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The Property Management Chatbot

Stop forcing your prospects to come to you. BetterBot’s inserts you into the conversations when and where it matters most.

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24/7 Prospect Engagement

The leasing agent that never sleeps. Over 56% of your website traffic happens after your office closes.

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From start to launch, our bots come fully trained and ready to go in 3 days or less.

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Five Key Metrics for Effective Multifamily Property Management

Living in the post-pandemic era, while normalcy has largely been restored, it remains undeniable that the substantial reliance on technology witnessed during the pandemic persists. The multifamily sector has adeptly seized a period of adversity, leveraging it as a catalyst for embracing new methods that have transformed the industry like never before. This transition has granted property management teams access to invaluable data that was previously out of reach. However, maintaining organization and focus can pose a challenge amidst this influx of data. Here are our five essential multifamily metrics and KPIs that should be at the forefront of your attention. Regardless of the abundance of data at your disposal, prioritizing these metrics is crucial.

Occupancy and Vacancy Rates

Monitoring your current occupancy and vacancy rates is an imperative part of property management. This allows comparisons against competing units and the market average, typically around 95-96%. For instance, suppose your properties are operating at a 90% occupancy rate while nearby units consistently achieve the market average. In that case, it serves as a clear indicator of potential underperformance. This discrepancy suggests a need for intensified marketing efforts to attract and retain tenants, thereby optimizing occupancy levels and maximizing revenue potential. Conversely, outperforming competitors can be leveraged as a unique selling point for potential renters, as it instills confidence in potential tenants regarding the desirability and reliability of your accommodations, ultimately bolstering your property’s appeal in a competitive market landscape.

Lead-to-Lease Conversion Performance

Understanding lead-to-lease conversion timing is essential in the multifamily realm. Given the high-touch sales cycle of the leasing process, conversion timing varies significantly across regions and communities. By analyzing the performance and timing of each unit, you can refine and optimize your marketing strategies to expedite the cycle. Such analysis enables the identification of bottlenecks or inefficiencies within the conversion process, allowing for targeted refinements and optimizations. Whether it involves streamlining communication channels, fine-tuning advertising strategies, or enhancing the showcasing of property amenities, these optimizations aim to expedite the conversion cycle. Expediting the lead-to-lease conversion cycle enhances operational efficiency and maximizes revenue potential by minimizing vacancy periods and accelerating rental income streams.

Days to Lease

Every day, a unit remains vacant, which translates to potential revenue loss. Monitoring your average days to lease enables you to identify marketing gaps and pinpoint units that are challenging to fill. By meticulously tracking the average duration it takes to rent a unit, property management teams can effectively identify critical marketing gaps and isolate specific units that prove challenging to fill. This proactive approach allows targeted strategies to address underlying issues, potentially shortening the leasing cycle and minimizing revenue loss. Moreover, an extended days-to-lease cycle may signify external factors such as market decline or shifting renter preferences. Recognizing and responding to these macro-level dynamics is essential for maintaining competitiveness and adaptability within the multifamily industry.

Average Renter Lifetime Value

Understanding the average value each renter brings to your property extends beyond immediate revenue considerations; it serves as a cornerstone for comprehensive long-term planning. Property managers can refine their strategic outlook and optimize operational efficiency by discerning each renter’s precise contribution. Furthermore, efforts to mitigate renter turnover can be intensified through targeted initiatives to enhance the overall tenant experience. This might entail enhancing property amenities, streamlining communication channels, or offering incentives for lease renewals, all of which can foster stronger tenant loyalty and minimize vacancy periods. In essence, a nuanced comprehension of renter value informs strategic decision-making. It empowers property managers to cultivate enduring tenant relationships and fortify the financial sustainability of their multifamily assets over the long term.

Revenue Growth

Revenue growth stands as one of the most pivotal multifamily KPIs. It serves as a barometer for gauging business performance year over year. Utilizing other mentioned KPIs can provide deeper insights into overall growth trends. Understanding the average value each renter brings to your property extends beyond immediate revenue considerations; it serves as a cornerstone for comprehensive long-term planning. Property managers can refine their strategic outlook and optimize operational efficiency by discerning each renter’s precise contribution. In essence, a nuanced comprehension of renter value informs strategic decision-making. It empowers property managers to cultivate enduring tenant relationships and fortify the financial sustainability of their multifamily assets over the long term.

