all of the information is embedded directly into the bot will help ensure a cohesive user experience and confirm that the prospect is given all the information they need upfront. 

How does a paid model save me money? 

Typically FREE widgets and add-ons are built by companies that provide a CRM, website, etc. The widget is not their primary focus, so it will not be optimized in all the ways it should be. That being said, a paid model saves time and money in numerous ways. 

For example, BetterBot’s Multifamily automation solution saves an average of up to 100+ hours (per property, each month), which allows team members to focus on more critical tasks. On average, 300+ unique prospect conversations occur through the solution (per property, each month). Because the average person uses the 1.9x, that’s nearly 600 total conversations/property/month. To see a more detailed look at how BetterBot’s automation saves time and money, check out our full article on this topic HERE

Unqualified-Leads-Multifamily

How To Dodge Unqualified Leads

Beware Of The Lead Snare

Snare: verb, To catch or involve by trickery or wile

We’ve heard it before: “Come stay at our beautiful resort for the weekend free of charge! And all you have to do is spend 1 hour with our wonderful resort sales consultants.”

If you’ve ever had the truly mind-numbing experience of a time-share review, you understand the uncomfortable feeling that comes with it. The feeling you got tricked into a sales pitch and the guilt that comes with saying no to these folks who are putting you up free for the weekend. Nobody likes feeling trapped.

Well, that’s exactly what lead snares are. Consumers are lulled into what seems like a valuable interaction only to discover that they’ve been duped into becoming a lead for some business. And it’s unfortunately all too common for prospective renters in the Multifamily Industry. Often, many of these leads end up being unqualified.

Lead snares come in all sizes and shapes in our industry. Though some may argue a lead is a lead, that is not true. Many prospective renters don’t even know they’ve become a lead, have little knowledge about a particular apartment community, nor any desire to live there because it doesn’t fit their income profile, desired location, or property type. So, becoming one of these leads is frustrating to the prospective renter and the property who is spending time responding to these low-value, uninterested, uninformed renters.

Below are just a few lead snare examples that are most common in Multifamily:

ILS Proliferation Tactics 

Some, actually most, Multifamily Internet Listing Sites (ILSs), to generate more leads for their advertising properties, proliferate leads. Meaning they turn one lead into many. One example is when a renter fills out a personal profile or a web form for a specific property, and the ILS says, “There are five more properties near this area that fit your profile. Would you like to contact them as well?”  Because the ILS makes it so easy to send these additional leads with the click of a button, the prospect will often do this. So that high-value lead going to go to one property of interest just became a low-value lead to 5 more properties, none of which the prospective renter likely knows much about.

Lead Generation Bots 

As bots increasingly enter the Multifamily space, you can typically drop them into one of two buckets: Lead Gen Bots or Conversational Leasing Bots. What’s the difference?  Lead Gen Bots fall into three categories:

Call Center Bots 

These bots are not designed to manage the bulk of renter inquiries within the bot experience but instead pass the conversation off to a call center employee. This terrible user experience drives a sub-30 % CSAT score. 

Social Media Bots 

These bots can be deceptive because a prospect has all their personal information shared with the property simply by clicking on the bot itself. How? For example, if it’s powered on a platform like Facebook, it has all your information, which is passed along to the property simply by clicking on the bot. The prospect might not be interested in the property but will show up in a CRM just the same.

Capture Bots

These bots focus on one thing and one thing alone…get more leads!  That’s why they ask for a prospective renter’s personal information up front, such as name, email, and phone.  This is a bad user experience as consumers don’t want to provide personal data initially. They want the information they want first, and then they might be willing to provide their contact information for additional purposes such as an appointment or a brochure.  Data shows that for every piece of contact information asked for upfront, and the user defection rate grows from 10% upward to 75% depending on how much information is required.

