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Modernizing Multifamily Marketing

The Art & Science of Modernizing Your Multifamily Marketing

CLM: Multifamily's Next Big Thing.

What is Customer Lifecycle Marketing?

Everyone knows in business the customer comes first. Customer Lifecycle Marketing is founded on this principle.

The goal of Customer Lifecycle Marketing is to send content to leads based on their stage in the customer lifecycle. What is exciting for a prospect may not matter to a dead lead and vice versa. So why would you send them the same content?

Plus, customers who received emails specific to their stage in the customer lifecycle have a 72% higher conversion rate.

Did we mention? Marketers who use segmented email marketing campaigns experience a 760% increase in revenue!

Let’s see what this looks like for Multifamily.

Still confused about CLM? Download the Customer Lifecycle Marketing Infographic.

 

How Does it Work?

Every potential Multifamily customer falls into one of the following zones:

  • Prospect Zone
  • Resident Zone
  • Dormant Zone

So let’s take a look at the normal lifecycle for a Multifamily customer.

Multifamily Customer Lifecycle

 

The idea is to get every lead into the Resident Zone. A.K.A.the zone where you are making money.

Obviously having full occupancy forever is a fantasy, but that doesn’t mean you shouldn’t form your strategy with that goal in mind.

Norman Vincent Peale said it best, “Shoot for the moon. Even if you miss, you’ll land among the stars.” That’s what we are doing with Lifecycle Programming.

 

How to Put it into Play

We have developed ready-made ‘plays’ to make the transition from each stage to the next as easy as possible. And maximize the number of customers in the Resident Zone!

 

Multifamily's Customer Lifecycle

 

By engaging with each customer at every step of the way, you can keep them active and increase your average customer lifecycle value!

Here are our 9 favorite plays:

 

Prospect Zone

  • Pre-Tour Play
  • Post-Tour Play
  • Closing Play


Resident Zone

  • Pre-Move Play
  • Welcome Play
  • Satisfaction Play
  • Renewal Play
  • Exit Play

 

Dormant Zone

  • Win-back Play

 

Let's take a closer look.

 

 

Prospect Zone

Prospect Pre-Tour Play

Start State: New
End State: Toured
Goal: Get a new prospect to take a tour

Prospect Pre-Tour Play

 

Once a prospect fills out a guest card, they should be added to the Prospect Pre-Tour Play to educate them about the property. This play showcases the property’s amenities, features, and the neighborhood to spark prospect interest.

Prospect Pre-Tour Play Emails

 

 

Prospect Post-Tour Play

Start State: Toured
End State: Nurtured
Goal: Educate prospects who have toured your property about the next steps to sign a lease.

Prospect Post-Tour Play

 

After a prospect tours your property, give them everything they need to sign a lease with the ‘Prospect Post-Tour Play.’ Show them your floor plan availability, notify them about any price-drops and invite them to community events.

Prospect Post-Tour Play Emails

 

 

Prospect Closing Play

Start State: Nurtured
End Date: Leased
Goal: Get nurtured prospects to sign a lease

Prospect Closing Play

 

Once the prospect has scheduled a tour, they are moved into the ‘Prospect Closing Play’ where they receive an extra nudge to sign a lease. This play provided a variety of timed offers like a waived amenity fee alert, a waived security deposit alert and a half-off your first month’s rent special offer.

Prospect Closing Play Emails

 

 

Resident Zone

Resident Pre-Move Play

Start State: Leased
End State: Moved-In
Goal: Ease transition into residency for future residents

Resident Pre-Move

 

As soon as a prospect signs a lease, they should move to the ‘Pre-Move Play.’ In this play, they get all information they need to make their move as easy as possible. This play includes an ‘application approved’ congratulations, a move-in checklist, and a reference guide to insurance and utility companies recommended for your property.

Resident Pre-Move Emails

 

 

Resident Welcome Play

Start State: Moved-In
End State: Stable
Goal: Keep residents happy

Resident Welcome Play

 

When a resident moves in, they should start the ‘Resident Welcome.’ It gives an overview of information new residents want to know. Typically, the play kicks off with a welcome email and is followed with an email that prompts residents to stay in touch. Next, you can move into some helpful tips for navigating the area, like where to find the various amenities, local entertainment venues, and where they should eat dinner. Round out your welcome play with a personal touch, like a triggered birthday email.

Resident Welcome Play Emails

 

 

Resident Satisfaction Play

Start State: Stable Resident
End State: Renewable
Goal: Check in with current residents to make sure they are pleased with the property

Resident Satisfaction Play

 

After a resident has been at your property for six months, they should receive the ‘Resident Satisfaction Play.’ As the name suggests, this play evaluates how happy your residents are and gives you a chance to make amends with any residents who are unhappy. The satisfaction play usually includes an anniversary email, a resident survey and a prompt to refer a friend. To go the extra mile, you can send a follow-up email to address any concerns mentioned in the resident survey.

Resident Satisfaction Play Emails

 

 

Resident Renewal Play

Start State: Renewable
End State: Renewed
Goal: Make residents want to renew their leases

Resident Renewal Play

 

Two months prior to a resident’s lease ending, use a ‘Resident Renewal Play’ to encourage your residents to renew their lease. Gentle reminders and special offers are an easy way to encourage residents to stay.

Resident Renewal Play Emails

 

 

Resident Exit Play

Start State: Renewable
End State: Moved-Out
Goal: Maintain a positive impression by provide a smooth move-out process for residents who did not renew

Resident Exit Play

 

Inevitably, some residents do not renew their lease. However, that doesn’t mean they wouldn’t be willing to recommend your property to their friends. Make sure you leave them with a good impression by using the ‘Resident Exit Play’ to make their move easy. Send them a move-out checklist to keep them organized. Also, send them an exit survey so you can know learn why some of your residents aren’t renewing. These survey results can inform your new resident retention strategy.

Resident Exit Play Emails

 

 

Dormant Zone

Win-Back Play

Start State: Dormant
End State: Leased
Goal: Get dormant leads to sign a lease

Win-back Play

 

If a lead goes cold or a resident moves out, use the ‘Lead Win-back Play’ to change their minds. 53% of leases are not renewed, so there is a good chance they are open to being wooed by your property. Like all great rom-coms have made abundantly clear, people like it when you are honest about your feelings. Tell them that you missed them and want them back. Then, show them what they have been missing with special offers, floor plan alerts and property highlights.

Win-back Play Emails

 

 

Next Steps

While this all sounds amazing, it also sounds like a lot for your agents to juggle. Let’s look at how you can use automation to make it even easier than your current email strategyYou read that right: Better Content. Less Work. Tune in next Thursday to learn how!

 

Your Turn. What are some barrier to using a CLM campaign for Multifamily?

 

 

   

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