Traffic
Apartment Rentals Surge in U.S.
Jul 27th
Social Media Success for Apartment Communities?
Jun 30th
I have a few thoughts to share on the topic of social media today, and I should tell you up front that I intend this post to provoke conversation, and I hope you’ll participate!
You all know how passionate I am about the need to begin using social media now, because I truly do believe that it will play a major role in not only our relationship/retention efforts, but also our marketing strategies. I also happen to believe that its value on both of those fronts is already beginning to take hold.
I don’t need to tell you that idea isn’t universally held. We’ve all seen our share of debate on the merits of social media right here online; and even among the detractors, there are varying degrees of buy-in… some will concede that while social media has a place in resident retention, it’s not a valuable or proven marketing tool; and if not now, *maybe* one day in the far-flung future. I disagree that it isn’t yet a viable as a marketing tool based on my own experience— I believe it’s possible for any business, apartment communities absolutely included in that count.
Success is, admittedly, still a very subjective term when it comes to new media. We’ve all experienced its benefits when it comes to connecting with others; and we know as marketers that connection breeds commitment—a key ingredient to the success of your brand. It stands to reason that anything that facilitates a better connection with your customers is going to benefit your relationship/retention efforts. But just as we’ve always had to work a little harder to gain a customer in the first place than we’ve had to work to keep one who’s already experienced the value of our product; it also stands to reason that marketing via social media is going to take more work than just being there. Now, don’t read me wrong here … I am absolutely not implying that anybody who isn’t seeing the sales benefits of social media just isn’t working hard enough. I am saying, however, that we’re all still learning the ropes; and perhaps if you’re not seeing the benefits yet, you just haven’t hit upon the right combination of tools or strategy for your brand. Social media isn’t, after all, any one thing. It’s a diverse and growing set of opportunities. Imagine trying to crack a safe when there are a few more numbers on the dial each time you turn it, and you’ll get a good idea of what it can be like. That’s just one reason why I’m so committed to educating our industry on what’s out there, what’s coming next, and the potential all those opportunities represent.
When I hear the arguments now that social media is important to keep an eye on, but isn’t yet a proven marketing tool and therefore not yet worth implementing or even getting educated on, I frequently laugh; and I’ve been asked more than once how I can be so amused at something I’m so passionate about. Mostly, I’m remembering when—way back in 1994—we started writing about how important it was for property management companies and apartment communities to have internet access, get to know the “lay of the land,” and begin to build an online presence; because if their customers weren’t on the internet yet, they soon would be. I can’t tell you how many times we heard “why should I do that when the internet isn’t even proven as a marketing tool?” Then we watched as the early-adopters began to reap the immediate benefits of great online positioning while other companies and apartment communities struggled to catch up—and heard time and time again that “it’s taking us more time, effort, and expense to adapt than it would have taken us to prepare.”
Yes, great marketing is a science. It’s important to carefully measure the hard reality of what you put into it against what you get out. But it’s also an art, requiring at least equal attention to softer ingredients that include creativity, intuition, the ability to spot a trend, and the occasional leap of faith … but I’m not going to ask you to set the science aside. So here’s what I want to know: is social media working for you as a marketing tool? Is it worth the time it takes? Are you getting rentals that you can track back to your social media efforts?
Let me know your thoughts.
Tami
Going Mobile
Jun 14th
A CONVENIENT TRUTH
Let’s face it, the world runs on lattes and 5-hour energy these days. People constantly en route from one destination to another, and during these transits they are going … mobile.
