Property management technology trends are rapidly changing and 2020 promises to be full of new strategies to capture the attention of savvy renters. 

More than 80 percent of prospects start their apartment search online and then spend up to three months narrowing down the list to a few properties they will visit in person before signing a lease. You want your property to stand out from the competition and nurture those leads throughout their entire online journey. 

Technology can be a big-ticket item, so it pays to be sure you are investing in products that will boost business enough to pay for themselves and increase leases.  

Here are some top considerations: 

Does the technology attract and acquire quality leads on your website?

Do the products utilize artificial intelligence (AI) to learn and adapt?

Is the technology product analyzing data and adjusting?

Is it converting online visitors to tours, and ultimately leases?

Does the vendor partner with your multifamily team?

Attracts and Acquires Leads

You want to look for a website interface or software that identifies each consumer who visits and engages on your website, then tracks that user across multiple digital platforms. The interface should help facilitate a prospect’s research while capturing high-quality lead information on what they are looking for in an apartment. It should also prioritize leads who are ready to rent now or soon to make follow-up easier and more effective. 

The software should also measure channel performance: how well your social media and digital ads are performing. The ideal product will deliver real-time results while helping you to adjust digital advertising campaign spends based on performance.

Utilizes Artificial Intelligence (AI) 

Advanced technologies like AI can create personalized experiences for customers by adding interactive experiences on your existing property websites. This technology, when tied to an AI-driven marketing cloud, can automate communication —  taking some burden off the leasing staff. It can automate email communication to drive leads back to the website and add personalized incentives to inspire potential customers to take the next step, either visiting the property or signing a lease. 

Analyzes Data and Adjusts

The most important part of a digital marketing tool is that it should deliver useful data about your website in real-time and deliver valuable consumer insights to gain an understanding of what prospects want. It should also tell you what combination of marketing sources drives the most valuable leads and leases at the lowest cost.

Ask yourself if the technology understands the customer’s decision-making process. Does it reveal personal insights on the lifestyle factors of each prospect and what’s most important to them when choosing an apartment? If not, keep looking. 

Finally, does it track performance and the return on investment (ROI) of all digital marketing spends from lead generation to property tour to lease? Successful digital marketing tools demonstrate their value. 

Converts Online Visitors to Tours

This is a crucial aspect. It doesn’t matter how many people visit your website if they don’t eventually come to your property for a tour. The best new technology delivers real-time information to provide outstanding, personalized service to your customers every step of the way. Great online service gets them in the door.

Digital marketing solutions in 2020 should provide online tools such as video tours, online tour scheduling and chat-to-text communication. 

Software should also nurture prospects with automated emails that use information they’ve shared during previous website sessions to help them choose your apartment community over your competitors’ property. 

Partners with your Multifamily Team

Finally, it doesn’t matter how good the software is if the provider sells you the product and then never returns your calls. It’s important to find a digital marketing partner that offers continuous support and feedback to help your team perform at its best. 

Also, don’t be afraid to look for a vendor whose pricing model is tied to real results and who invests in product improvement and innovation. 

Looking for these items when evaluating the latest in property management technology trends will ensure your digital marketing products help grow your business long after 2020 is just a memory.