The importance of good guest card data 

Executive Summary

For Chief Operating Officers (COOs) and Chief Executive Officers (CEOs) in the multifamily industry, complete guest card data is a powerful tool for optimizing operations, enhancing revenue management, and making strategic decisions. Guest cards provide actionable insights into demand patterns, tenant preferences, and market trends, enabling your team to:

• Drive Revenue Growth: Leverage advanced lease pricing algorithms to align pricing strategies with real-time rental market insights and actual demand for specific unit types and locations.
• Boost Operational Efficiency: Improve conversion tracking and lead management processes using data-driven rental pricing decisions.
• Inform Strategic Planning: Utilize big data for rental housing to anticipate future market needs and guide cost-effective revenue management decisions.

By leveraging the rich data captured in guest cards, multifamily leaders can gain a competitive edge in a dynamic rental market and optimize revenue management strategies using public data for rental pricing.

Benefits of Complete Guest Card Data

A guest card typically contains several key data points that help property managers and leasing agents track and evaluate prospective tenants. Additionally, guest cards assist Revenue Management (pricing) systems in forecasting demand for specific unit types on future dates. This information is crucial for determining rent values for vacant and exposed units.

Key Data Points on a Guest Card

1. Prospective Tenant Information

• Full Name(s): The name(s) of the individual(s) inquiring about the apartment.
• Contact Information: Phone number(s) (mobile and/or home) and email address for follow-up.
• Lead Type: Indicates whether the prospect inquired via email, web, or a site visit. This helps measure the level of interest for demand calculations.

2. Apartment Preferences

• Desired Move-In Date: The preferred or ideal date for moving into the apartment. This helps calculate future demand, as most prospects do not seek immediate move-ins. Reliable desired move-in dates signal the pricing system when to anticipate demand increases.
• Unit Size/Type: Preferences for apartment size (studio, 1-bedroom, 2-bedroom, etc.) and layout (e.g., ground floor vs. upper floor).

Why These Data Points Matter

Conversion Tracking

These data points help track the likelihood of a lead converting into a lease. For example, knowing a prospective tenant’s desired move-in date and bedroom count preference is crucial for matching them with demand for specific unit types in future periods.

Importance of Guest Cards in Demand Calculation

1. Lead Generation and Tracking

Guest cards record prospective renters who show interest in an apartment. Whether someone fills out a guest card in-person or submits an online inquiry, it signifies demand for available units. These records help property managers monitor lead volume and quality, directly impacting demand insights in a given market.

2. Measure of Market Interest

The number of guest cards submitted over time reveals the level of interest or demand in a specific location or property. A high volume of guest cards suggests strong demand, while fewer guest cards may indicate lower interest.

3. Conversion Rate Analysis

By comparing the number of guest cards with the number of leases signed, property managers can calculate the conversion rate. This metric evaluates how effectively a property converts interest into leases, offering insight into the property’s appeal, pricing, and available amenities.

4. Pricing Strategies

Complete guest card data supports setting optimal price points for apartments. Advanced lease pricing algorithms can help adjust prices upward during high demand or downward when demand is low to attract tenants, ensuring cost-effective revenue management.

5. Predicting Future Demand

Guest card data helps forecast future demand by identifying trends in interest and cross-referencing them with other market indicators (e.g., economic conditions, vacancy rates, demographic shifts). Leveraging big data for rental housing can signal a future housing shortage or higher rent potential, empowering data-driven rental pricing decisions.

6. Demand Relative to Supply

When compared with vacancy rates and other market metrics, guest card data can reveal whether demand exceeds supply in a particular area. This insight, enriched by real-time rental market insights, is invaluable for making investment decisions, identifying areas for property development, or determining when to adjust rents.

Conclusion

Guest cards provide critical insights into rental unit demand, enabling property managers, developers, and investors to make informed decisions about pricing, marketing, and property development. As a direct connection between prospective tenants and the apartment industry, guest cards are an essential tool for gauging market activity and optimizing revenue management strategies. Incorporating public data for rental pricing enhances these efforts, ensuring alignment with market realities and long-term profitability.

This article was written by Pat Flint. Pat is the Chief Operating Officer at Beekin.

With four decades of experience in the software industry, Pat Flint offers a wealth of expertise in product development, software engineering, SaaS operations, and customer service. His extensive background includes 17 years of specializing in Revenue Management solutions, having worked with leading platforms like LRO and YieldStar. At Beekin, Patrick now applies his deep knowledge to developing and supporting LeaseMax, which integrates cutting-edge Artificial Intelligence technology.

Pat holds an MBA in Decision Sciences from Georgia State University and studied Economics in his undergrad, underscoring his strong analytical and strategic skills. Outside of his professional endeavors, he is passionate about fitness, gardening, and mentoring young people in his church community. His blend of technical acumen and personal interests reflects a well-rounded approach to both his career and personal life.