Lead Generation, Lead Qualification, Scheduling -
CARROLL is a national real estate investment company that combines the infrastructure and abilities of an institutional investor with a best-in-class team of real estate operations professionals focused on robust, tactical lead-generation and engagement strategies. Over the last two decades, the firm has acquired over $13.2 billion of real estate, leasing and selling thousands of properties across the U.S.
In a successful effort to scale their lead generation efforts, CARROLL has automated their reservation center with Hyro’s Adaptive Communications Platform—an AI-powered system that empowers prospects to search and book tours for apartments within multifamily properties over the phone, 24/7 and with zero wait times.
<div class="tagline">The Challenge</div>
Although pleased with the quality of service and conversion rates they were seeing with their reservation center agents, CARROLL began to notice an alarming trend: over 20,000 calls from prospects per month were going unanswered, translating into lost revenue and deals.
As CARROLL sought to scale their leasing operations further, the lack of automated, round-the-clock lead generation capabilities was becoming a pressing pain point, preventing them from generating revenue on par with their growing portfolio of assets
<div class="tagline">The Challenge</div>
CARROLL was looking to accelerate operations and revenue without having to funnel costly resources towards expanding their reservation center with live agents and a 24/7 sales team. With an urgent need for automation, typical intent-based conversational IVR systems just didn’t cut it. The multifamily property management company understood that natural language understanding would be a key factor in driving more successful conversations, boosting lead generation, and gaining critical business insights.
With Hyro, CARROLL was able to fully automate its reservation centers with real-time directory search and discovery as well as end-to-end tour scheduling, allowing the company to focus on securing and converting leads while optimizing for customer experience.
Predicated on natural language understanding, Hyro’s platform identifies the level of a caller’s intent, moving those with high intent down the funnel and deflecting-by-serving leads with low intent or answering general FAQs on the spot. Hyro’s integration with Knock CRM automatically populates leads and corresponding contact information, supplying CARROLL’s agents with real-time data to capitalize on strong renter intent and follow up with an email or SMS message according to pre-defined business logic.
<div class="tagline">The Results</div>
It didn’t take long to register outstanding results. Just one week after deployment, CARROLL experienced a significant boost in tours booked automatically via their reservation center, without increasing resources to foster the leads being generated. The automated system resolved customer queries in less than one minute, expanding coverage to leave no prospective renter unaddressed and drastically reducing overall call times and customer friction.
The real eureka moment took effect when analyzing the results. Of all physical and virtual property tours booked after deployment, 40% now come through Hyro's Adaptive Communications Platform. In just six months, CARROLL has automated 100,000 messages and generated thousands of bookings, many of which would have been missed as they came in after hours.
On average, Hyro saves CARROLL 80,000 live agent minutes per month equating to the combined working output of 7.5 reservation center representatives and translating to $300,000 saved per year — over 3X ROI. As a result, reservation center representatives are less overwhelmed and can focus their efforts on more complex issues that require their expertise, bringing about the added benefit of lower agent turnover.
We recognized at CAROLL that, as the multifamily market became more competitive every day, it became more important to focus on quality lead management at scale in order to win each lease.
We quickly realized that with the centralized lead management structure, we would need the help of technology to scale across our portfolio. We selected Hyro to deploy conversational AI that could help our lead management team book tours.
We started the process of building out a centralized lead management team to assist our onsite teams with booking tours so that they could focus on what they are best at — providing superior experiences for serious prospective renters.
The data is the most important element here—we have our own data loop to continuously improve our processes.