We Analyzed Eleven Multifamily Chatbots Over Two Weeks And...WOW!!!

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We Analyzed 11 Multifamily Chatbots Over a 2-Week Period, and the Results are Incredible

chatbots-conversions-and-leadsRespage multifamily chatbots are spreading like wildfire. Trust us when we say we’re extremely happy about that. In fact, the only thing that makes us happier is looking at all the data that shows how successful they are at helping our clients.

To spread some of that joy, we put together the following insights from a recent study we conducted. The study took a look at chatbot data for 11 properties – from a single management portfolio – over two weeks time. For privacy reasons, we’ve removed the names of the properties, and the management company, from our charts.

Behold! The magic of chatbots:

Insight #1: More Interactions = More Leads

conversions-and-leads-scatter-plot-chatbot

Avg. Conversations/Leads Per Property

Common knowledge dictates an increase in site traffic results in an increase in conversions, as long as said traffic comes from qualified visitors. Our analysis of the 11 properties confirms this fact, assuming more traffic results in more chatbot interactions. The linear pattern seen on the chart above shows that roughly 35 percent of chatbot interactions resulted in a lead.

Insight #2: Most Traffic Occurs After Hours

The graph above was part of a separate study that showed 60 percent of chatbot interactions occurred after leasing offices had closed for the day. We bring it up now because it directly relates to Insight #1.

If 60 percent of site traffic occurs after hours, and 35 percent of chatbot conversations result in a lead, then it’s reasonable to say apartment chatbots can boost leads by 20 percent overall. We don’t mean to beep our own horn, but that’s pretty impressive for a tool that requires no management or oversight whatsoever after it’s installed.

Insight #3: Conversation Duration Matters

Avg. Conversions and Leads Per Conversation Duration

Avg. Conversions/Leads Per Conversation Duration, Per Property 

The line chart above gives us several things to think about regarding conversation duration. Here are the key takeaways:

Shorter Conversations Resulted in Lower Conversion Rates

The properties with chatbots who held shorter conversations tended to have lower conversion rates, when compared to other properties in the study. Interestingly enough, this fact held true even when accounting for overall traffic volume.

Property 9, for example, had 46 conversations and an average conversion rate of just 15 percent. Property 1 had a similar number of conversations (42) but had an average conversion rate of 43 percent! The only difference between the two properties was that Property 9 had an average conversation duration of 1:21, whereas Property 1 had an average conversation duration of 2:21.

A Majority of Conversations Took Between 2:10 and 2:36

A majority of chatbot conversations cluster towards the tail end of the graph. This isn’t particularly interesting on its own, but it does suggest a few things. Namely, that most people got what they needed from the bot (in about two minutes and twenty three seconds) and then left the site. And that’s important for our last point…

No Average Conversation Lasted Longer Than 2:36

The longest average conversation duration was just two minutes and thirty six seconds! This should ring the alarm bells for any multifamily marketer who thinks live chat services hold a candle to chatbots. Most live chat services take over five minutes to respond to the very first question. They certainly can’t conduct an entire conversation in two minutes and thirty six seconds!    

More About the Study

As mentioned in the beginning of this article, the information above is based on data from 11 separate chatbots representing 11 different communities, all of which are part of the same management portfolio. Across that 11 property portfolio, overall numbers peg conversations at 1165 and leads at 407 for a two week period. The overall average chatbot conversation duration is set at two minutes, seven seconds.



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