February 10 2020

As demand drops in the multifamily industry, there are fewer leads inquiring about communities, and increasing competition for leasing professionals to turn those leads into leases. 

With 22 million apartment homes in the United States, comprising around 160,000 communities, the multifamily industry is huge. One out of three households in the United States rents their home. There is nothing more impactful than the place we call home, which is why multifamily property management companies need technology specific to their industry needs. A multifamily CRM is table stakes to providing business efficiencies at scale for complex processes, providing an enjoyable day-to-day for leasing team members, as well an excellent experience for renters. 

It is essential for multifamily property management companies to have a robust and efficient system to manage the communication and relationships with prospective renters and current residents. 

This is where a multifamily CRM (customer relationship management) system comes into play. 

What is a multifamily CRM?

A multifamily CRM is a marketing and communications platform designed specifically to help property management companies streamline their processes from initial inquiry through renewal, manage relationships with their prospective renters and current residents, improve their renter journey, and provide clear data insights. 

The system provides a centralized location for all of a company’s renter and resident information. At Funnel, that means individual renter-centric guest cards (meaning one guest card for one renter and no data duplication) including details about the residents, all communication between the prospect/resident and the leasing team, and more. 

Status-quo multifamily software providers have what we call “property-centric” architecture, meaning that for every community a renter inquires at, there is a guest card with their information… As you can imagine, this fractures insights and information about each renter, and doesn’t allow your team (no matter their location) to provide top-tier customer service as they do not have the full picture of the communication with that renter or their needs. 

With a single guest card, renter-centric architecture, renter preferences, and communication records help property management companies, and their teams, better understand and meet the needs of renters, improving the overall renter experience and reducing churn rates.

Onsite leasing teams are stretched thin. Fortunately, a multifamily CRM can automate many of the manual processes that are involved in the leasing journey at property management companies. For example, the system automates answers to frequently asked questions, scheduling tours, pricing and availability, automated marketing drip campaigns, and more. This multifamily CRM can then be layered with the rest of Funnel’s Renter Management Software product offering to complete the renter journey of online leasing, resident onboarding, rent payments, and renewals. This automation not only saves time and reduces the risk of errors, but it also provides renters with a more seamless experience, and onsite leasing teams the time they need to focus on higher-touch nuanced requests. 

A multifamily CRM provides property management companies with data transparency

Another benefit of a multifamily CRM is that it helps companies better understand and analyze their renters. By centralizing all renter information, the system provides a comprehensive view of each renter’s information and their preferences. This information helps property management companies cater to renters as individuals, and make them feel known, increasing overall engagement and lifetime customer value. Additionally, the system can help property management companies identify trends and patterns in renter behavior, allowing them to make data-driven decisions to improve their operations.

Plus, a renter-centric multifamily CRM helps companies improve their reporting and analytics capabilities. With the ability to access data from a centralized location, property management companies can easily generate reports and analyze key metrics, such as occupancy rates, lifetime customer value, and lead-to-lease velocity. Use this information to make data-driven decisions to improve operations and the renter journey. 

Streamlined communication = excellent renter experience 

A multifamily CRM also improves communication between property management companies and their renters. Sending targeted and automated communications allows property management companies to keep their renters informed about important updates, and communicate with renters on their schedule and in a manner that makes sense for their needs. Additionally, the system can respond to renter inquiries in a timely and efficient manner, no more leaving renters on “read” more answering the questions they need to know NOW so that they can find their next home. 

Multifamily CRM = The heartbeat of your operating model

A renter-centric multifamily CRM is an essential tool for multifamily property management companies, when it’s transformational it’s truly the heartbeat of their operating model. The ability to adopt tomorrow’s operating model with role specialization, centralization, AI, and automation, is out of reach without a renter-centric solution. 

Funnel’s CRM is trusted by 6 of the 20 leading and largest operators and integrates with Yardi, RealPage, and Entrata PMSs. Leverage property management software for the things it does best, and let Funnel’s CRM take care of your renters. 

Learn more about what renter-centric means, and why it matters to your business.