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

Motivation and The Awards Show
"To show appreciation to my staff for all of their hard work, I surprised them one morning with a special Awards Show! I purchased single stem flowers and created a certificate for each employee, recognizing them for doing something special or above and beyond the call of duty. Each award was humorously named for the task. It was a creative and spontaneous idea that helped increase team morale!" Read More

Brilliant Idea! Brilliant Result?
"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..." Read More

The Answer for Unauthorized Pets?
"Do you have a problem with unauthorized pets on your property? Do you want to earn additional revenue in pet deposits/fees, and have your residents love you at the same time? If so, I have the answer. It's a program called Funniest Pet Picture of the Month! Note: Post these photos on your Facebook page! Residents absolutely love this program, and you will collect lots of pet deposits... " Read More

Innovative and Meaningful Ways to Go Green
"When you hear go green, the first ideas that spring to mind might be recycling or conservation initiatives, but it's important to realize that going green isn't only about things people can do... it's also about how people feel. The key to going green successfully is incorporating ideas that make people feel great because they're both positive and fun. It’s those ideas that you’ll have the most success in implementing, gaining participation, and promoting." Read More

Ideas! Ideas! Ideas! Contest
One of the fabulous benefits of attending Brainstorming 2010 is that by way of collective intelligence, you're going to hear the very hottest leasing, marketing, and management trends and ideas of the year. Of course, we at Multifamilypro have a few tricks up our sleeves, but Brainstorming isn't about us ... that's why we're crowdsourcing the task of gathering all the best ideas to YOU! Read More

Culture Shift From Commercial to Social: New Series by Toni Blake
"There is a culture shift today between businesses and the customer. This transition is from commercial to social, from product to relationship. Marketing success is requiring businesses to convert well-calculated commercial messages into an authentic human voice spoken from a word of mouth ambassador. Social does not simply describe the media, but the message and method as well..." Read More

Blah, Blah, Blog
"Blogging can be a great way to attract and engage customers and communicate your brand; but say the word to a lot of small business owners and you'll find yourself talking to the hand... Some people just aren’t sure exactly what benefits a blog can have, so why invest the time? But here's some encouraging news: it is possible to create and manage a blog with just a little inspiration and very little technical know-how, that's actually worth your while."  Read More

Add Social Media Optimization Summits to Your Brainstorming Registration!
Intensify your Brainstorming experience by adding our Social Media Optimization Summits Workshops! OptSum Workshops run alongside Brainstorming educational sessions, offering in-depth, 2-4 hour, hands-on opportunities to learn from top national experts in social media. "See It. Hear It. Do It." by bringing your laptop into the classroom and implementing the strategies you'll learn, in real time!  Read More

Order Independence Day Resident Appreciation Door Hangers Now!
This July 4th, let residents know you're proud to be the community where they make their home! In patriotic red-white-and-blue, it reads: "As we celebrate the 4th of July, we would like our residents to know that we are proud that they are part of our community. Have a Safe and Happy Independence Day! From Your Community Management Team" Only $25 per 100! Call 727-784-9469 or Click Here to Order Now!

Next week’s Optimization Summits Meet & Greet Tweet-Up, Sponsored by For Rent Media Solutions, will be webcasted live online and FREE, featuring interviews with several of our Workshop Leaders! Monday March 22 6:30pm central time.  Register today!

Social Media Optimization Summits Meet & Greet Tweet-Up
Not able to travel? You can still join us for a portion of our Optimization Summits event live and online! We're webcasting from the Meet & Greet Tweet-Up, sponsored by For Rent Media Solutions, from 6:30-7:30 pm central on Monday, March 22nd! Sign up to receive your FREE username and password for access!

Hosted by Tami Siewruk, the webcast will include interviews with several of our Workshop Leaders, including Jason Falls, Mack Collier, Chris Penn, Erica Campbell, Mark Juleen, Duncan Alney, Brent Williams, Charity Hisle, and more!

Please note that each free registration will generate password access for only one computer (controlled by IP Address) and cannot be shared for access by another computer simultaneously. Attempting to share your username/password will result in cancellation of your access. Multifamilypro reserves the right to cancel scheduled broadcasts, should unforeseen technical difficulties arise.