What once was a sedentary task, web browsing has evolved: users are accessing the internet via phones and mobile devices from the convenience of wherever they happen to be. Statistics show that mobile Internet search is more than a trend:
- Based on a study, mobile users are 3x’s more likely to convert to a lease than from a traditional website. Based upon their own analytics of mobile-access users versus network-access users. (Rent.com)
- Mobile Users clearly want to be able to do more with their mobile devices and while commercial transactions are not the primary stated reason for so much usage, consumers want to transact in cyberspace when they need it. Desired services include, among other items, the ability to pay bills, purchase tickets and financial services. (BuzzCity 2009 Study)
- A January 2009 study indicates that more than 80 million Americans use their mobile devices to access or browse the internet for news and information. 35 percent of those users are doing so every day, more than double the comparable 2008 numbers. (comScore)
- Statistics show just about all US “general internet users” (96%) go online at least once a day. Sixty-one percent (61%) say they access the mobile Internet six or more times a day, well above the 50% network-access average. (BuzzCity 2009 Study)
- Connecting to the web via a mobile device is outpacing PC’s by 2.5x (Juniper Research Study)
Are your property websites putting their best face on to meet the current mobile market demand?
:: LETS GET MOBILE
As mobile users grow in number and sophistication, so do their expectations of how they want to interact with properties on their mobile phones. Users want the same functionality, features and access on their phone that is available on the desktop web browser, but optimized for a limited space. This means providing easy access to key information and features (while stripping non-essential graphics and layout options) in order to ensure prospects and residents have a satisfying mobile browsing experience.
Many mobile providers have entered the market: UDR has created its own mobile program; many industry vendors are now offering mobile service add-ons. With a growing variety of options in the market, clients can find the best fit for their needs.
Gone are the days when you had to advertise a different URL for your mobile site (no more “wap.bravotv.com,” Tim Gunn). The best mobile sites have code that detects when visitors are using a mobile device and redirects them to the appropriate format for that phone, whether it’s the iPhone, Android or BlackBerry. So all you have to do is navigate to the primary website and the technology does the rest and gives users a satisfying browsing experience.
:: TO MOBILE OR NOT?
Is it worth the added expense to meet this growing market trend? You bet.
“Based on where technology is going, mobile websites are truly a no-brainer”
- Drake Powell, Principal of Echelon Property Group, LLC
Whether your goals are simply to provide a satisfying experience for mobile visitors, to avoid frustration, to attract new prospect demographics, or to give yourself the edge in closing leases, mobile options are an affordable way to stay out in front.
:: MARKETING MOBILE
Although redirection to your mobile site should just happen “automagically” behind the scenes, don’t let that keep you from patting yourself on the back … and do it publicly and often! It will benefit you to let your prospects and residents know you are an early adapter with a leg up on the competition, and that you are committed to keeping up with technology to meet consumer needs. If you integrate a service request form, contact form, mobile rent payment, or specialized mobile GPS-enabled features, those are substantive features you can advertise. Mobile conveniences are valuable amenities to prospects and residents on-the-go.
About the Author:
Dana Zeff is Cofounder and Principal of The DZAP Group and LeaseLabs™. LeaseLabs™ is a suite of web-based tools designed to manage the branding and promotion of apartment communities both online and with on-demand marketing. Visit us at www.leaselabs.com to learn how we can help you go mobile.
Apartment Marketing: Brilliant Idea! Brilliant Result?
Jun 2nd
So you had another brilliant idea today. It’s so good, you can’t wait to roll it out immediately in every single community! We’re talking an idea so brilliant that it’s just too good to fail! But is it, really? Does the brilliance of an idea alone guarantee that it’ll fly no matter when, no matter where? Sadly, no.
Maybe there was a time when you could get a lot more mileage out of a single, great marketing idea. Properties and markets were similar enough once that what worked well for one property would probably work at least as well for another, requiring only a few minor adjustments from one property or market to another (if it needed adjustment at all).
Today, we live in a very different time. Both our consumers and the products we market have become increasingly segmented in a world driven by transparency, choice, information on demand, and other trends that call for us to be as individual in what we offer as customers are in their wants, needs, interests, and lifestyles.
But along with all that individualized differentiation, it’s also important to present ourselves as a cohesive brand, so to be truly effective today, our marketing efforts have to take a somewhat two-headed approach. This means that for every marketing idea, you have to ask yourself not just the usual “Is this idea brilliantly awesome, or what?!?” but also:
1. Is it in keeping with our branding efforts?
2. Is it in keeping with the wants, needs, interests, and lifestyle of this community’s unique target market?
So what we have there is kind of a two-headed marketing approach that requires you to assess each idea within the top-down context of your overall brand, and the bottom-up context of the community itself. By adding just a few points of consideration to your marketing strategy, you can serve both purposes and help ensure that your branding and advertising efforts meet with success.