In Conclusion… 

As the multifamily industry navigates the complexities of the post-pandemic landscape, it is imperative to recognize the enduring significance of technological integration and data-driven insights while managing multifamily properties. The transformative potential inherent in leveraging innovative methodologies has never been more apparent. By prioritizing key metrics such as occupancy rates, lead-to-lease conversion performance, days to lease, average renter lifetime value, and revenue growth, property management teams can wield a more informed and strategic approach to their operations.

A Comprehensive Look at Automation’s Role in Multifamily Operational Efficiency

In the fast-paced world of multifamily property management, operational efficiency is not just a goal; it’s a necessity for success. With the advent of automation, property managers have a powerful tool at their disposal to streamline operations, enhance tenant experiences, and drive overall performance. Let’s delve deeper into the multifaceted role that automation plays in optimizing various aspects of multifamily management. 

Administrative Task Automation

Traditionally, property managers are inundated with administrative tasks that consume valuable time and resources. Automation solutions, such as AI-driven chatbots and virtual assistants, revolutionize administrative workflows by handling routine inquiries, scheduling appointments, and guiding prospective tenants through the leasing process. By automating these tasks, property managers can significantly reduce manual workload, improve response times, and ensure consistent communication with tenants and prospects.

Communication and Engagement Enhancement

Effective communication is essential for fostering tenant satisfaction and building strong community bonds within multifamily properties. Automation tools enable property managers to communicate seamlessly with tenants and prospects across various channels, including email, SMS, and social media increasing property efficiency. Automated messaging systems ensure timely responses to inquiries, send reminders for rent payments and maintenance appointments, and disseminate important announcements or updates. By leveraging automation, property managers can enhance tenant engagement, strengthen relationships, and create a sense of belonging among residents.

Maintenance Operations Optimization

Maintenance management is a critical aspect of multifamily property management, with the potential to significantly impact tenant satisfaction and property value. Automation solutions, powered by IoT sensors and smart devices, monitor the health and performance of building systems in real-time, enabling proactive maintenance interventions. Automated maintenance management platforms streamline work order generation, dispatching, and tracking, ensuring prompt resolution of maintenance requests. Predictive analytics capabilities help property managers anticipate maintenance needs, schedule preventive measures, and optimize resource allocation, ultimately reducing downtime and minimizing costs.

Personalized Tenant Experiences

In today’s competitive rental market, personalized experiences are key to attracting and retaining tenants. Automation solutions leverage data analytics and machine learning algorithms to gain insights into tenant behavior, preferences, and feedback. Armed with this knowledge, property managers can tailor communication, services, and amenities to meet the unique needs of each tenant. Whether it’s offering personalized leasing options, recommending relevant community events, or providing timely assistance, automation enables property managers to deliver superior tenant experiences and foster long-term loyalty.

Compliance and Security Assurance

Compliance with regulatory requirements and ensuring the safety and security of residents are top priorities for property managers. Automation plays a crucial role in simplifying compliance management processes, keeping track of regulatory changes, and automating documentation procedures. Additionally, advanced security systems equipped with automation features, such as access control and surveillance, enhance property security and mitigate risks. By leveraging automation, property managers can demonstrate compliance, protect residents, and safeguard property assets, thereby reducing liabilities and enhancing overall peace of mind.

Conclusion

Automation is a game-changer in the multifamily property management industry, empowering property managers to optimize operations, elevate tenant experiences, and drive business success. By embracing automation solutions, such as those offered by BetterBot, multifamily properties can unlock new levels of efficiency, profitability, and tenant satisfaction in today’s competitive market landscape. As technology continues to evolve, automation will remain a cornerstone of success for forward-thinking property managers committed to delivering exceptional living experiences for their residents.

Lead

Lead Nurturing Strategies for Multifamily Properties: Revolutionizing Rental Engagement

Effective lead nurturing is the cornerstone of success in the dynamic world of multifamily property management. With the advent of Artificial Intelligence (AI), the landscape of lead nurturing has undergone a profound transformation, offering unprecedented opportunities for engagement and conversion. This comprehensive guide explores the vital role of AI-driven strategies in revolutionizing lead nurturing for multifamily properties, providing invaluable insights for property managers and marketers alike.

Understanding Your Audience

Understanding the nuances of your target demographic is paramount in crafting compelling lead-nurturing strategies. Property managers can meticulously gather and analyze potential renters’ data and tailor messaging and offerings to resonate with prospects’ unique needs and desires. This personalized approach lays the foundation for meaningful interactions and cultivates a sense of connection with prospective tenants.

