15 KPIs Every Real Estate Rental Marketing Professional Should Know in 2023

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Not all key performance indicators (KPIs) are created equal. Some are more important than others. As businesses continue to digitize and data becomes more accessible, here is a list of KPIs marketing teams managing large multifamily portfolios stay on top of to ensure the success of rental properties.

By leveraging data-driven insights offered by KPIs, tech firms and marketers can make more informed decisions, fine-tune their strategies, and ultimately deliver better results. The primary focus will be on the standard KPIs used across the industry, their relevance, and how you can track them.

1. Vacancy Rate:

Definition: The vacancy rate represents the percentage of properties that are vacant in a given period.

Why It Matters: This metric is a vital indicator of property demand and marketing effectiveness. It’s not just about empty spaces; it allows real estate marketing managers to fine-tune strategies, target demographics more precisely, and boost occupancy rates and revenue.

Actionable Insights:

  • Analyze Vacancy Trends: Regularly review vacancy patterns to identify opportunities or challenges.
  • Adjust Marketing Strategies: Tailor marketing efforts to target specific demographics that align with vacant properties.
  • Monitor Competitor Rates: Keep an eye on competitor vacancy rates to understand market positioning.
  • Offer Incentives: Consider special offers or incentives to attract tenants to vacant properties.

Example of Implementation: If vacancy rates are high in a particular property type, consider a targeted marketing campaign or special leasing incentives for that category.

2. Leads Generated:

Definition: Leads generated refers to the number of potential renters who have shown interest in a property, typically by contacting the company or filling out a form.

Why It Matters: This KPI measures campaign success and audience engagement. It’s not just about counting inquiries; it guides marketing tactics and resource allocation for optimized conversions and enhanced tenant acquisition.

Actionable Insights:

  • Regularly Review Lead Sources: Understand where leads are coming from and invest in channels that generate quality leads.
  • Segment Leads: Categorize leads by source, interest level, or other factors to tailor follow-up strategies.
  • Test Different Channels: Experiment with various marketing channels to identify the most effective ones.
  • Collaborate with Sales: Ensure that leads are promptly and effectively followed up on.

Example of Implementation: If a particular social media platform is generating high-quality leads, consider increasing investment in advertising on that platform.

3. Cost Per Lead (CPL):

Definition: CPL is the total marketing spend divided by the number of leads generated, evaluating the efficiency of different marketing campaigns.

Why It Matters: Reflecting marketing efficiency and budget allocation, CPL informs budget planning, enables ROI assessment, and empowers managers to optimize cost-effective lead generation approaches.

Actionable Insights:

  • Compare CPL Across Channels: Identify which channels are delivering the best value and reallocate the budget accordingly.
  • Monitor Over Time: Track CPL trends over time to identify opportunities for optimization.
  • Align with Conversion Rates: Consider CPL in conjunction with conversion rates to understand the full value of leads from different channels.
  • Experiment with Targeting: Test different targeting strategies to find the most cost-effective approach.

Example of Implementation: If CPL is high for paid search but conversion rates are also high, it may still be a valuable channel. Conversely, if CPL is low but leads are not converting, it may be worth reassessing that channel.

4. Conversion Rate:

Definition: The conversion rate is the percentage of leads that end up signing a lease.

Why It Matters: This KPI illustrates the success of lead-to-tenant transitions. It’s not just about conversions; it helps managers refine campaigns, messaging, and collaboration between marketing and sales to drive better leasing outcomes.

Actionable Insights:

  • Collaborate Between Marketing and Sales: Work closely to ensure that messaging and follow-up strategies are aligned.
  • Analyze Conversion Paths: Understand the typical paths that successful conversions take through the marketing funnel.
  • Test Different Offers: Experiment with different offers or incentives to see what resonates best with leads.
  • Monitor Competitor Strategies: Keep an eye on competitor conversion strategies that may be influencing market behavior.

Example of Implementation: If conversion rates are low from a particular lead source, consider refining the messaging or offer for that channel.

5. Tenant Retention Rate:

Definition: The tenant retention rate is the percentage of tenants renewing their leases.

Why It Matters: Reflecting tenant satisfaction and loyalty, this rate guides strategies to improve experiences, reduce turnover costs, and ensure sustained occupancy and revenue.

Actionable Insights:

  • Implement Feedback Loops: Regularly solicit and act on tenant feedback to enhance their experience.
  • Offer Renewal Incentives: Consider special incentives for renewing tenants.
  • Monitor Market Trends: Understand market conditions that may influence renewal decisions.
  • Build Community Engagement: Foster a sense of community through events or communication that may encourage renewals.

Example of Implementation: If retention rates are declining, consider a tenant survey to identify areas for improvement and act on that feedback.

6. Customer Acquisition Cost (CAC):

Definition: CAC is the total cost of sales and marketing efforts required to acquire a new customer.

Why It Matters: By measuring the cost of obtaining new tenants, CAC informs efficient marketing strategies, budget allocation, and profitability, ensuring minimized expenses for tenant acquisition.

