The leasing industry is about a decade behind e-commerce in digital sophistication. Leasing firms can catch up by improving lead sourcing, running systematic email and SMS remarketing campaigns, and using checkout-style plugins to cross-sell properties at the point of inquiry.
ecommerce is probably 10 years ahead of where we are at with leasing. And the, I think the reason is that the ecommerce business is so much harder. You have to worry about inventory. You have to worry about sending half of your revenue to Google or to Meta for ads. And so really you have a lot less to work with there and have to get very creative, particularly where I would look at that would be getting very, very smart on where your leads are coming from, how you're able to drive more volume of leads, how you can then remarket to your existing lead base. And so like we talked about there, email campaigns, text campaigns, and really being able to track the performance of those, what messaging is working, cross-selling and effectively increasing the average lifetime value of a customer. So let's say they inquired on one of your homes. There's a very smooth process built into Shopify, built into their plugins that kind of cross-sells and says, as you're about to check out, hey, maybe this one isn't a fit, check these other ones out. Bringing that cross-sell mentality into leasing feels like very low-hanging fruit.
