Introduction

The other day, there was a comment posted on Multifamily Insiders asking why people hated market surveys so much. This is a real issue that many property managers and agents face on a weekly basis...keep reading if you're interested in a solution! If you're familiar with property management, then you probably know what a market survey is. You also know how tedious, time-consuming, and stressful they can be. This is where Market Survey Tools (MSTs) come in.

What are Market Survey Tools?

MSTs help in the weekly compiling of property information such as:

• Move-Ins
• Move-Outs
• # of Tours
• # of Cancels

These tools simplify and streamline the process, allowing agents to enter their weekly data and then share that data with their comps through a couple of clicks.

What Makes a Good Marketing Survey Tool?

Not all MSTs are made the same; a good MST:

• Is made for agents (and regionals)
• Automates for you
• Makes reporting easy
• Makes sharing easy
• Stores your data

5 Reasons You Need a Market Survey Tool

1. Market Survey Tools are Made for Agents (& Regionals)

Whether you're an agent or regional, MSTs can make your life easier. With the right MST you can:

• Complete surveys
• View previous surveys
• View competitors' data
• Review your property's data
• Send reports

2. Market Survey Tools Automate for You

With so much going on these days, it's tough to keep your schedule straight. A good MST sends notifications, reminders, and updates right to your inbox. Here's what a good MST looks like in action:

Notifications

Each week, agents receive a notification email indicating the weekly survey is open and waiting.

Reminders

If Monday proves too busy, you receive a reminder on Tuesday letting agents know the survey is closing soon. The email also includes a CTA which redirects to the survey.

Updates

Whether you're waiting to hear back from a comp or you have been invited by a comp to join their group, there's an email for that. Agents are always up to date on anything related to their property and its surveys.

3. Market Survey Tools Make Reporting Easy

Here's the typical market survey process for agents Monday morning:

• You find all your numbers from the previous week
• Open up a spreadsheet
• Enter in all the data
• Email it over to your regional manager (or, dare I say, fax it...)
• Chase your comps down
• Collect and organize their data
• Wash, rinse, repeat

With a MST here's an agent's typical Monday:

• Complete your survey

Once you complete your survey that information is easily shared and stored. In other words, agents and regionals get their Mondays back. MSTs store your survey data and provide clear reporting on it. They also chase comps, retrieve their data, and assemble it into a clean CSV format that's always accessible. Instead of 3-4 hours, this process takes 5 minutes.

4. Market Survey Tools Make Sharing Easy

You know the saying, 'sharing is caring.' Well, MSTs care about making it easy to share. After agents complete their survey they should have an option to share their survey with their comps. Agents should also be able to see their comps' surveys for that week, and previous weeks, so long as agents and comps both complete their surveys. It's truly as simple as clicking a button.

5. Market Survey Tools Store Your Data

Data is crucial to enhance property performance. After agents complete their surveys, it helps to see an overview of those numbers. Great MSTs provide an overview and much more. MST reporting should review:

• Tours
• Leases
• Cancels
• Denials

There should be filtering as well, allowing agents to filter across properties and desired date-ranges: These reports keep property managers and regionals updated on their performance and help inform Business Intelligence.  

Conclusion

MSTs can transform the way agents, regionals, and properties interact with each other. Not all are created equally though, so watch out for features such as survey sharing, thorough reporting, and automation. The right MST can be the game-changer you never knew you needed!