Actionable Insights:

  • Analyze CAC in Relation to LTV: Ensure that the cost of acquiring a customer is justified by their lifetime value.
  • Monitor Over Time: Track CAC trends to identify changes in market cost dynamics.
  • Segment by Channel: Understand which channels are most cost-effective for customer acquisition.
  • Align with Organizational Goals: Ensure that CAC targets align with broader business profitability and growth goals.

Example of Implementation: If CAC is rising in a particular channel without a corresponding increase in customer value, consider reallocating resources to more cost-effective channels.

7. Net Promoter Score (NPS):

Definition: The Net Promoter Score (NPS) is a measure of tenants’ willingness to recommend the rental property to others.

Why It Matters: NPS is a vital gauge of tenant satisfaction. It’s not just about scoring; it helps marketing managers understand what steps to take to enhance property reputation and attract new tenants, reflecting the overall perception of the property.

Actionable Insights:

  • Regular Surveys: Conduct regular NPS surveys to gauge tenant satisfaction and identify areas for improvement.
  • Act on Feedback: Implement changes based on tenant feedback to enhance their experience.
  • Segment Analysis: Analyze NPS by different tenant segments to understand specific needs and preferences.
  • Track Over Time: Monitor NPS trends over time to measure the impact of changes and identify emerging issues.

Example of Implementation: If NPS reveals dissatisfaction with maintenance services, consider improving response times and communication around maintenance requests.

8. Lease Velocity:

Definition: Lease velocity refers to the length of time a unit is unoccupied between leases.

Why It Matters: This KPI indicates leasing speed and efficiency. It’s not just about tracking time; it informs marketing approaches, pricing strategies, and outreach efforts, accelerating property occupancy for quicker revenue generation and improved property performance.

Actionable Insights:

  • Monitor Regularly: Keep a close eye on lease velocity to identify trends or anomalies.
  • Adjust Pricing Strategies: Experiment with pricing or incentives to reduce unoccupied time.
  • Analyze Market Trends: Understand market demands and align leasing strategies accordingly.
  • Collaborate with Sales: Work closely with leasing agents to ensure that marketing efforts translate into quicker leasing.

Example of Implementation: If lease velocity is slow during a particular season, consider offering limited-time incentives to attract tenants more quickly.

9. Website Traffic:

Definition: Website traffic measures the level of online engagement and reach for the property.

Why It Matters: This KPI allows real estate marketing managers to assess the effectiveness of their online presence. It’s not just about counting visits; it helps identify popular property listings, customize content, and attract more potential tenants, reflecting the property’s online appeal.

Actionable Insights:

  • Utilize Analytics: Use web analytics tools to identify popular listings and visitor behavior.
  • Customize Content: Tailor content to match visitor interests, enhancing engagement.
  • Optimize for Search Engines: Implement SEO best practices to increase organic traffic.
  • Monitor User Experience: Ensure that the website is user-friendly and responsive to keep visitors engaged.

Example of Implementation: If analytics reveal that virtual tours are highly viewed, consider creating more virtual content for other property listings.

10. Website Bounce Rate:

Definition: The website bounce rate indicates the percentage of visitors leaving the site after viewing just one page.

Why It Matters: This KPI is essential for understanding visitor engagement and guiding website optimization efforts. It’s not just about tracking exits; it’s about ensuring a positive user experience, maintaining visitor engagement, and improving lead conversion rates.

Actionable Insights:

  • Analyze Bounce Causes: Identify the pages with high bounce rates and analyze potential causes, such as slow loading times or irrelevant content.
  • Improve Navigation: Enhance site navigation to guide visitors to relevant content, keeping them engaged.
  • A/B Testing: Experiment with different layouts, calls to action, or content types to see what resonates best with visitors.
  • Mobile Optimization: Ensure that the website is mobile-friendly, as a significant portion of traffic may come from mobile devices.

Example of Implementation: If a specific landing page has a high bounce rate, consider redesigning it with clearer calls to action and more engaging visuals.

11. Cost Per Impression (CPI):

Definition: The cost per impression (CPI) metric calculates the cost of displaying an ad to users.

Why It Matters: CPI is crucial for making budget decisions in advertising. It helps in maximizing ad exposure while minimizing costs, enhancing branding efforts, and ensuring that advertising spend is efficient.

Actionable Insights:

  • Monitor Regularly: Keep a close eye on CPI across different channels and campaigns to identify trends or anomalies.
  • Adjust Ad Placements: Experiment with different ad placements and formats to find the most cost-effective options.
  • Targeting Optimization: Refine targeting parameters to reach the most relevant audience, potentially lowering CPI.
  • Evaluate Ad Performance: Regularly assess how impressions are translating into clicks and conversions to ensure that low CPI aligns with overall campaign goals.

Example of Implementation: If a particular ad placement is showing a high CPI without corresponding engagement, consider reallocating the budget to more effective channels.

