Owner Case Studies:Morgan Properties

Owner Case Studies:Morgan Properties

Peggy Hale

Director of Sales, Marketing & Training

Morgan Properties

April 30, 2009

Peggy Hale

Director of Sales, Marketing & Training

Morgan Properties

April 30, 2009

A Bit of HistoryA Bit of History

In 2007, Morgan Properties had 46 communities with approximately 15,000 units

Each site handled their own phone calls and emails We used CallSource for recording quality and had a

company answer goal of 85% during core hours We used Vaultware on all ILS sites We manually put all leads into Yardi Intuition - We were not tracking 100% of our leads

In 2007, Morgan Properties had 46 communities with approximately 15,000 units

Each site handled their own phone calls and emails We used CallSource for recording quality and had a

company answer goal of 85% during core hours We used Vaultware on all ILS sites We manually put all leads into Yardi Intuition - We were not tracking 100% of our leads

A Bit More HistoryA Bit More History September 2007, we acquired a portfolio of 86 communities

and approximately 17,000 units An overseas call center answered phone calls during

business hours only with a goal of 92% answer ratio. We hovered around 88%

All call leads and automated email leads went into a third party contact management system

Vaultware was NOT used There was no integration of the contact management system

and Yardi so tracking activity between systems became a nightmare

We manually put all traffic and applications into Yardi Intuition - We were not tracking 100% of our traffic as

conversion ratios were staggeringly high . . . .

September 2007, we acquired a portfolio of 86 communities and approximately 17,000 units

An overseas call center answered phone calls during business hours only with a goal of 92% answer ratio. We hovered around 88%

All call leads and automated email leads went into a third party contact management system

Vaultware was NOT used There was no integration of the contact management system

and Yardi so tracking activity between systems became a nightmare

We manually put all traffic and applications into Yardi Intuition - We were not tracking 100% of our traffic as

conversion ratios were staggeringly high . . . .

The Last Bit of HistoryThe Last Bit of History

We had 2 portfolios with 2 separate processes We were not OPEN 24 hours a day when

customers needed us most We were manually entering leads into Yardi and

missing the boat Tracking ad sources across portfolios was nearly

impossible Next step – Identify Best Practice in the Industry

and make some needed changes!

We had 2 portfolios with 2 separate processes We were not OPEN 24 hours a day when

customers needed us most We were manually entering leads into Yardi and

missing the boat Tracking ad sources across portfolios was nearly

impossible Next step – Identify Best Practice in the Industry

and make some needed changes!

2008 – The Year of Best Practices2008 – The Year of Best Practices

Early in the year, we researched and met with Call Center Providers

In August & September we converted the 86 sites to Level One and simultaneously turned on Vaultware

We integrated the Level One Guest Card directly into Yardi so every lead was captured and tracked

We retrained our onsite staff on how to manage their leads internally and turned off the contact management system

The results . . . .

Early in the year, we researched and met with Call Center Providers

In August & September we converted the 86 sites to Level One and simultaneously turned on Vaultware

We integrated the Level One Guest Card directly into Yardi so every lead was captured and tracked

We retrained our onsite staff on how to manage their leads internally and turned off the contact management system

The results . . . .

Early ResultsEarly Results In Q4 2008, we learned that:

We had increased our leads by 35%! Having Level One respond to our calls and

emails accounted for 25% of this increase Level One handled all the Vaultware inquiries

including applications that accounted for 10% of the new leads

We learned that 87% of all our leads were generated on the Internet

So we immediately reduced our 2009 print spend by over $350,000

In Q4 2008, we learned that: We had increased our leads by 35%! Having Level One respond to our calls and

emails accounted for 25% of this increase Level One handled all the Vaultware inquiries

including applications that accounted for 10% of the new leads

We learned that 87% of all our leads were generated on the Internet

So we immediately reduced our 2009 print spend by over $350,000

Property Level Lead Reports!Property Level Lead Reports!

Next StepNext Step In December 08 & January 09, we converted the

original Morgan sites to Level One We ramped down CallSource for leasing calls and

retained CallSource for customer hotlines and collections

We retrained our onsite staff on how to manage their leads internally and turned off leads screen in Vaultware

By calculating the reduced phone and email administration, we reduced payroll by approximately $213,000 by consolidating leasing staff by 6.4 people

In December 08 & January 09, we converted the original Morgan sites to Level One

We ramped down CallSource for leasing calls and retained CallSource for customer hotlines and collections

We retrained our onsite staff on how to manage their leads internally and turned off leads screen in Vaultware

By calculating the reduced phone and email administration, we reduced payroll by approximately $213,000 by consolidating leasing staff by 6.4 people

How did the Property Teams do?How did the Property Teams do?

