With the dawn of the internet, lead generation became much simpler. But an increase in quantity can mask poor lead quality. A robust marketing program achieves its full potential when a lead-scoring system can sift the sales-ready leads to the top of the heap.
Stephanie Versin, vice president of marketing at Prometheus, a Bay Area-based multifamily owner and property management company, has found that improving lead quality by 10 percent boosts sales productivity by 40 percent.
The data components of a lead-scoring model often include the lead source, amount of contact information, need-by date, and proximity to work. These data pieces and more can help determine the likelihood that a prospect will become a resident.
Lead-scoring data can then be added to a revenue management system. With a clearer view of true demand, owners and property managers can better determine appropriate rent amounts.
“We have an applicant score, and when we roll all the scores together, we get activity-based forecast,” says Rich Hughes, head of data science at RealPage, in a post on Property Management Insider. “We pass that over to the revenue management system. By giving RMS better information and a deeper understanding of the qualitative nature of demand, it can react faster and capture a price. We’re able to look further into future with more clarity.”