Companies spend millions each year asking agencies and marketers to brand their companies in order to reach more prospects. But, how often do these same companies look carefully at the brand that is already built for them by their loyal, current customers? Like it or not, your "fan base" already has built your brand and holds your company's reputation in the palms of their hands through an aggregate of blog posts, review sites, videos, and social media platforms stating what they love and hate about your brand. In the event that this is prominently positive, how do you get everyone to collectively support your brand as a community of evangelists for your company? The answer is to start loving your devotees, and to give them what they want, a place to network, talk, share advice and continue to preach about your brand. In end, this is what large corporations pay the big bucks
for- reverse marketing by and for your already loyal customers, and it's something you can do yourself.

Take for example a small company in a predicament. Company founders had built a tremendous brand and had a huge following, however, the brand was fragmented and un-controlled online. For years the owners had been known for their passion and love of their business, but they had struggled to produce a web site that would support their loyal fans as well as perpetuate a brand that would speak to new prospective customers.

Their problems sat with an incomplete vision of their online audience & potential reach. Their website spoke to current brand enthusiasts, however could not provide enough of forum for their fans to express their devotion.
As such, YouTube videos, blogs, un-official Facebook fanpages, etc., were appearing across the web and were, in many cases, pulling away from the core values and mission of their business.  Additionally, unless a prospect knew to search for their specific company name or slogan they would not find any official webpages in search results.

How do you build and "feed" a community of loyal customers to continue to build your brand from the inside out as well as open the market and build brand awareness to new, valuable prospects?

Sometimes you need to go big or go home! So in an effort to establish your online brand, sometimes you have to decided to redesign your web site, rewrite all the content for SEO (search engine optimization) and start aggressively utilizing social media to congregate followers! It can be a big job with a big payoff.

Tip #1: Love Your Domain Name & Show the Search Engines You Care: Select a Domain Name For Findability - It Matters!

What is your current domain name?   Does it reflect who you are and what you
do?  Does it reflect how your customers are trying to find you?  Does it include any of your key words for SEO?

Tip # 2: Build New Web Site Look and Feel Consistent with Mission

Does your old site lacked focus with too much going on? The example company included over 60 "options" immediately of what the user could do- so essentially the clear action for a user to take was "do everything … now."
Also, their home page would be used as a clearinghouse for products on sale, giving them the image of being the Wal-Mart of their industry. People who came to the home page who needed help with a specific subject would have to search over several pages to find the answer. A very confusing messaging overall and not consistent with their message.

Their new site has cleared out the clutter and cuts to the chase. Four primary conversion opportunities are presented on EVERY page of the web site. Additionally, their background is consistent with their other product lines on the home page and every interior page. The goals is to present a cohesive user experience that appeals to both the long time devotee, as well as the first time visitor looking for guidance.

Tip #3: Setup Social Media for huge community of followers waiting for your lead.

Have you established a social media presence? Large communities of devoted followers are building their own Facebook pages and are looking for someone like your company who already has a presence. Establish "THE" credible, official place on social media sites your followers can trust.

Taking the dive and reinventing yourself or your business is scary, but even more scary is the inability to adapt and change over time. The Internet is a very fast paced environment and you must stay in touch with mistakes you may have made in your branding and be willing to make it right. Ultimately, you'll see big payoffs and great findabilty for being bold and taking a stand for who you are as a company.

About the Author:
Heather Lutze has spent the last 10 years as CEO of The Findability Group, formerly Lutze Consulting, - a Search Engine Marketing firm that works with companies to attain maximum Internet exposure. A nationally recognized speaker, she is the author of, "The FindAbility Formula: The Simple and Non-Technical Approach To Search Engine Marketing" (Wiley and Sons).
Heather is a lead speaker for Pay Per Click Summit, and previously spent two years speaking for Yahoo! Search Marketing. For more information, visit www.FindabilityGroup.com.

By Bradford K. Marting and Jennifer A. Nevitt Casey

Establishing prices for apartments has become an often debated topic of late.  Whatever system used to evaluate and set rent levels is considered a pricing model.  There are manual systems, automated systems, and hybrid systems.  Pricing models support various strategies at different times based on particular market conditions, property conditions, and personal paradigms and prejudices.  However, one thing can generally be agreed upon – it can be brutal out there right now.

