AIM 2026: Bringing Multifamily’s Blind Spots Into Focus: Understanding the Full Journey Behind Every Lease

Bringing Multifamily’s Blind Spots Into Focus: Understanding the Full Journey Behind Every Lease

Andrew Cederlind, President and COO of Conversion Logix, opened the session with a familiar challenge: two similar properties in the same market can have dramatically different results despite comparable budgets. Understanding why requires looking beyond last-touch attribution and examining the entire renter journey alongside pricing, concessions, competition, and market conditions.

Conversion Logix tested this approach using media mix modeling across 53 properties during a three-month pilot. Rather than increasing budgets, the model made nearly 5,900 small cross-channel reallocations based on performance and market conditions. The result was a reported 26% increase in conversions per dollar. 

The analysis also challenged assumptions about awareness channels. Display, social, and YouTube frequently contributed to conversions that traditional last-touch reporting credited elsewhere. At one Phoenix lease-up, shifting more budget toward social and display produced a 36% increase in website conversions and three times more post-view website visits and returning-visitor conversions.

Joining Cederlind were Kristin Dixon of Paralign Marketing, Nicole Caiazza of Jones Street Residential, and Martin Stein of Conversion Logix. Caiazza shared a property example where reallocating a flat budget toward social, display, and retargeting contributed to a 1% occupancy lift, 21% more tours, and 32% greater call volume in 30 days.

The panel also encouraged marketers to rethink KPIs. Clicks, impressions, and cost per click remain useful diagnostics, but they don't necessarily reveal business impact. Engagement, conversion paths, incrementality, conversions per dollar, approval rates, pricing, and onsite feedback can provide a more complete picture.

As Dixon summarized: “Stop counting clicks and start counting commitments.”

Key Takeaways

• Last touch doesn't tell the full story. Awareness and consideration channels may materially influence leases without receiving credit.
• There is no universal marketing mix. Property performance, competition, pricing, concessions, and market conditions should influence allocation.
• Don't set and forget budgets. Small, frequent reallocations can improve efficiency without increasing total spend.
• Measure business outcomes. Move beyond clicks toward engagement, incrementality, conversions per dollar, tours, applications, approvals, and occupancy.
• Listen to onsite teams. Data identifies patterns, but property teams can explain operational or market conditions the reports cannot.
• Protect your own data. Build granular tracking into your CRM so historical performance isn't dependent entirely on a marketing vendor.