Big data drives so much of the world we live in. It is one of the key components that marketing and advertising teams use in order to locate prospects, capture leads that are qualified and likely to purchase the product, service, and available property being pitched.

Now, the data has always been there, ready and waiting to be collected. For many years, the tools to harvest and utilize that data was not there, but that’s all changed.

Today, we have the ability to collect and harvest massive amounts of data, allowing marketing and advertising efforts to be zoned in on ideal and likely buyers, or in the case of multifamily, potential residents. Without the collection and understanding of big data, effective strategies can’t be made and executed.

Big data plays a huge role across thousands of different industries and multifamily is no exception. Data is the driving force behind maximum profitability, competitiveness, and strategy. Big data should be treated just like any other business asset, with a process for quality control and measurement of data quality.

The relevance and usefulness of the data are determined by its quality, only then can it be used to produce results and deliver on the initial investment. Big data is worthless if it’s low in quality.

The collecting and management of big data can be a challenge for any organization. In order for data to be useful it needs to be:

1.    Timely and;

2.    Accurate

Only with these two components can data become a true asset to daily operations, decision making, and strategies. Failings in either of these dimensions can compromise the usefulness of your data.

Timely

Timing is everything when it comes to capturing, interpreting, and utilizing data. It’s essential to ensure that all data is timely and being interpreted in real-time to ensure the best optimization of the system. Only with timely data can useful marketing strategies and decisions be made.

Out-of-date data could be the difference between a vacant unit leased or not leased. The aggregation of real-time data is a game-changer for properties. It shows the team what’s happening in real-time and strategies can be adjusted accordingly.

Accurate

The second component is ensuring that the data is accurate. The output of the data must be relevant or else resources, time, and funds are wasted in vain efforts to acquire new prospects and residents.

Making sure that data is accurate isn’t always easy. Proper configuration is vital as well as confidence in the source supplying the data. Leasing teams need to know which advertising and marketing avenues are working and which ones aren’t. Resources need to be targeted based on accurate data.

How Software Can Help

I Love Leasing was created to INCREASE RETURN ON INVESTMENT. Allowing leasing teams and property managers to have access to big data, utilize, and turn that data into a strategy that increases profitability.

Lead Segmentation

The software segregates leads for definition and filtering to gain the highest return on the business’s advertising and marketing investment. Users can access REAL TIME demand and drill down to those market segments by quick search parameters. It can create primary and secondary source information and segment data by demand.

Lead Attribution

It provides sophisticated programming options for blended lead attribution models and it can incorporate dynamic number insertion and referral scripts that track multiple ad sources.

It has been proven to improve efficiency, reduce wasteful advertising spending, and allow for real-time executive reporting that enhances overall decision making within the team. It gives you the ability to make more strategic marketing decisions.

As stated by one of our I Love Leasing users:

“Marketing without accurate and timely data is like driving with your eyes shut. Thanks to I Love Leasing, Sandalwood can clearly see every step in the leasing process. The resulting savings have been significant.”-  Kathleen Reid, director of Marketing and Communications at Sandalwood

For a comprehensive overview of how I Love Leasing will interface with your current work flow, request a personalized DEMO