So what’s a Conversational Leasing Bot? These bots are designed to answer questions and provide information upfront simply. No contact info is required to use these bots. Only after a prospective renter wants an action such as an appointment, a brochure emailed to them, etc., does the bot ask for contact information. And if the prospect has a question the bot can’t answer, it’s not hot-transferred to a human, which sounds nice, but provides a poor overall experience. The information is packaged and sent to the property in seconds for an asynchronous response.

Survey Widgets 

These are buttons and widgets on a property website that ask a series of questions to get more leads. Some of these Survey Widgets will entice people to use their solution by offering to put the user in a drawing for free rent. This tactic can certainly generate more interaction and inquiries but no leads. These survey widgets have very little value once the math is done. 

Bottom line

Today’s technology and marketing solutions should decrease costs and time spent driving and managing renter leads. Anything else is a lead snare sending low-value leads, making your people work twice as hard for half the results. Find out what automation tactics can help your communities save time and money HERE.

Time-Savings

How Much Time/Money is Automation Saving?

During a typical conversation around automation technology, a question that often comes up is, “How much time and money is automation saving me?”  We’ve got the answers you’re looking for.

The Data

Let’s look at what automation does in a given month for an average property when deployed on a property website and additional channels in the digital marketplace. Other channels could include  Facebook Messenger/Marketplace, Google Ads/MyBusiness, Yelp, Instagram, YouTube, etc.

For example, BetterBot’s Multifamily automation solution saves an average of up to 100+ hours (per property, each month), which allows team members to focus on more critical tasks. 

On average, 300+ unique prospect conversations occur through the solution (per property, each month). Because the average person uses the 1.9x, that’s nearly 600 total conversations/property/month. 

Out of those conversations, teams can expect an average of 36 appointments set. BetterBot qualifies those prospect conversations and sends through the traffic that is most likely to convert. Which, in turn, saves the team time. And those appointments have around a 90% show rate. A call center is around 50% in show rate; a typical property scheduled appointment is approximately 60%. So when prospects schedule an appointment through BetterBot, they show! 

The average time is 16.3 days from when a prospective renter first engages BetterBot to when they fill out an application.  That’s between 1/2 to 1/4 the time of a typical ILS.

The Increase

When property marketers deploy the BetterBot automation solution, they often see an immediate lead, conversation, and appointment bump of 20%+.  Why? Today’s consumer, especially the renter demographic, is less and less inclined to make phone calls and doesn’t like filling out web forms.  Often they’ll just pass through your social outreach, ads, and website without engaging. But they’ll engage with conversational technology, especially a quick system, that provides what they’re looking for in less than a minute. This is essentially putting a fuel additive in your marketing gas tank to drive more efficiencies in your consumer outreach.

The easiest way to quantify the value of the increase is simply to figure out how much it would cost to drive 20% more leads, conversations, and appointments to your respective properties. 

Additional Considerations

What’s not being factored into the above calculations is: Automation works 24/7/365, doesn’t get snowed in, doesn’t need sick days, nor requires benefits. It can handle 3, 5, 20…an unlimited number of conversations covering a dozen topics simultaneously. Automation can be deployed on virtually every digital channel to meet and greet prospective renters anywhere instantly, at any time. Automation can look up and coordinate complex calendaring and appointment scheduling in seconds, see and convey unit availability and pricing in under a second, show virtual tours and videos at the click of a button, and so much more.

Automation-Savings

Devin Lusk, Director of Marketing at American Landmark, shares, “Everything was so just manual before BetterBot. You miss phone calls, and you miss prospects. BetterBot is just so amazing because it’s my favorite system that we have. BetterBot makes our lives so much easier. It’s so hands-off, and it’s just the easiest system that we have.”

In conclusion, let’s be very clear: Bots will never replace humans. They simply create efficiencies of marketing scale while reducing repetitive tasks that humans either don’t do, don’t like to do, or don’t do very well.  Humans will always be needed to handle interactions that require thought, empathy and complexity. So let’s let humans be humans and utilize automation to do the rest.



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