Suppliers

The Renter’s Journey

by Brittany Johnson, Regional Solutions Specialist, RentPath

The renter’s journey has changed. The once simplistic affair of finding a home is no longer a linear process. From the point of needing a space to the point of signing a lease, there are now many stops for renters along the way. For management companies to make the best use of their budgets, they must understand how to evolve with the renter in the three stages of their journey.

The first stage of the renter’s journey is the “Awareness Stage,” where consumers become aware of inventory in the market. Prior to the days of the internet, those interested in renting an apartment would learn about available units in a hard copy of a listing publication like the Apartment Guide. Now, 87 percent of renters begin their quest for a home with a broad keyword search on Google (“twobedroom apartments in Nashville”). Of course, not every listing that populates will meet the renter’s criteria. For this reason, the renter jumps around to various sites in order to develop a shortlist of communities to research further.

In addition to conducting Google searches, renters are spending an average of 147 minutes of passive time on social media platforms per day. Furthermore, research shows renters take up to three months to decide where to sign a lease. This means advertising on social media creates a huge opportunity for management companies to capture the attention of in-market renters in a place they spend spare time. When it comes to reaching renters in this initial stage, advertising should be diversified, spread out, and targeted to the specific, high-intent renter audience for a certain property. However, it is important to remember that not all solutions are created equal.

Once a property has made it to the renter’s shortlist, the communityspecific research begins in the “Interest Stage.” With a narroweddown list of properties, renters are now diving into Google reviews, property Facebook pages, Instagram, etc. in order to see if the community lifestyle matches what he or she desires in a home. Eighty-four percent of consumers believe reviews older than three months are not relevant, as renters want to see what life at the property is like today, not last year. Additionally, this is the renter’s first impression of a property’s customer service.

It is important to note that 82 percent of renters will be put off by negative ratings and reviews. In fact, only 53 percent of people would consider using a business with less than four stars. For this reason, ratings and reviews can make or break an advertiser’s lead generation. A property may be spending thousands of dollars to