12. Tenant Referral Percentage:

Definition: The tenant referral percentage measures the proportion of new tenants referred by current tenants.

Why It Matters: This KPI highlights the success of tenant referral programs and indicates tenant satisfaction. It’s not just about tracking referrals; it’s about encouraging valuable word-of-mouth growth and fostering a sense of community and trust.

Actionable Insights:

  • Promote Referral Programs: Actively promote referral programs to tenants through various communication channels.
  • Reward Referrals: Implement a reward system for successful referrals, incentivizing tenants to participate.
  • Gather Feedback: Regularly solicit feedback from tenants about the referral process and make necessary improvements.
  • Track Referral Sources: Understand where referrals are coming from and tailor marketing efforts accordingly.

Example of Implementation: If tenant referrals are low, consider launching a special campaign highlighting the benefits of referring friends, along with an attractive incentive for successful referrals.

13. Lead Velocity Rate:

Definition: The lead velocity rate measures the growth rate of generated leads over time.

Why It Matters: This KPI is crucial for real estate marketing managers as it provides valuable insights into emerging tenant acquisition trends. It’s not just about tracking numbers; it’s about understanding the dynamics of the market and allowing marketing managers to adapt strategies in response to evolving demands. It serves as an early warning system for shifts in market behavior, enabling proactive adjustments.

Actionable Insights:

  • Monitor Regularly: Conduct weekly or monthly reviews of the lead velocity rate to identify sudden changes or trends.
  • Segment Analysis: Break down the lead velocity rate by different channels or demographics to understand where growth is coming from.
  • Invest in Trending Channels: If certain marketing channels are showing a rapid increase in leads, consider allocating more resources to them.
  • Collaborate with Sales: Work closely with sales teams to ensure that increased leads are translating into conversions.
  • Utilize Analytics Tools: Implement lead tracking and analytics tools that provide real-time insights into lead velocity, enabling quicker responses to market changes.
  • Test and Learn: Experiment with new marketing tactics and measure how they affect lead velocity, fostering a culture of continuous improvement.

Example of Implementation: If the lead velocity rate from social media advertising is consistently growing, consider creating more targeted campaigns on those platforms. Conversely, if email marketing shows a decline in lead velocity, it might be time to reassess the content and targeting strategies.

14. Content Sharing Rate:

Definition: The content sharing rate measures the frequency of property content being shared across platforms.

Why It Matters: This KPI is essential for real estate marketing managers as it helps identify content that resonates with audiences. It’s not merely about tracking shares; it’s about understanding what drives increased brand visibility, greater lead generation, and broader audience exposure. It reflects the effectiveness of content in engaging the audience and spreading the brand message.

Actionable Insights:

  • Analyze Content Performance: Regularly review which types of content are being shared most frequently and why, to inform future content creation.
  • Encourage Sharing: Implement sharing incentives or create easily shareable snippets to motivate users to spread the content.
  • Collaborate with Influencers: Partner with industry influencers to amplify content reach.
  • Utilize Social Media Tools: Consider using social media management tools that provide insights into sharing metrics, enabling more targeted content strategies.
  • Create Shareable Content: Focus on creating content that provides value, engages the audience, and encourages sharing, such as infographics, videos, or insightful articles.

Example of Implementation: If a particular blog post about “Top Amenities in Modern Apartments” is being shared widely, consider creating a series of related content or a video tour showcasing those amenities. Conversely, if certain content types are not being shared, reassess their relevance and quality.

15. Marketing Contribution Margin:

Definition: The marketing contribution margin is a metric that assesses the impact of marketing efforts on overall revenue.

Why It Matters: This KPI is vital for real estate marketing managers as it helps in demonstrating the return on investment (ROI) of marketing activities. It’s not just about measuring success; it’s about understanding how marketing contributes to property profitability, optimizing resource allocation, and justifying marketing expenses.

Actionable Insights:

  • Regular Review: Conduct monthly or quarterly reviews of the contribution margin to identify trends and areas for improvement.
  • Align with Other Metrics: Compare the marketing contribution margin with other KPIs like Customer Acquisition Cost (CAC) and Lifetime Value (LTV) to get a holistic view of marketing efficiency.
  • Invest in High-Performing Channels: Analyze which marketing channels are contributing most to the margin and allocate more resources to them.
  • Collaborate with Sales: Work closely with sales teams to ensure that marketing efforts are translating into actual revenue.
  • Utilize Technology: Consider implementing marketing analytics tools that provide real-time insights into the contribution margin, enabling more agile decision-making.

Example of Implementation: If the contribution margin from social media campaigns is consistently high, consider increasing investment in those channels. Conversely, if traditional advertising shows a low contribution margin, it might be time to reassess or reduce spending in that area.


The KPIs outlined above are more than mere numbers; they are strategic tools that can transform marketing efforts. By understanding, monitoring, and acting on these metrics, real estate marketing managers can create a roadmap to success, aligning with organizational goals and continuously improving strategies for growth.

