Leasing transaction insights from data from Property Solutions about the multifamily rental business. Presented to the 2010 AIM Conference by Ben Zimmer, President of Property Solutions.

3. Floor plan pricing Lead sources for guest cards Lead sources on online applications Unit availability Maintenance history & current status PULLING Current balance & payment line items Payment history Recurring charges Payment restriction status Payment policies PUSHING Property information Online applications Unit reservations Application fee payments New maintenance requests New one-time payments Guest cards NSF & charge back notifications Unique payment ID Recurring payments PM SOFTWARE

4. Percentage of website visitors who complete guest cards and subsequently submit online applications. 4.1 %

5. If you use guest cards alone, you may be missing out on leads. Use guest cards AND online applications to increase lead capture AND lease conversion. TAKEAWAY

6. Percentage of individuals filling out an online application and actually finalize the application. Percentage of incomplete applications that are converted to leases. 42 % 27 %

7. Track each step of the application process-- don’t wait until applications have been completed to process leads. Use online forms rather than PDFs to capture lead information most efficiently. TAKEAWAY

8. Percentage of completed applications that become leases when application fees are not assessed . Percentage of completed applications when application fees are assessed . 61 % (5,558 of 9,083) 75 % (13,097 of 17,542)

9. Require an application fee as part of your online application. Applicants who are assessed application fees are 14% more likely to lease . TAKEAWAY

10. Percentage of Property Solutions’ clients absorb one-time ACH payments. Percentage of overall payments that those clients represent of all Property Solutions payments. 28 % 52 %

11. If management companies pay ACH transaction fees, they will have significantly better participation with online payments. Case Study: Company had 240% increase in resident participation. TAKEAWAY

12. Percentage of time that average U.S. cell phone user is spent on Voice (versus Data). Percentage of time that average U.S. iPhone user is spent on Voice (versus Data). 70 % 45 %

13. U.S. trends show that mobile Internet users will surpass desktop Internet users by 2014. Be prepared to showcase your properties by mobile devices. Source: Morgan Stanley’s “Internet Trends.” April 12, 2010. http://www.morganstanley.com/institutional/techresearch/pdfs/Internet_Trends_041210.pdf TAKEAWAY

14. Use guest cards and online applications. Process incomplete applications (not just completed applications). Require an application fee payment with application. Pay transaction fee expense to increase online payments. Develop your mobile presence. SUMMARY