Lead Win-back for Multifamily

 Most CRM’s for multifamily ignore cold leads after a few months. The idea is that these leads have decided to rent elsewhere and aren’t viable prospects anymore. However, what these systems are ignoring is the high resident turnover rate for multifamily. 53% of residents do not renew their leases. Which mean 53% of the leads you ignore are going to be actively searching for a new apartment within the next 10 months.

Call us old fashioned, but we don’t see why anyone would throw away perfectly good leads.

Think about wine for a second. There are two approaches to drinking wine:

1. There are the Barefoot wines that are ready-to-go. This is a popular choice for novice wine drinkers. Similar to how an basic marketing plan is only concerned with prospects who lease with you the first time around.
2. Then there are true wine connoisseurs. They tend to be more experienced and patient individuals. They understand the value of waiting for a desired outcome.

This reflects how a mature marketing plan is willing to invest in revitalizing cold leads. Before you get the wrong impression, we aren’t wine snobs. We see merit in both options. Which is why we suggest using an email marketing strategy that manages both warm and cold leads. This approach gives you more opportunities to turn leads into leases.

Plus, gives you more money to buy more wine: Win - Win 🙂

How to Win-Back Cold Leads

We recommend automating the cold lead communications. That way, your agents only need to get involved once a cold lead becomes active again. Your automation should start to email prospects nine months after they go cold. This is roughly the time their current lease is ending. Why not reach out to cold leads with an automated Win-Back Email Campaign?

Let’s take a look at the benefits of reaching out to cold leads.

Benefits

By reaching out to more leads, you should get more leases. Plus, they only need a refresher before they sign since they already know about your property!

More signed leases means you have a higher occupancy rate. The extra revenue from new leases combined with the lower lead generation costs gives you a better ROI. With a higher ROI, you can give owners a higher profit margin. This makes owners happier and more likely to give you more properties to manage!

Six Win-back Emails You Should Be Sending

If a lead goes cold or a resident moves out, use an Automated Win-Back Email Campaign to change their minds. Since over half of multifamily leases are not renewed, so there is a good chance your cold leads 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.

Take a look at our favorite six win-back emails:

Conclusion

Just because a prospect or resident chose not to sign or renew a lease doesn’t mean you should forget about them! With automation, reaching out to cold leads is easy - and can have a big pay-off! You can get more leases signed and attract more owners’ interest with a few simple emails and the help of automation! Why not try to win back those renters who got away with a Win-Back Email Campaign?