Effectively market your rentals on Facebook – Multifamily Guide 2023

In today’s digital age, property managers are spoilt for choice when it comes to reaching their prospective tenants. The internet offers a multitude of platforms where they can advertise properties. Among these platforms, websites such as Zillow and Zumper have gained popularity for their user-friendly interfaces and wide reach. But Facebook and its Marketplace have become really popular places to find tenants.

Why is Facebook so popular? Well, it has a vast user base which increases the chances of marketing content reaching a large number of people. And it also offers a variety of marketing tools that can be used to target specific demographics, thereby optimizing marketing efforts.

Why is it important for Property Managers?

Firstly, let’s understand the scale of Facebook’s reach and popularity.

Now the majority of renters in North America are also under 35 yrs of age, matching Facebook’s largest user base – making Facebook a must in your marketing strategy. Since almost all businesses use Facebook, it is crucial to improve the effectiveness of your marketing efforts, and this starts with understanding what you can accomplish with it.

What are the Facebook marketing options:

  1. Facebook Business Page
  2. Facebook Groups
  3. Facebook Marketplace

A property management company can utilize both Facebook and Marketplace for distinct purposes. Facebook Business Page is geared towards building a brand presence and establishing a lasting relationship with your target audience, whereas the Marketplace is focused on immediate sales and is more transactional in nature. The Marketplace attracts individuals with a clear intent to purchase, making the process much simpler. And the various Facebook groups available can be employed to amplify your marketing efforts.

Facebook Business Page:

At this point, most businesses will have a Facebook page – an essential and cost-effective marketing channel for engagement. Having a Facebook page can help increase awareness and build a following within the social media community while also providing a glimpse into the company’s operations. It’s important to remember to verify your page, as having the blue checkmark next to your account name can make a significant difference. Verified business accounts and pages receive more engagement and trust from users, increasing your chances of converting leads. Additionally, this platform has a lot of potential for growth if you continue to experiment with new ways of using the available formats. One can use these seven types of Facebook posts for rental marketing:

  1. Text Posts: The perfect tool for sharing quick updates about available properties or asking engaging questions to understand your audience’s rental preferences.
  2. Photo Posts: Use eye-catching images of your rental properties to draw in potential tenants. Showcase the unique features of your properties, from stunning interiors to beautiful neighborhood views, and make the most of this option.
  3. Video Posts: Much like a commercial, use this feature to provide a virtual tour of your rental properties. Show potential tenants the layout, features, and benefits of living in your property to grab their interest. You could also create promotional videos highlighting special offers or discounts.
  4. Live Video: Host a live Q&A session to answer queries about your properties. You could also conduct live virtual open houses, giving potential tenants a real-time view of your property.
  5. Pin Posts: Have an important announcement about a new property or a special promotion? Pin the post to the top of your page to ensure maximum visibility.
  6. Link Posts: Direct your followers to your website or blog, where they can find more detailed information about your properties. You could also link to resources that might be helpful for potential tenants, such as moving tips or neighborhood guides.
  7. Stories: Share day-to-day activities related to property management or give followers a sneak peek into the life of a tenant in your property. Limited-time promotions can also be shared via stories to create a sense of urgency.

Facebook Marketplace

The best way of having your rental marketed on Facebook for conversion will be to straight away target Facebook Marketplace because that is where all the renters are.

Let’s look at the different Facebook Marketplace marketing features and make the most of them:

Facebook Ad ManagerCommand center for crafting, steering, and scrutinizing adsActs as your digital real estate office, providing insights to fine-tune your rental property marketing strategy
Demographic and Geographic TargetingShape ads to resonate with specific age groups and geographical locationsEnsures your rental ads reach the right age group and location, like young professionals in the city
Interest TargetingAlign ads with users’ interests and lifestylesHelps you reach users who share similar interests, such as students and academics, if your property is near a university
Lookalike Audience TargetingFind individuals who mirror your current tenants or the ideal renter profile.Though not 100% successful all the time, it finds potential tenants who are similar to your current happy tenants, expanding your pool of potential renters
Custom AudiencesBlend various data points to form a laser-focused audienceAllows you to target individuals who have shown interest in your rental properties, visited your website, or interacted with your Facebook page
Ad PlacementDecide where your ads appearYou can choose to display your rental ads in the news feed, sidebar, or even on Instagram, reaching a wider audience.
Ad FormatsChoose from a variety of ad formatsSelect the format that best showcases your rental property and resonates with your target audience, from a photo of a newly renovated kitchen to a video tour of the entire property options.

