“How understanding the communication/marketing/sales funnel can improve efficiencies.”

In property management, understanding the marketing/sales funnel is beneficial when converting leads into leases when it comes to apartments. These funnels matter because they help improve messaging, strategy, and understanding customer behavior. The marketing funnel, which includes awareness, consideration, and purchase, is very important when it comes to apartments. Whether building awareness through social media, ads, flyers, or word of mouth, it is very important for leads to even know about the property. According to Forbes author, Kevin Knight, word of mouth has always been a strong channel for awareness, but now more than ever, especially when it comes to apartment shopping. Reviews in this industry are important because a bad review can really damage a property’s reputation and credibility, while good reviews can do the opposite, and help the company by showing up higher organically in search results. With these awareness tactics, interest such as calling, emailing, touring, or visiting the website to get more information will be the next steps. Actually getting someone to make the purchase or sign a lease is the difficult part. Being part of the industry, pulling reports, viewing traffic from certain channels like Apartments.com or Google listings helps us understand that awareness is not the major problem, it is converting that awareness into a purchase. By understanding this process, teams should be able to lease more units and decrease vacancy.