Edgewood and Vantage Management streamline data collection, analysis and reporting with Knock CRM
About Edgewood and Vantage Management
HQ: Gaithersburg, Maryland
Mostly third-party fee management
Portfolio: 30,000+ units
Challenge: Manual input doesn’t give a clear picture of performance
As a national third-party fee manager, Edgewood and Vantage Management has a myriad of stakeholders.
From onsite teams at over 150+ properties to over 40 client/investor groups, Edgewood and Vantage Management needed a consistent and accurate system to verify forecasting and fine-tune the performance of properties, people and portfolios.
Until recently, the teams were manually inputting data into a property management system, which was a timely process prone to human error.
“We needed a product to reduce the manual input and automate the lead pipeline,” said Wendy Simpson, vice president of marketing. “Our teams needed consistent access to their traffic intel, and we were hungry to manage the performance reporting with our clients in a more meaningful and actionable way.”
Approach: A platform to streamline marketing and operations
Now that Edgewood and Vantage Management uses Knock CRM, each stakeholder, from the onsite leasing consultants to management to investor client groups, gets reliable reporting with the insights they need to make timely decisions.
“We're not having to manage separate systems to track phone and emails in our property management software,” Simpson noted. “All efforts are tracked in the dashboard, and the CRM speaks every hour with our property management software.”
Knock CRM has become the “source of truth”. Simpson uses the Engagement Report each week to review properties, and shares the results so marketing and operations teams can learn from it.
“We are able to do this on a global level so the properties and collective teams that run them benefit,” she shared. “It is so much better than having all of those separate side conversations between one property and another.”
An “added bonus,” Simpson has been able to consolidate her technology stack because of Knock’s self-scheduling tool, chatbot and Craigslist posting tool.
Results: Accountability, grounded in accurate data
The team recently rolled out Knock at Park Naylor, an affordable community in Washington, D.C.
“Prior to using Knock at Park Naylor, we had little visibility into lead reporting and experienced inflated conversion metrics due to a lack of pipeline management,” Simpson shared. “Post Knock launch, the team was able to optimize their pipeline of 450 leads, bringing them to 100% engagement and accurate attribution by source.”
She continued, “During one month over the summer, our previous technology partner showed 141 new prospects and 10 leases, whereas Knock showed 194 new prospects and 12 leases due to improved tracking.”
Knock’s intelligence gives Edgewood and Vantage Management the metrics needed to understand performance across marketing and operations, “where we’re trending and how we need to improve, which is something every property manager needs to do.”
The Knock platform has also made investor communications more efficient, accountable and grounded in data.
The teams are able to communicate powerful details on ROI on marketing spend, conversion rate for tours/visits and conversions for applicants over any given period of time.
“With real time data, we can analyze trends and then share with our stakeholders that in order for us to hit this absorption rate, we’ll need to invest this amount of marketing spend,” Simpson said. “Then, we can verify our predictions with which sources are performing best. For example, by doing ‘this’ it led to ‘that’ outcomes. You can really narrow it down by numbers and time frame. That's been the most powerful point for my team.”
“Not only does Knock have everything we want in a CRM, but we have a self-scheduling tool, chatbot and a Craigslist poster. The platform serves the three purposes in one.”
- Wendy Simpson, Vice President, Marketing, Edgewood and Vantage Management