Types of Marketplace ads:

It’s not effective to rely on safe and monotonous content when Facebook offers a variety of marketing options. To enhance your property management marketing strategy, it’s important to understand how each option can be utilized to achieve specific objectives and mix it up for the best results. These options are similar to Facebook ads but can also be utilized in Marketplace for a more focused approach.:

  1. Facebook Ads: Think of these as your digital “For Rent” signs. They can appear in news feeds, the right column of the Facebook website, or within videos, reaching users based on their location, demographics, and profile information and work like placing your ad in a neighbourhood that’s tailored to each reader’s interests.
  2. Boosted Posts: These are your regular Facebook posts with a megaphone and are PAID. They start as a standard post on your page, but with a little “boost,” they can reach a wider audience.
  3. Sponsored Stories: These are the digital equivalent of a tenant referral, like your tenant telling their friends about their great landlord! They showcase a user’s interactions, such as a Facebook like, to their friends, encouraging them to follow suit.
  4. Carousel Ads: Imagine a digital tour of your property where each slide can hold a different image or video, each with its own link. It’s like having a virtual open house where each room gets its spotlight.
  5. Dynamic Ads: These work like your personal leasing agents, promoting your properties to people who have shown interest in similar listings. It’s like a leasing agent who remembers every prospect’s preferences and recommends properties accordingly.
  6. Lead Ads: Exactly like digital rental applications and virtual open houses – they include a contact form, allowing interested individuals to leave their details for you to follow up
  7. Video Ads: These are your virtual property walkthroughs that work like a commercial showcasing your property in action.
  8. Slideshow Ads: These are lightweight, fast, and play well regardless of the connection speed. It’s like having a digital photo album that tells the story of your rental property.
  9. Collection Ads: These are like interactive property brochures, allowing people to discover, browse, and learn more about your properties directly from their mobile devices.
  10. Messenger Ads: Like a personalized invitation, these will appear in the Home tab of Messenger, leading people to a destination of your choice when clicked.

Getting your listing on Marketplace

Whether you prefer using your phone or the web, following these steps is easy and straightforward. By simply following the instructions provided below, you can easily accomplish your task and achieve your desired outcome.

  1. To add a new listing on Facebook, start by locating the Marketplace option on your homepage. Then, click on ‘ + Create new listing’

2. Click on the listing type that is exclusively for renting or selling a home.

3. Here, we have essential tabs required to enter information about the unit you wish to list. Provide detailed information such as up to 50 photos related to the unit, its type, size, number of rooms, price, starting date of availability, and most importantly, whether it is pet-friendly. Additionally, there is space to add a description where you can include other vital details you may want to add.

4. To increase visibility for your listings, finish by adding relevant groups to promote them. Facebook can assist you in finding these groups. Preview your listing and make any necessary changes before it competes with other units on the market.

Now, let’s move on to the crucial aspect – how to enhance your Facebook marketing strategies.

Remember ‘Boosted Post’ from earlier: You can create an advertising campaign for your listing to boost visibility and unlock more leads. Here’s how:

  1. Get to your Facebook Ad Manager portal from your Facebook home page. From here you can go on to create your ad campaigns.

2. When initiating an Ad campaign, select an objective like ‘Lead Generation’ or ‘Conversions’ that aligns with your rental business goals. Name your campaign for easy identification, especially if managing multiple campaigns. Choose a category to aid the Facebook Ad algorithm in boosting your ads. Regularly conduct A/B tests to gauge campaign performance and identify areas of improvement. Utilize the ‘Campaign Budget Optimization’ feature to maximize your advertising budget across different ad sets.

3. With the Ad Manager, you can choose your target audience for more effective marketing and set both your budget and schedule.

Pro-Tip: To make it more effective – don’t miss out on setting your performance goal from the options below. This will push the Facebook algorithm to match the objective of your marketing campaign.

4. When it comes to putting marketing assets on Facebook, you can add an image, video, carousel, or combination that your marketing team has decided on. Then, upload all the contents, including media, copy, and text.

Pro-Tip: Remember, marketing and advertising should include a definitive call to action to engage your target audience. Use the call-to-action feature on your Facebook ads to ensure your audience is acting on your advertising campaign.

