Q3 2022 Marketing Updates: Big Additions Coming To The RentVision Platform

The RentVision Platform is one of the most popular tools we offer clients. It houses their marketing, leasing, and revenue data in one easily understandable place (including ever-so-critical lead and lease attribution insights). 

As we put a bow on the third quarter of 2022, we're excited to share details on three significant additions our product team developed to make the RentVision Platform even more beneficial for our clients.

1. Automated Recommendations
2. Percentage of Calls Answered Display
3. Coming in Quarter 4 2022: Company Overview Dashboard

In this marketing updates blog, we'll unveil more information about these new features in the RentVision Platform and highlight some other company news from the past three months.

Automated Recommendations

You can see how many active recommendations there are in the 'Recommendations' card at the
top right of the Community Dashboard in the RentVision Platform.

Click on the card to open a window that details the active recommendations for your community. The recommendations are sorted by category and priority and show the action needed, its reason, and its active duration. 

Automated Recommendations allow us to better serve clients by providing constant feedback on their marketing, leasing, and revenue. Our AI system evaluates an apartment community's data daily to determine what actions on-site teams or managers should take to optimize performance. The new feature erases any doubt or conflict in decision-making by giving apartment teams actionable and evidential cases for critical tasks.

To receive Automated Recommendations, a community must have the Future Occupancy integration. As seen in the images above, any active recommendations can be viewed and accessed from the top right card of the Community Dashboard in the Revenue tab of the RentVision Platform. By clicking on the card, a window will appear that details the recommendations and sorts them by category, priority, action needed, reason, and active duration. These recommendations will also be emailed in the community's Weekly Report.

As of September 2022, RentVision has built eight Automated Recommendations in both the marketing and leasing categories. Eventually, we will have 20 recommendations in the system, including those focused on revenue.

For transparency purposes, here are the current Automated Recommendations available:

1. Answer Phone Calls
   System Check: The trailing 20 phone calls that came through to the leasing office during listed business hours.
   Trigger: 12 or fewer calls weren't answered during business hours.
   Recommendation: Review % of calls answered during business hours.
2. Evaluate Phone Call Duration
   System Check: The trailing 20 unique lead call conversations with a leasing agent during listed business hours.
   Trigger: 20% below target duration (targets are set using peer comparison data and match the value displayed in Monthly Report).
   Recommendation: Listen to phone calls.
3. Switch To Low Budget (For Predictive Advertising Beta Clients Only)
   System Check: If the Future Occupancy differential is positive or negative and what budget the community is currently on.
   Trigger: If Future Occupancy Projection is greater than or equal to Future Occupancy Target and the community is on the high budget.
   Recommendation: Switch to low budget.
4. Switch To High Budget (For Predictive Advertising Beta Clients Only)
   System Check: If the Future Occupancy differential is positive or negative and what budget the community is currently on.
   Trigger: If Future Occupancy Projection is at least .001% below Future Occupancy Target and the community is on the low budget.
   Recommendation: Switch to high budget.
5. Increase Ad Budget (For Clients Without Standard or Beta Predictive Advertising)
   System Check: What a community's recommended budget would be (based on our Budget Recommendation Calculator) compared to their actual budget.
   Trigger: The community's Future Occupancy Projection is below Future Occupancy Target, and the current budget is 25% or more below the recommended high budget.
   Recommendation: Increase ad budget (to specific dollar amount).
6. Decrease Ad Budget (For Clients Without Standard or Beta Predictive Advertising)
   System Check: What a community's recommended budget would be (based on our Budget Recommendation Calculator) compared to their actual budget.
   Trigger: The community's Future Occupancy Projection is above Future Occupancy Target, and the current budget is 50% or more above the recommended low budget.
   Recommendation: Decrease ad budget (to specific dollar amount).
7. Change High Budget (For Clients With Standard or Beta Predictive Advertising)
   System Check: What a community's recommended high budget would be (based on our Budget Recommendation Calculator) compared to their actual high budget.
   Trigger: There is a 10% or more differential between the current high budget and the recommended high budget.
   Recommendation: Change high ad budget (from specific dollar amount to other specific dollar amount).
8. Change Low Budget (For Clients With Standard or Beta Predictive Advertising)
   System Check: What a community's recommended low budget would be (based on our Budget Recommendation Calculator) compared to their actual low budget.
   Trigger: There is a 25% or more differential between the current low budget and the recommended low budget.
   Recommendation: Change low ad budget (from specific dollar amount to other specific dollar amount).

Percentage Of Calls Answered Display

The Percentage Of Calls Answered display has been updated in the RentVision Platform to give our clients more valuable information about leasing performance. We've added the Percentage of Calls Answered to the Unique Calls card on a community's Marketing Dashboard and new comparison tables and display graphs for that metric in the Calls card on the Lead Analytics page.

Coming In Q4 2022: Company Overview Dashboard

For clients with at least one community with Future Occupancy Integration, we will soon be delivering a Company Overview Dashboard in the RentVision Platform that will make sorting and evaluating each community more streamlined.

The Company Overview Dashboard will list all your communities, their current Future Occupancy and its differential from the Future Occupancy Target, and the Current Ad Budget. You can simply click on an individual community's name to open its Community Dashboard page.

Other Marketing Updates: The New Monthly Report Card Is Out

In August we rolled out the first series of the updated RentVision Monthly Report to clients and dedicated a blog to explain how it packs insightful apartment analytics together in one place.

To briefly summarize, the updated RentVision Monthly Report is a PDF sent to clients that shows vital marketing, leasing, and revenue data. Each community in their portfolio has its data shown on two separate pages. The first page is an overview of their marketing and leasing performance, as well as a revenue section for communities with the Future Occupancy integration turned on. The second page shows their advertising dollars' exact distribution and effectiveness in the past month.

We purposefully organized the report's first page to align with a prospective resident's typical leasing journey so that viewers can read that data and see where in the leasing process any issues are occurring.

To contextualize the data, we've also applied letter grades to each metric listed on the report's first page. The grades aren't meant to tell clients if they're doing a good or bad job but rather to show how their performance compares to their peers. Doing so makes the report more informative and straightforward to assess than other vendor reporting tools, including the previous RentVision Monthly Report (which hadn't changed in a few years).

Last Update: Great Place to Work® Names RentVision One of the Fortune Best Workplaces in Advertising & Marketing™ in 2022

Being recognized as a top 50 workplace in the advertising and marketing sector nationwide—including the only company associated with the multifamily industry—is very humbling. Establishing a great team and company core values are why we're able to continuously grow and improve our products and services to our clients.

The award is determined using an analysis of survey responses from more than 9,000 employees from Great Place to Work-Certified™ companies in the advertising and marketing industry. In that survey, 95% of RentVision’s employees said RentVision is a great place to work. This number is 38 points higher than the average U.S. company.