Some questions to ask in determining whether the idea is in keeping with your brand (and remember, to be cohesive, each of your marketing efforts should answer these questions in a consistent way):
1. Does it speak to how we wish to represent ourselves as a company?
2. Is it in keeping with our primary mission?
3. If a customer saw this ad or effort alongside others from our company, would they recognize important common themes?
Some questions to ask in determining whether the idea is in keeping with the community’s needs (and remember, this is where your approach has to be as unique as possible in order to stand out from the crowd):
1. Does it address a specific want, need, interest and lifestyle (or all of the above) in this market segment?
2. Does the ad or effort clearly communicate what we’re offering?
3. Is it different and/or better than what’s being offered by this community’s direct competition?
4. Is the message represented so that the customer will grasp the value (what’s in it for them) in a meaningful way?
There’s so much more to be said about making sure your brilliant marketing ideas best match the needs of your assets than we can fit into one blog post, so if you’re coming to Brainstorming 2010, be sure to attend Lori Snider’s two-hour session, Millionaire Matchmaker: Matching Million Dollar Ideas with the Right Asset, on Thursday, September 16th. Her program will include techniques and strategies to help you evaluate whether a specific program or marketing initiative will provide value at a specific asset … and when it won’t. You’ll learn what specific market segments desire and are responding to, how to match your million dollar idea with the right audience, and how to optimize response and minimize wasted effort. You’ll also learn why taking a more multidimensional view of the consumer may lead to larger opportunities than the lease or even renewal, and how to effectively execute your idea. It’s a not-to-miss session for anyone in the business of marketing apartments today, and I hope we’ll see you there!
Multifamily Ideas from Across the Nation
Mar 29th
A few years ago at one of the Brainstorming Educational Sessions “Practical Leasing Strategies, Creative Marketing Ideas and Proven Management Techniques from Across the USA.” was presented by Donna Olson of Olson Training, Kara Rice of Gracehill, and Rebecca Rosario of Full House Marketing, this sessions was both entertaining and idea-packed as it took attendees on a quick “flight” across the United States—complete with blue-suited flight attendants who handed out snacks and drinks. As we traveled (completely free of turbulence!), we learned what our colleagues in the various parts of the country are doing to keep their properties full and profitable. The ideas maybe several years old but they are still viable.
From the Northwest…
The first zone we covered was the Northwest, where we heard about an innovative way to use guest cards. ConAm Management has converted its guest card into a guest proposal; after the card is filled out, one copy stays with the leasing consultant, and the other goes home with the future resident. The future resident’s copy contains the property’s rates, location, contact information, and so forth!
Another great idea from the Northwest region came from Weidner Investment. Weidner is expanding its training expertise by sending a team to the national American Society for Training and Development conference. Those attending the conference will learn from training experts outside the multifamily industry—a key way to import fresh ideas and ensure that they are using the most effective methods available.
Two other fun tips we collected in this region included:
Setting up an inflatable moonwalk (those big bouncy things that kids love) outside your property on a Saturday afternoon to lure in drive-by traffic; and
Setting up a “cruise photo” spot in your office or clubhouse and having future residents pose for a picture when they visit—then using the photos as email follow-ups.
From the Southwest…
In our trip through the Southwest, we discovered some great ways to keep the bottom line healthy. We started with two tips designed to keep those rental payments and deposits coming in—even in the toughest markets.
As we all know, the soft economy has taken its toll on our residents. More and more often we are faced with individuals who simply can’t come up with the money they need, either for a deposit or a rental payment. In the wake of the September 11 disasters, the Las Vegas market was especially hard hit, with many in the tourist industry losing their jobs. Apartment residents, unable to pay the bills, were skipping like crazy, and ConAm Management knew it had to do something—quick—to prevent its Vegas properties from emptying. The solution it decided upon was to allow residents to pay their monthly rent in two installments rather then one big payment. By implementing this short-term, emergency option, ConAm weathered the worst of the storm—and went back to its standard collection procedures once things become more stable. Another management company is experimenting with a similar approach to its pet deposits, but with an income-boosting twist. It allows residents to pay their pet deposits in installments—but it charges a $50 “finance fee” for doing so.