Boosting your marketing effectiveness

  1. Spotlight on Your Brand: To increase brand visibility, make sure your listings on Facebook Marketplace are engaging and accurately represent your properties. Use high-quality images and compelling descriptions to make your brand stand out in the bustling digital bazaar.
  2. Conversations with Prospects: As Facebook is a peer-to-peer platform, leverage the power of direct communication. Stats show that people are 53% more likely to do business with people they can message. Respond promptly to messages from potential tenants and use these interactions to build relationships and initiate the tenant screening process. It’s like having a friendly chat over a virtual cup of coffee.
  3. Budget-Friendly Marketing: Take advantage of the cost-effectiveness of Facebook Marketplace. Experiment with different listing strategies and paid advertising options to find what works best for your brand. It’s like shopping at a thrift store for marketing – you can try new things without breaking the bank.
  4. One-Size-Fits-All: Think of Facebook as your digital tailor, expertly crafting your rental housing listings to fit the mobile screens of its vast user base. With its automatic optimization feature, your listings are trimmed and polished, ensuring they’re not just mobile-friendly, but mobile-perfect. So, let Facebook handle the details, and watch your rental properties shine on any device.
  5. Tailored Search Experience: Use detailed property information such as square footage, price, bedrooms, bathrooms, and rental type in your listings. This will help potential tenants refine their search and find your property more easily.
  6. Harvesting Testimonials & Reviews: Imagine Facebook as a bustling town square, where satisfied tenants can shout their praises from the rooftops. By encouraging and collecting testimonials and reviews on Facebook, you’re not just gathering valuable feedback, but also showcasing positive tenant experiences to potential renters.
  7. Leverage User-Generated Content: Encourage your audience to share their own content related to your business. This could be photos of them using your product, stories about their experience with your service, or reviews of your business. User-generated content is not only free advertising, but it’s also more likely to be trusted and shared by other users.
  8. The Wild West of Ads: No verification of the advertisement can make Marketplace very cluttered and busy. To stand out, provide comprehensive property information and website links in your listings. This will add a stamp of legitimacy to your ads and make them more appealing to potential tenants.
  9. Missing Landlord Portal: While Facebook Marketplace doesn’t currently offer property management protocol integration, you can still use it effectively for listing setup. For property management tasks, consider integrating Facebook with CRM tools to get a more comprehensive view of your marketing efforts.
  10. Automated Listing Ease: Picture Facebook Marketplace as your personal assistant, taking care of the listing process for you. With the ability to automate your property listings, you can ensure consistent visibility without the manual hassle. This means your properties get continuous exposure, even when you’re busy with other aspects of your business. It’s like having a tireless marketing team working around the clock, making sure your rental properties are always in the spotlight.

Data intelligence and analytics to improve marketing success: Cue CRM tools

  1. Meta Pixel (formerly Facebook Pixel): This is a piece of code that you place on your website. It collects data that helps you track conversions from Facebook ads, optimize ads, build targeted audiences for future ads, and remarket to people who have already taken some kind of action on your website. For example, if a potential tenant visits your website but doesn’t fill out an application, you can use pixel data to show ads to that person again on Facebook.
  2. Facebook Analytics: This tool provides insights into your audience’s behaviour. You can see how people are interacting with your Facebook page and ads, and use this information to make informed decisions about your marketing strategy. For example, if you notice that video ads are performing better than image ads, you might decide to invest more in video content.
  3. Integration with Other CRM Tools: You can also integrate Facebook with other CRM tools to get a more comprehensive view of your marketing efforts.

Remember, the key to effective marketing is testing and optimization. Use these tools to gather data, but also make sure to analyze that data and use it to improve your marketing strategy.

Retargeting rental ads = Higher Conversion

If your initial Facebook ads for your rental property didn’t spark the interest you anticipated, don’t lose heart. The wizardry of Facebook retargeting can bring an impressive return on investment. Studies reveal that retargeting can resurrect the interest of 26% of consumers who might have otherwise vanished into the realm of lost sales.

Moreover, when rental properties reappear in listings, it imprints a memory in users’ minds, reinforcing the authenticity of your property. This plays a pivotal role during the Interest and Desire stages when potential renters have already noticed your property and are contemplating whether to explore the possibility of becoming residents.

Being well-acquainted with your potential tenants’ characteristics is like having a secret map. It enables you to craft highly targeted ads with precision. If you’re missing this information, fear not. Make the most of features like Lookalike Audiences and Retargeting.

As you delve deeper into these features, you’ll witness a surge in your success rate. This can empower you to rent out properties at your desired rates and to your ideal tenants!

Facebook Groups:

Facebook Groups are like digital communities, brimming with individuals who share common interests. Imagine tapping into this goldmine of potential tenants for your rental properties. By strategically targeting your Marketplace listings and advertisements to these groups, you’re placing your properties directly in the line of sight of interested parties. In today’s digital age, it’s increasingly common for people to turn to these groups when looking for rentals. So, why not meet them where they already are? Harness the power of Facebook Groups and watch your tenant pool grow.

Find Inspiration with Facebook Ad Library:

  1. Peeking at the Competition: Consider the Ad Library as your private detective, offering a sneak peek into your competitors’ marketing strategies. Uncover their tactics, from the enticing messages they use to attract potential tenants to the creative elements they employ and the demographics they’re targeting.
  2. Catching the Trend Train: Use the Ad Library as your trend telescope, spotting the latest fads in the rental industry. By examining the ads run by various property management businesses, you can identify common themes, popular styles, and emerging trends.
  3. Burst of Creativity: Imagine the Ad Library as a vibrant art exhibition overflowing with creative ideas. Browse through ads from diverse industries, drawing inspiration from their visuals, copy, and overall presentation. You might discover a unique way to showcase a property, a compelling call to action, or an engaging storytelling approach that you can adapt for your ads.
  4. Performance Insights: For certain ads, the Ad Library turns into a data analyst, offering performance data like the number of impressions and audience demographics. These insights can help you understand what kind of ads resonate with different tenant groups.
  5. Learning from the Leaders: Look for businesses known for their successful rental marketing campaigns and study their ads. What makes them stand out? Is it the stunning property images, the compelling property descriptions, or the irresistible rental offers? Use these insights to shape your own strategy.

