How Marketers are Embracing Digital Innovation in the Rental Housing Industry
3/12/2024
The rental housing industry is a much different space today than it was even a few years ago. As with the vehicle industry, many decisions are now being made entirely online, forgoing lengthy face-to-face interactions.
This transition from the traditional, in-person process has presented challenges as well as opportunities for companies in the industry. Here, Kathy Neumann, Chief Marketing Officer of Rent, discusses how many of these companies are using basic marketing principles — in conjunction with modern technology — to drive success.
The changing industry of rental housing
Consumers’ increasing expectations for faster response and delivery times were initially set in motion by rapid shipping timelines, says Neumann, coupled with such concepts as same-day grocery delivery. Today, consumers expect to be able to consume content quickly — and have any questions or concerns answered immediately.
In the rental housing space, the process between application and move-in was traditionally much more drawn out, with clients scheduling viewings in person. Now, consumers and tenants are expecting quicker and more efficient turnaround times.
During Covid, the need for digital communication in the space created a new standard in the market. Virtual tours, 3D imaging, and the ability to see — while sitting on your couch — the actual view from a window of a potential home have become the new expectation.
Ten years ago, signing a lease without ever seeing the property in person would have not been viewed as even a possibility. And although some consumers still aren’t comfortable with a 100% digital process, the constant advancement of technology is working to ensure success for everyone in the market.
For marketers in the rental housing space, Neumann believes the mission has not changed: “It still comes down to experience and understanding how expectations are shaped — not just in the industry you’re working in, but with interactions across everything. The use of mobile, being able to recognize customers, meeting their expectations, recognizing the clues they’re dropping throughout the journey, and being able to deliver a better experience transcends everything,” she says.
Providing real-time support
Today more than ever, customers expect to be able to click a button and receive a response. While the desired expectation is to have a customer-experience professional on the other end, waiting for a customer to click, that’s not always the case.
Neumann believes it’s important to make the process as frictionless as possible, and the tech is here to make it happen.
“With the onset of AI, chatbots, and other technology, we have the opportunity to really enhance that journey and every interaction in a very different way, delivering what the customer really wants,” she says.
While every interaction is not likely to be 100% instantaneous, the industry is moving closer to that benchmark with every new adoption.
Tips for marketing success in today’s tech landscape
Only a few years ago, tech was considered a separate business venture and managed accordingly. Now, tech is entrenched in nearly every step in every business process. From a marketer’s perspective, keeping brand voice and experience congruent throughout these steps is extremely important.
Neumann offers the following tips for maintaining a 360-degree customer experience:
Tip #1: Stay curious about the business and the tech
Staying curious about the business you’re in, as well as staying curious about the business of marketing in general, is the first step to remaining successful in an industry’s transitioning times. With so many rapid and unprecedented changes, staying ahead of the game is crucial.
“Too often, we get so siloed in what we are doing, what’s in front of us day-to-day, that we’re missing some incredible stuff that’s going on in other spaces — tech that could absolutely be applied to our own industry,” Neumann says.
Tip #2: Keep testing
When adopting new things, testing is a given, and be sure to conduct formal testing as well. Neumann constantly reminds her team they’re not trying to put a man on the moon — rather, they are trying to help people find a place to live. In their environment, as with most, it’s okay to take risks, try new things, attempt to reach new channels, meet with new audiences, and more.
The world of digital makes this possible at scale without much risk, offering a huge potential unlock if the conditions are right. Staying on top of new potential opportunities should be a continual effort.
Tip #3: Remember that marketing is a team sport
Neumann is a firm believer that marketing, when done well, is a team sport. She encourages marketers to ensure that they’re engaging all members of their team and to avoid getting pigeonholed in their own channel or discipline.
Taking it a step further, Neumann suggests that marketers also engage with their cross functional business partners. Those partners will typically view the business through a much different lens — one that has the potential to bring marketing opportunities to the table.
Interested in learning more? Listen to our full conversation with Kathy Neumann, where we take a deep dive into changes facing the rental housing industry, broader tech changes in the marketing industry as a whole, tips for marketers, and more.