Hosted by Digibles founders, Reid Wicoff and David Staley, this podcast is a forum for multifamily marketers to share insights and experiences, surface tough questions, and riff on trending topics.
Hosted by Digibles founders, Reid Wicoff and David Staley, this podcast is a forum for multifamily marketers to share insights and experiences, surface tough questions, and riff on trending topics.
Missed Calls = Lost Revenue: Over 60% of calls to multifamily properties go unanswered, costing potential leases.
Follow-Up Frequency Matters: Properties average 2–3 follow-ups per lead, but increasing this to 10 follow-ups can lead to a 125% increase in conversions, as per Nurture Boss data.
Speed vs. Consistency: Speed still matters, but consistency is now the key to winning leases in 2024. The average number of days from lead to lease has increased, meaning renters take longer to decide.
Engagement Drives Conversions: Renters are 8x more likely to engage via text than email, making fast, personalized follow-ups essential.
Key Takeaway: Multifamily operators must close the gap in missed calls and optimize their lead nurturing strategy with call analytics, AI agents, and a focus on cadence and consistency.
Missed Calls Are Killing Your Leasing Funnel
Picture this: a prospective renter calls your property after work to schedule a tour. They’re ready to sign, but the leasing office is closed. By the next morning, they’ve booked a tour elsewhere. That one missed call could cost your property $15,000–$30,000 in annual revenue.
If 2022 was about speed, 2024 is about consistency. Jacob Carter, founder of Nurture Boss, highlights a shift in multifamily leasing: while renters still expect immediate responses, consistent, meaningful follow-ups are now the key to winning leases. With an industry average of 8–12 follow-ups needed to convert a lead, renters are taking longer to make decisions, emphasizing the importance of staying engaged throughout the lead-to-lease journey.
This isn’t a rare scenario. At the Fall Cadence Connect event in Minneapolis, our VP of Marketing shared some insights from Fiona, that 60.8% of calls to multifamily properties go unanswered, and the problem worsens during peak inquiry times—weekday mornings and weekends. Properties often average only 2–3 follow-ups per lead, leaving money on the table. Add to this the fact that renters are 8x more likely to engage via text than email, and it’s clear that multifamily’s problem isn’t generating leads—it’s responding effectively.
So why missed calls are so prevalent, how are they hurting leasing performance, and what can operators can do to turn those missed opportunities into signed leases?
Why Missed Calls and Poor Follow-Ups Are Losing You Leases
The data tells a clear story: multifamily operators are failing to keep up with renter expectations. Here’s why:
1. Missed Calls Are Missed Opportunities
Fiona analyzed 170,825 calls in one quarter, revealing that:
60.8% of calls go unanswered, meaning most prospective renters never get a response.
Missed calls spike during weekday mornings and weekends, when renters are most likely to inquire.
Insight: Renters expect timely responses, and failing to answer calls during peak times is costing properties valuable leads.
2. Insufficient Follow-Ups = Lower Conversions
Jacob Carter’s data shows that 8–12 follow-ups are needed to convert a lead, yet many properties average only 2–3 follow-ups. Nurture Boss clients who increase their follow-up count to 10 see a 125% increase in conversions.
3. Speed Alone Isn’t Enough Anymore
While fast responses still matter—Nurture Boss reports 8x higher engagement via text when responding immediately—consistency is now more critical than ever. Renters are taking longer to move from lead to lease, emphasizing the importance of maintaining a steady cadence of communication.
4. Renters Expect Personalization and Omnichannel Engagement
Jacob Carter highlights the need for personalized follow-ups at the right time. Renters are more likely to engage with messages tailored to their needs, sent via the right channels (e.g., text over email).
The Cost of Inaction: What Happens When You Don’t Adapt
Without a strong response and follow-up strategy, properties risk:
Lost Revenue: Each missed call or unengaged lead could mean $15,000–$30,000 in lost annual lease revenue.
Wasted Marketing Spend: Pouring money into lead generation without proper follow-up is like filling a leaky bucket.
Lower Occupancy Rates: Slow or inconsistent responses drive renters to competitors who engage faster and more consistently.
How to Close the Response Gap and Boost Conversions
1. Leverage Call Analytics to Optimize Responses
Platforms like Fiona Calls analyze missed calls and peak inquiry times, helping operators align staffing schedules with renter activity. By reducing missed calls, properties can ensure more inquiries are addressed.
2. Adopt AI Agents for Faster, Consistent Follow-Ups
The multifamily industry has plenty of AI tools, but as Jacob Carter writes in his article We Have Enough AI Tools. We Need AI Agents, what’s missing is the human-like touch. AI agents, like those offered by Zuma, combine speed with meaningful engagement, handling leads 24/7 while delivering personalized follow-ups.
3. Increase Follow-Up Frequency
Data from Nurture Boss shows that properties averaging 10 follow-ups per lead achieve a 125% increase in conversions. Build a content and cadence strategy that includes a mix of texts, emails, and calls to stay top-of-mind with renters.
4. Use Text Messaging as a Primary Channel
Renters are 8x more likely to engage via text than email, making SMS follow-ups an essential part of any leasing strategy. Tools like Nurture Boss enable automated, personalized text campaigns that drive higher engagement.
5. Prioritize Both Speed and Consistency
While speed matters (quick responses lead to higher engagement), consistency is now the bigger driver of conversions. With renters taking longer to decide, maintaining regular, meaningful touch points is critical to staying competitive.
What Industry Leaders Are Saying
Jacob Carter, Nurture Boss: “When you focus on getting the right message out at the right time, you can reduce follow-ups needed to convert a lead from 8–12 to just 5.”
Zeke Lucas on LinkedIn: “Leasing doesn’t have a lead problem; it has a response problem.” This highlights the urgent need for operators to prioritize lead follow-up and the biggest takeway from this is – “If you nail the basics, you’ll be ahead of the 50% of communities who miss calls.”
Tudor Manole: “The future of leasing is about speed and efficiency. Operators who respond faster win the leases.” (See the full post here)
These insights underscore the importance of optimizing your response and follow-up strategies to address multifamily’s evolving leasing challenges.
Conclusion: Respond Faster, Follow Up Better, Win More Leases
Multifamily leasing isn’t about generating more leads—it’s about responding to the ones you already have. With 60.8% of calls going unanswered and renters requiring 8–12 follow-ups to convert, the stakes are higher than ever.
By leveraging call analytics, adopting AI agents, and building a robust follow-up strategy, operators can reduce missed opportunities, boost conversions, and improve occupancy rates.
Ready to transform your leasing performance? Reach out today.