Personalization is Paramount

In today’s era of digital marketing, one-size-fits-all approaches have become obsolete. The transition to personalized campaigns driven by AI and data analytics enables property managers to deliver tailored experiences that resonate with individual preferences. By harnessing the power of personalization, multifamily properties can increase conversion rates and foster long-term tenant satisfaction, ultimately driving business success.

AI-Powered Solutions

AI-powered solutions have emerged as invaluable tools in the realm of lead nurturing for multifamily properties. AI streamlines the rental process by engaging with prospects in real-time, providing 24/7 access to valuable information and tour scheduling, and enhancing user experience. Furthermore, AI algorithms continuously collect data on user interactions, enabling property managers to refine their lead nurturing strategies and optimize conversion efforts.

Predictive Analytics for Lead Scoring

Utilizing AI-driven predictive analytics empowers property managers to prioritize high-quality leads effectively. Predictive analytics streamline the lead scoring process by considering factors such as engagement level, demographics, and past behavior, ensuring that resources are allocated to prospects with the highest likelihood of conversion. This strategic approach optimizes efficiency and accelerates the rental journey for both tenants and property managers.

Automated Email Campaigns

Streamlining email marketing with AI automation enables multifamily properties to deliver personalized communications at scale. By sending tailored emails based on prospect behavior and preferences, property managers can effectively showcase available units and amenities, driving conversion and engagement. Automated email campaigns save time and resources while maximizing the impact of marketing efforts.

Continuous Optimization and Learning

One of the most significant advantages of AI-driven lead nurturing is its ability to learn and adapt over time. Property managers can identify effective strategies by analyzing data and performance metrics and iteratively optimize lead nurturing campaigns for tremendous success. This iterative approach ensures that multifamily properties remain agile and responsive in a competitive market landscape.

In conclusion, AI-driven lead nurturing strategies hold immense potential for multifamily properties seeking to thrive in today’s competitive market. By embracing AI technologies, property managers can stay ahead of the competition, drive higher conversion rates, and cultivate lasting relationships with tenants. With the power of AI at their disposal, multifamily properties are poised to elevate the rental experience and unlock new opportunities for growth and success.

Engage

Top 3 Ways To Engage Traffic Before You Have a Website

Engaging potential tenants before your property even has a website can be both exhilarating and daunting. The anticipation of leasing up a new community is filled with excitement, yet the workload can sometimes feel overwhelming. To navigate this phase effectively, it’s essential to employ strategic methods to engage traffic and generate interest. Here, we delve into three comprehensive approaches to engage potential renters and pave the way for a successful lease-up process.

Building Anticipation Through Social Media Buzz

Generating buzz on social media platforms is a powerful way to create excitement around your upcoming property. Utilize platforms such as Instagram, Facebook, and Twitter to showcase the unique features and amenities that your community will offer. Engage with your audience by sharing captivating visuals, informative posts, and interactive content. Collaborate with influencers or complementary businesses to expand your reach and amplify your message. By leveraging social media effectively, you can cultivate a sense of anticipation and build a loyal following even before your property is fully operational.

Providing Prompt and Informative Responses

In today’s fast-paced digital landscape, responsiveness is key to capturing the interest of prospective residents. Ensure that you address inquiries and concerns promptly to demonstrate your commitment to customer service. While a dedicated website may still be in development, consider implementing an automation solution to provide instant assistance and gather leads. This proactive approach not only enhances the user experience but also establishes a strong foundation for customer relationships. Seamlessly integrate the automation into your pre-launch marketing strategy to streamline communication and capture valuable leads effectively.

Taking Control of Online Listings

Claiming your business listings on platforms like Google My Business and Yelp is crucial to establishing credibility and controlling the narrative surrounding your property. Failure to do so may result in unauthorized listings that could potentially misrepresent your brand. Act swiftly to claim and optimize your listings, ensuring that they accurately reflect your property’s unique selling points and contact information. By maintaining an active presence across online directories, you can enhance visibility, attract qualified leads, and mitigate the risk of misinformation or negative reviews.

In conclusion, navigating the lease-up phase of a new community requires a strategic approach to engage traffic and cultivate interest effectively. By leveraging social media platforms, implementing responsive communication channels, and optimizing online listings, you can lay a solid foundation for success even before your property website is live. Embrace these proactive strategies to streamline the leasing process, maximize occupancy, and position your property for long-term success.