Another “bottom line” strategy came from an Austin, Texas property that has replaced its first-level flooring with concrete. Now, before you start envisioning the ugly, gray stuff you see in unfinished basements, you should know that concrete flooring has come a long way! Scored, stained, and patterned, it is an attractive and even elegant decorating choice. If you don’t believe that, here’s your proof: The Austin property was charging—and getting—$75 extra on a one-bedroom unit with the concrete flooring. And just think of the money it will save on replacement costs!
From the Midwest…
Our Midwestern portion of the session focused mainly on quick, clever marketing and leasing ideas, like the following:
Put a fishbowls or tanks, complete with live fish, in vacant apartments, and attach a tag that says, “We’ll keep him alive until you arrive.”
Put out bowls of Reisen candies in the leasing area, with a card that says, “Need a Reisen to live here?” Print up strips of paper with various reasons to live at your property, and attach one to each piece of candy.
For senior communities, have staff nametags printed in extra-large, easy-to-read letters.
Work with local tourism departments and companies to buy discounted admissions to area attractions (theme parks, museums, wineries, etc.), and offer these as leasing or renewal incentives.
Look into the price of a kiosk in your local mall—you may be surprised at how affordable it is. Steve Matre, who contributed this idea, has found that the cost per lease is typically $100 or less.
If you have properties that cater to college students, consider hosting a free seminar for those eligible to live off campus. Invite parents as well, and explain how the lease works, what it takes to live in an apartment, etc. The two best times of the year to do this are in January and August—and you might even consider coordinating with the university’s housing administrator so that your sessions coincide with orientation activities.
From the Northeast…
The presenters had collected a hodgepodge of useful, easy-to-implement ideas from their contacts in the northeastern states. First up, from Princeton Properties, came the idea of a quarterly bonus program designed to reward the maintenance staff. Each quarter, the “pot” starts at $100 per maintenance staff member, and money can be both added and taken away for good and bad behaviors. At the end of the quarter, whatever is in the pot is divided among the maintenance team.
The next northeastern tip was to develop a “hospitality mentality.” One property that decided to adopt this approach offers a breakfast-on-the-go in its clubhouse from 7:00 to 8:30 each weekday morning. The property started offering these mini-breakfasts (coffee and muffins) to guests in its corporate apartments, but soon found that it was a great retention tool for all the residents. The managers also found that these breakfasts are great times to schedule renewal meetings!
Our presenters also reminded us of a couple of tried-and-true marketing techniques that we don’t always use as often as we should: sending out press releases and welcoming new businesses into our area with personal visits.
From the Southeast…
For the last leg of our journey, we learned about some ways to motivate our staffs. In a challenge especially appropriate for the southeast, one property management executive agreed to dress up as Elvis and spend the day as a human directional if a community could meet its leasing goal. They did—and he did. We saw pictures to prove it! Other companies in the region motivated and retained their staff by sending them on an annual ski trip and by providing a mandatory 6-week paid leave for those who had been employed for 10 years.
We also discovered some ways to capture our future residents’ attention…like with a musical follow-up! One company created a CD of songs and hired a professional DJ to announce and “frame” each song so that it pertained to the community. The CDs—costing around $1.75 each, plus the cost of setup—were sent or given to prospects who had visited the property. They proved so popular that the company ended up creating a Christmas CD as well!
Another tip focused on a different kind of communication: communication between staff and residents who speak different languages. To overcome the communication barrier that can be a problem in heavily bicultural areas, one southeastern property hired instructors from a local community college to teach its employees Spanish. The instructors focused on teaching “apartment talk,” the kinds of phrases the staff members would be most likely to use. Some of the attendees pointed out that you could expand this idea, and offer classes in English as a second language as a value-added resident service!