Remember, while the Ad Library is a fantastic source of inspiration, it’s crucial to maintain your unique brand voice and identity in your ads. In the world of rental marketing, authenticity reigns supreme!

RealSage for increasing effectiveness.

Realsage is a powerful tool that can significantly boost the effectiveness of your rental marketing on Facebook. Here’s how:

  1. Data-Driven Insights: Realsage harnesses the power of your data to provide meaningful insights, enabling faster and better decision-making. Monitor your leads to know which demographic is sending you the maximum leads and tailor your Facebook Marketing campaign according to the demographic. RealSage will also help you filter the demographic of your maximum prospects, understand what they are looking for under tags and give you essential information that can be used to design your marketing communication. Pro-tip: As we know, 68% of Marketplace users are women – won’t it help to know what women prospects are looking for while designing your next communication piece?
  2. Pricing Strategy: Get a comprehensive understanding of the competition asking rent and trends of price change in different areas before setting your rent. Realsage’s Price feature helps you maximize revenues and gain a competitive edge with this kind of up-to-date market rental data. This can guide your rental pricing strategy on Facebook Marketplace, ensuring it’s competitive and appealing to potential tenants.
  3. Performance Analysis: With Realsage, you can analyze portfolio and performance across all the marketing channels. This can help you understand which of your Facebook marketing strategies are working and which ones need improvement.
  4. Lead Management: Realsage’s Convert feature allows you to manage your leads-to-lease funnels like never before. This can help you track the effectiveness of your Facebook ads in generating leads and converting them into tenants.

By integrating Realsage into your Facebook marketing strategy, you can make data-driven decisions, manage leads more effectively, engage with tenants, and optimize your pricing strategy, all of which can significantly boost your marketing effectiveness.

How to find the best leasing CRM for your property management firm?

There’s no dull day as a leasing manager. You’re not only dealing with countless inquiries but also making sure you keep up with prospects who show interest and maximize applications without compromising on the rental prices or the quality of tenants. 

Leasing managers at larger firms, in particular, have variables like market shifts, competitor tactics, marketing strategies and systems and processes in place to consider.  You need to be sure you’re operating as effectively as possible, while still bracing yourself for the unexpected.

That’s where a leasing CRM comes in as an ally to make every part of your daily operations easier and more profitable. In this guide, we’ll walk through how to vet the right solution for your business, the key features to look out for, and potential pitfalls to avoid.

What makes leasing at scale so difficult?

Leasing is like any other sales process on steroids. The sheer volume of activity coupled with the loss of revenue to property owners in cases where a unit is not rented on time puts tremendous pressure on this business function to run efficiently throughout the year. 

First, the size of the operation is much larger with many moving parts which means there are multiple components that ought to be managed. The impact of a small oversight in such instances has big implications. 

Regular tracking of all KPIs is a must in order to quickly identify kinks in one’s armour. For example, a team that tracks their property viewing numbers daily will learn about a broken scheduling link much sooner than a team that doesn’t. 

There are also unique coordination challenges that need to be solved. Leasing managers must be aware of not only the properties under their management but also those operated by fellow team members nearby.  Lastly, tracking leasing activities across multiple channels and teams is so complex that it can’t be done with a spreadsheet. The scale of managing leasing for a large portfolio requires a specific solution that’s built for the job and can automate communication, lead management and marketing channel and leasing team performance.

Why Won’t Generic Software Work?

With these leasing operations issues, generic sales software features that may look good on the surface, may not be applicable or work the way you want them to manage your portfolio on the platform. Generic sales software:

  • Requires too many workarounds and customization for specific tasks.
  • Needs a way to integrate with all the other software you’re using to be effective.
  • Can be difficult to scale as your business grows.

What does the best leasing software entail?

Leasing managers today need to be efficient, quick, flexible, and reliable—and the software you choose should be the same.

The main traits of top-of-the-line leasing software include:

Industry-specific features: that seamlessly integrate with your day-to-day workflow to ultimately save you time and money

Professionalism: the software is reliable and easy to understand,—you’re fully supported as a customer, and people that access the software feel fully comfortable using the solution too

Security and Accuracy: data is stored safely and reliably and prospect information/rental applications are accurately recorded.

What Leasing Software Features Should You Look For?

In a sea of never-ending options, how do you choose the best commercial leasing software? Start by understanding your biggest needs and prioritize them by how much time and resources they’re costing your business. Identifying your biggest priorities can help you shop and discern the best features that move your business forward.

Vacancy in a property is an expensive and inevitable occurrence. The loss of rental income is just one component of the equation. Other expenses such as utilities, taxes, insurance, and advertising costs must also be taken into account.

Building a streamlined process from receiving an inquiry to signing a lease is the fastest way to minimize your vacancies and start generating rental income. There are five key steps to the lead-to-lease journey, let’s break down each step and go through how an ideal platform can help accelerate the process.