Five Key Metrics for Effective Multifamily Property Management

Living in the post-pandemic era, while normalcy has largely been restored, it remains undeniable that the substantial reliance on technology witnessed during the pandemic persists. The multifamily sector has adeptly seized a period of adversity, leveraging it as a catalyst for embracing new methods that have transformed the industry like never before. This transition has granted property management teams access to invaluable data that was previously out of reach. However, maintaining organization and focus can pose a challenge amidst this influx of data. Here are our five essential multifamily metrics and KPIs that should be at the forefront of your attention. Regardless of the abundance of data at your disposal, prioritizing these metrics is crucial.

Occupancy and Vacancy Rates

Monitoring your current occupancy and vacancy rates is an imperative part of property management. This allows comparisons against competing units and the market average, typically around 95-96%. For instance, suppose your properties are operating at a 90% occupancy rate while nearby units consistently achieve the market average. In that case, it serves as a clear indicator of potential underperformance. This discrepancy suggests a need for intensified marketing efforts to attract and retain tenants, thereby optimizing occupancy levels and maximizing revenue potential. Conversely, outperforming competitors can be leveraged as a unique selling point for potential renters, as it instills confidence in potential tenants regarding the desirability and reliability of your accommodations, ultimately bolstering your property’s appeal in a competitive market landscape.

Lead-to-Lease Conversion Performance

Understanding lead-to-lease conversion timing is essential in the multifamily realm. Given the high-touch sales cycle of the leasing process, conversion timing varies significantly across regions and communities. By analyzing the performance and timing of each unit, you can refine and optimize your marketing strategies to expedite the cycle. Such analysis enables the identification of bottlenecks or inefficiencies within the conversion process, allowing for targeted refinements and optimizations. Whether it involves streamlining communication channels, fine-tuning advertising strategies, or enhancing the showcasing of property amenities, these optimizations aim to expedite the conversion cycle. Expediting the lead-to-lease conversion cycle enhances operational efficiency and maximizes revenue potential by minimizing vacancy periods and accelerating rental income streams.

Days to Lease

Every day, a unit remains vacant, which translates to potential revenue loss. Monitoring your average days to lease enables you to identify marketing gaps and pinpoint units that are challenging to fill. By meticulously tracking the average duration it takes to rent a unit, property management teams can effectively identify critical marketing gaps and isolate specific units that prove challenging to fill. This proactive approach allows targeted strategies to address underlying issues, potentially shortening the leasing cycle and minimizing revenue loss. Moreover, an extended days-to-lease cycle may signify external factors such as market decline or shifting renter preferences. Recognizing and responding to these macro-level dynamics is essential for maintaining competitiveness and adaptability within the multifamily industry.

Average Renter Lifetime Value

Understanding the average value each renter brings to your property extends beyond immediate revenue considerations; it serves as a cornerstone for comprehensive long-term planning. Property managers can refine their strategic outlook and optimize operational efficiency by discerning each renter’s precise contribution. Furthermore, efforts to mitigate renter turnover can be intensified through targeted initiatives to enhance the overall tenant experience. This might entail enhancing property amenities, streamlining communication channels, or offering incentives for lease renewals, all of which can foster stronger tenant loyalty and minimize vacancy periods. In essence, a nuanced comprehension of renter value informs strategic decision-making. It empowers property managers to cultivate enduring tenant relationships and fortify the financial sustainability of their multifamily assets over the long term.

Revenue Growth

Revenue growth stands as one of the most pivotal multifamily KPIs. It serves as a barometer for gauging business performance year over year. Utilizing other mentioned KPIs can provide deeper insights into overall growth trends. Understanding the average value each renter brings to your property extends beyond immediate revenue considerations; it serves as a cornerstone for comprehensive long-term planning. Property managers can refine their strategic outlook and optimize operational efficiency by discerning each renter’s precise contribution. In essence, a nuanced comprehension of renter value informs strategic decision-making. It empowers property managers to cultivate enduring tenant relationships and fortify the financial sustainability of their multifamily assets over the long term.

In Conclusion… 

As the multifamily industry navigates the complexities of the post-pandemic landscape, it is imperative to recognize the enduring significance of technological integration and data-driven insights while managing multifamily properties. The transformative potential inherent in leveraging innovative methodologies has never been more apparent. By prioritizing key metrics such as occupancy rates, lead-to-lease conversion performance, days to lease, average renter lifetime value, and revenue growth, property management teams can wield a more informed and strategic approach to their operations.

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The Vixus application software is a computer software designed to perform a group of coordinated functions, tasks, or activities for the benefit of the user.
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The Vixus application software is a computer software designed to perform a group of coordinated functions, tasks, or activities for the benefit of the user.
The Vixus application software is a computer software designed to perform a group of coordinated functions, tasks, or activities for the benefit of the user.
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