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Year-Over-Year Occupancy Rate Increase
Year-Over-Year Lead-to-Tour Rate Increase
Year-Over-Year Lead-to-Lease Rate Increase
Avenue5 is a nationally recognized third-party multifamily operator that manages a fully fee-based portfolio across the US, totaling 142,000+ units under management. Avenue5 is one of the fastest growing third-party managers in the country, having expanded from 60,000 units under management in 2020 to the number they’re at today. Avenue5 is constantly looking to pilot best-in-class prop-tech to ensure its onsite staff can deliver white-glove service while keeping staffing levels efficient, something magnified by the scale at which they operate at and their rapid growth. It was this mindset that the Avenue5 Marketing and Leasing Strategy Team to look into new, AI-powered automation technology to improve both the onsite and prospect experience at Avenue5.
Avenue5’s opportunities were good ones to have, for most management companies. The success of their digital advertising program and massive year-over-year unit growth was producing far more new prospect inquiries from ILS platforms than their leasing associates could hope to handle. They had to balance this need for extra support with an internal focus on keeping operations efficient and scalable, a particularly relevant goal in wake of their unprecedented portfolio expansion. They also aimed to support their traditional lease-up underwriting with AI, helping their leasing associates keep up with unprecedented levels of demand.
While technology seemed like a good solution to their lead-nurturing challenges, there were initial apprehensions. Highly customized onboarding workflows with prior vendors across massive amounts of units slowed implementation, reinforcing an internal perception that technology rollouts take forever. Their approach had also resulted in a patchwork of single-purpose tools, with expensive point solutions for marketing automation, mass messaging, surveys and more, that inflated Avenue5’s tech budget and complicated training.
With all those factors in mind they turned to EliseAI, a leading provider of AI and automation solutions for the multifamily industry, to help reinvent their lead nurturing workflows.
Avenue5 launched EliseAI’s leasing product across nearly 50,000 units, instructing the AI to handle the entire upper funnel. With the AI responding instantly, qualifying prospects, and scheduling tours, Avenue5’s leasing associates had more time back to wow prospects on tours and deliver the high-touch, personalized experiences 24 hours a day that differentiate them, driving increased conversion rates.
For new developments Avenue5 deploys EliseAI alongside their leasing associates, with the AI serving as a first line of defense that filters out unqualified traffic, allowing Avenue5’s talented team members to focus on closing high intent leads. This has delivered immediate performance improvement, as supported by Avenue5’s robust pre-/post-launch dashboards that track lead-to-tour rates, employee efficiency, and marketing cost-per-lease. Avenue5 leverages these proprietary insights for owner reporting, demonstrating both the value of their streamlined leasing model and the AI technology that powers it.
Avenue5 has also worked closely with EliseAI to reduce operating costs and optimize the onboarding process across large unit counts. An Avenue5-EliseAI task force streamlined the implementation playbook into a templated, milestone-driven process, cutting go-live timelines by weeks. By replacing those aforementioned point solutions with built-in EliseAI capabilities, Avenue5 has been able to offset much of EliseAI’s subscription cost, presenting owners with a near net-neutral line item.
Avenue5 views AI as a filter that shields onsite teams from low-quality leads, ensuring associates strategically devote their energy to high intent renters most likely to sign a lease in the immediate future. Their internal dashboards, powered by both EliseAI data and proprietary insights, supply granular before-and-after metrics on lead-to-tour uplift, onsite associate time savings, and marketing spend.
This data-driven and tech-enabled approach to leasing and marketing will continue to differentiate Avenue5 from other large operators, as this exciting partnership with EliseAI continues to grow.
Mariya Heath has extensive experience in marketing and customer experience roles, working for various companies such as Avenue5 Residential, MDB Marketing Consulting, and Alliance Residential Company. With a background in business administration, Mariya has successfully planned and executed marketing events, managed marketing programs, and implemented strategies to drive customer engagement. Noteworthy accomplishments include growing resident events, maintaining high occupancy rates, and ensuring compliance with industry standards.
James is an experienced leasing specialist with a demonstrated history of working in the property management industry with emphasis in student living. He brings a strong information technology background with a Bachelor's degree focused in Economics from California State University, Sacramento.
Robert is a data-driven multifamily marketing specialist, leveraging a deep knowledge of digital marketing and innovation-focused mindset to deliver exemplary leasing performance across the Avenue5 residential portfolio.
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