Our Leasing Teams now focus on 3 core competencies: Pro-actively Managing Lead Follow Up Giving Fantastic Customer Tours Providing Superior Customer Service

Our Leasing Teams now focus on 3 core competencies: Pro-actively Managing Lead Follow Up Giving Fantastic Customer Tours Providing Superior Customer Service

What Internet Sites are Performing?What Internet Sites are Performing?

Leads vs. VisitsFirst Quarter 2009

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Note: Forrent.com, Craigslist, Apartment finder and 4walls only used in specific regions.

Publishers still say – books push InternetPublishers still say – books push Internet

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Apartment Guide For Rent Apartment Finder

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Note: For Rent and Apartment Finder only used in specific regions.First Quarter Leads

How did we do in Q1 2009?How did we do in Q1 2009?

Level One delivered 27,966 unique Guest Cards They set 8,767 appointments - a ratio of 50% over

the phone and 4% over email We received 228 applications site unseen 59% of prospects called while 41% preferred email 83% of all prospects used the Internet We improved occupancy by 2.41% company-wide

Level One delivered 27,966 unique Guest Cards They set 8,767 appointments - a ratio of 50% over

the phone and 4% over email We received 228 applications site unseen 59% of prospects called while 41% preferred email 83% of all prospects used the Internet We improved occupancy by 2.41% company-wide

Vaultware – Above the National AverageVaultware – Above the National Average Availability Sessions: 138,788, Reservations: 3,909

Average Availability Sessions per property: 1093 Average Availability Sessions National Average: 933 Average Reservations per property 31 Average Reservations National Average 19

Morgan stresses layering SPECIALS to attract renters - 128 sites average 700 specials

Another significant factor is the number or places online VaultWare is accessible by our prospects – approximately 15 sites

Lastly, culture makes a big difference. We promote internally and use as a closing tool

Availability Sessions: 138,788, Reservations: 3,909

Average Availability Sessions per property: 1093 Average Availability Sessions National Average: 933 Average Reservations per property 31 Average Reservations National Average 19

Morgan stresses layering SPECIALS to attract renters - 128 sites average 700 specials

Another significant factor is the number or places online VaultWare is accessible by our prospects – approximately 15 sites

Lastly, culture makes a big difference. We promote internally and use as a closing tool

65% of online reservations happen after hours65% of online reservations happen after hours

Online Apartment Reservations Peak at 10:00 PM It's the middle of the night and our customers want

to rent

Online Apartment Reservations Peak at 10:00 PM It's the middle of the night and our customers want

to rent

Now – Availability AlertsNow – Availability Alerts

Future Renters waiting for Availability: 867 Average per property: 7.1 Alerts come right to the property – MORE LEADS!

Future Renters waiting for Availability: 867 Average per property: 7.1 Alerts come right to the property – MORE LEADS!

Cost Savings Cost Savings

Able to shift some print spending back to Internet: Testing rentwiki Testing rentmineonline.com Managing volume through Mynewplace Adding SEO where occupancy challenged Adding streaming video product Professionally creating Facebook & Myspace property

pages Developing a higher value resident portal Adding texting as routine communication

Able to shift some print spending back to Internet: Testing rentwiki Testing rentmineonline.com Managing volume through Mynewplace Adding SEO where occupancy challenged Adding streaming video product Professionally creating Facebook & Myspace property

pages Developing a higher value resident portal Adding texting as routine communication

What We Learned?What We Learned?

Use the Best Technology for the Best Results Continually Measure Performance Adjust Based on Property, Market & Trends Test, Test, Test New Methods Train Your Teams to Effectively Use Processes Property Managers still need to be “Marketeers” Partner with Your Vendors

“Share in each other’s knowledge and success!”

Use the Best Technology for the Best Results Continually Measure Performance Adjust Based on Property, Market & Trends Test, Test, Test New Methods Train Your Teams to Effectively Use Processes Property Managers still need to be “Marketeers” Partner with Your Vendors

“Share in each other’s knowledge and success!”