Step 1: Consolidate your leads

Getting leads from multiple sources by email or phone is the easy part. Ensuring that these inquiries are effectively consolidated and channelled to the right leasing manager’s dashboard ensures that you minimize missouts. 

Step 2: Automate Responses and instantly schedule showings

The right software can let potential tenants book their showings online. Tools that automate follow-up reminders via email and text can help ensure they show up on time.

Step 3: Accept, Deny, and Manage Applications

Once you’ve showcased your property, it’s essential to simplify the application process by offering an online option. A top-notch leasing software allows you to customize application forms by adding, removing, or rearranging fields to meet your needs. With the right software, you’ll have a comprehensive view of all your applicants in a single dashboard, where you can accept, deny, or manage each one. Additionally, the software securely stores applicant information and streamlines the signing process, eliminating the need for repeated data entry.

Step 4: Track key metrics

An ideal solution would allow you to create custom reports, define KPIs, and track what matters most to your business. An intelligent system that delivers critical insights and trends directly to your inbox is what you are after so that your teams don’t have to wait on business reports to make decisions.

Get Started with the Best Leasing Software for your business. RealSage Convert is a powerful yet simple CRM with the tools you need to convert prospects to lease better.

How to improve lead-to-lease ratios for your Multifamily Rental?

The success of any property management company lies in its leasing cycle. When done right, it’s a repetitive and steady beat that fills vacant units with quality residents quickly for maximum revenue potential. On the other hand, an ineffective leasing strategy can be an expensive drain on the business.

Taking the time to review processes and make sure they are done in a timely, efficient manner is critical. This post will go through ways one can improve lead-to-lease conversions along with some helpful tips that could help increase occupancy rates.

  1. Define existing processes and the conversion rates at each stage of the lease-up process.

A typical lease-up process can be broken down into 3 stages –

  • Initial inquiry
  • Property viewing
  • Rental Application / Lease Signing

Before identifying areas of improvement, it is important to map out the conversion rates at each stage of the funnel. These numbers would serve as a base against which improvements are measured.

2. Start at the top of the funnel by evaluating all your property listing channels

You don’t have to necessarily pay for leads since, in the rental space, plenty of leads can be generated for free. While there are paid listing sites available, the majority of lead generation comes from open databases. According to research by Tenant Turner on Zillow’s Ad vacancy page they found out that most potential tenants start their search through free methods like Facebook Marketplace and Craigslist — so if your goal is making more money without spending too much then start by listing on these platforms.

Pro Tip: You can save tons of time by syndicating your listings through software that allows you to centrally manage your vacant listings.

3. Timely response to incoming inquiries is critical

You are 40% more likely to connect with a prospect when you respond to them within 4 minutes as opposed to within 24 hours. When renters are motivated, it is a certainty that they are looking at multiple properties simultaneously. It is impossible for leasing managers to make themselves available 24/7. However, there is automation that can be put in place in order to ensure a renter is guided towards the desired next step in addition to having their basic questions answered immediately.

4. Always present alternatives to help improve conversion

Motivated renters are looking to move into a new home typically within a 30 to a 60-day timeline. Property Managers are more likely to improve their conversion rates by ensuring that all prospects are presented with alternatives in case they do not warm up to the property they had initially inquired about. A thorough understanding of the renter’s considerations during the initial interaction is imperative to ensure the right option is presented in a timely manner in order to improve the conversion rate.

5. Virtual Tours are no longer a ‘nice to have but a ‘must have’

Technology has changed the way we live our lives, and now it’s helping leasing managers make their rental showings process more efficient. Automated scheduling tools allow for quick updates to go out automatically based on what properties are available in an instant. 3D camera technology like Matterport ensures potential renters get virtual tours of homes without ever leaving their couch!

Pro Tip: Ensure you label aspects of your unit while getting a virtual tour ensuring renters are able to fully educate themselves and make quick decisions on their own.

6. If you haven’t already, bring leasing online

It’s time to go online with your leasing paperwork. A recent study showed that the percentage of renters who want to apply for a lease online increased by 15% in just the last two years! Employing technology allows property managers to exercise greater control and saves an incredible amount of time, too. Digital documentation also ensures that you don’t have to dig into old filing cabinets and documents are always just a few clicks away.

7. Nothing will replace the human touch

Automations throughout the leasing process are not meant to compromise the relationship between renters and managers, If anything, these are meant to free up more time for leasing and property managers to interact with renters in meaningful ways as opposed to carrying out repetitive tasks that add little value to the customer’s experience.

8. Track your progress constantly and re-evaluate your processes periodically

Once you have made a certain change to your process, it is important to understand the impact it has on your firm’s overall leasing performance. Like everything else in business, leasing also is an ever-evolving exercise that needs to be constantly monitored and revised in order to ensure premium customer experience and success for the firm.

This just about sums it up. We at SoulRooms care deeply about problems pertaining to effective leasing and hope this post adds value to leasing managers looking to improve their conversion rates. Happy leasing!