Getting leads that convert into leases
Welcome to our first #LeaseUpLeaders blog post! We are all about helping you guys lease up your student housing properties using creative tactics and entertainment. You can watch the video at the bottom of this page to get a quick understanding, but in this post, we have gone into a little bit more depth in each area.
We want to help you learn how to convert more leads into leases. There are several resources to help you understand how to make more sales, or how to increase conversion rates on landing pages, through on-campus initiatives, or in person when someone walks into your office. But we’d like to tackle a more specific issue.
We want to help you convert more leads into leases by generating more qualified leads through your marketing efforts, and specifically through online marketing.
While there are SO many options to consider, we’ve come up with our big three. These three steps are designed to help you narrow in your marketing efforts, decide which pathway to direct your focus, and (if social media is your chosen pathway) start to increase results with your organic (or paid) social media strategy.
Gather Your Data
This may be the most difficult step, especially if you’re working with multiple vendors and have several different marketing strategies to manage. But it’s extremely important to get clear on your data.
You can start by answering the following questions:
What marketing and lead sources am I using? (eg, Apartments.com, Facebook lead generation ads, email lists, giveaways on social media, on-campus opt-in opportunities)
For Lead Generation sources:
How many leads are you getting?
How many of these leads are qualified for student housing?
How many of your leads are converting into leases?
For non-lead generation marketing sources:
How many tours has it brought you?
Has it increased your website traffic or inquiries?
Has it improved your community or online engagement?
Analyze The Data
Once you’ve collected all your data, it’s time to analyze and decide what’s working the best for you. Rather than spreading yourself too thin by doing EVERYTHING, look at what you’re already doing, which of your efforts are creating the best results, and direct your focus towards those things. Maximize what’s already working for you.
You can base the success of a particular marketing effort on whether or not it aligns with your ideal outcomes for the overall marketing of your company. Some examples of overall marketing outcomes would be to create awareness and a strong brand presence in your market for long term return or to increase short term return by generating leads for the current leasing season.
Whatever is working for you, focus more of your energy on that source. Whatever is bringing you the least results long or short term, be open to the idea that you may have to let that go.
The Leasing Funnel
What’s a leasing funnel? This is a tool that Resident Reach uses to review the performance of certain marketing channels. There are 3 main levels that help us understand the journey that a student has from brand discovery to signing a lease.
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