One well known pricing strategy is known as the “takedown.”  A takedown is when an extreme price reduction is applied to a specific apartment type by floor level and can range anywhere from a 10% to 20% price reduction from the current market rent.  Usually, takedowns are used for a period of hours or days in order to quickly absorb an oversupply of a specific product type and, a decade ago, they were never intended to be considered a permanent solution to oversupply.

However, in the past year, takedown pricing has become more extreme, more universal, and threatening to become more permanent.   During inflationary times, pricing models focused on finding the inefficiencies in capturing income.   Utilizing the same rule sets and algorithms during deflationary times can result in very different outcomes and can be financially destructive to the investment property.  What is meant by financially destructive?  If takedown pricing is held for too long a period of time while occupancies by unit types are in fact increasing at lowered rent levels, the ability of investors and owners to make their mortgage payments can become difficult or even impossible.  Yes, impossible.

In the past, competing properties typically would try to gain market share by matching or beating each others’ lowered rents and concessions.  Add to this price war the effort to secure longer lease terms than the typical 12 months and you have a long-term recipe for financial disaster.  This constant matching of current price or special discounting programs is only causing a downward spiral for the entire industry to a point where recovery will be prolonged.  In the past decade, fluctuations of pricing from 8 to 15% discounting ranges specific to unit types or floor levels have been recoverable income offenses if used for brief periods.   However, 20%-35% takedown pricing on all unit types across-the-board for extending periods of time will prove to be destructive, possibly resulting in massive commercial loan defaults in the near term.

If apartment investors are looking for 8% returns and income streams have declined by 25%, not only is there no money to pay the mortgage payment and tax bills, but no cash for the desired return.  In fact, if there is no positive cash flow, the investor will be forced to contribute additional funds just to keep the property operating.  They will be forced to make a difficult decision of putting additional money into a losing business or allowing the property to be foreclosed or taken back by the lender.

There is little question that new situations require new thinking and tools such as the “Marting Nevitt Survival Plan.”   The plan reveals the breakeven points and the point of no return (no pun intended).  After studying the pricing dynamics in major markets over the past six months, it is clear that pricing models are falling below the point of no return with no voice of reason to assist corporate decision makers in setting a boundary for income reduction that will force their assets into loan default.

Manual pricing models continue to have limitations based upon personal paradigms, prejudices, and unparalleled financial interests with the investment objectives.  It is not unusual for the leasing team members not to be able to meet the financial requirements to qualify to live where they work.  In other words, they cannot afford what they are expected to sell.  Therefore, because they are likely paying much less rent at a lesser property, they may feel the product they are leasing is already “overpriced” and resistant to raising prices.  There can also be resistance to raising prices from the onsite leasing teams because they perceive it as making their job of selling more difficult.  And this can be true.   This can result in resentment against management and a reduction in productivity.

Automated pricing models are relatively new compared to manual pricing models.  There are but a few even commercially available.  The premise makes logical sense and time will tell how successful they will be.  Removing the human fear of adjusting rents either too high or too low is a substantial benefit of software.  As with any new technology, it has its supporters and critics.

The hybrid pricing model is a mixture of both manual and automated pricing models.  The automated model is allowed to run its program and make pricing recommendations. The recommended prices are then scrutinized or challenged by humans.  The result is that the automated recommended price will either be accepted or overridden.  Some companies are even creating job positions where reviewing prices is the sole responsibility.

No matter which pricing model you choose, it is imperative to understand basic real estate investment theory and the ultimate affect it can have on a multifamily real estate investment.  Pricing too high can result in higher vacancy, which can lead to financial ruin.  Pricing too low can result in prolonged lower cash flows, which can also lead to financial ruin.  Fortunately, there is a sweet spot somewhere between the two.  Utilizing new technologies and new tools can provide you with a competitive advantage necessary for survival and success.

Don't miss Brad and Jennifer's workshops on March 23rd and 24th in Dallas

Revenue Management – Basics-Day One

Pricing is key to successful marketing, but can be one of the most difficult aspects of the marketing process. This session delivers essential skills and knowledge needed to optimize your pricing while minimizing costly trial and error. You’ll learn the fundamentals of ‘Power Pricing,’ gain an understanding of pricing dynamics and key metrics used to set up a manual pricing model, and walk away with the skills and knowledge you need to set up an individual manual pricing model for your product.

Revenue Management – Advanced-Day Two

This session goes beyond the fundamentals of ‘Power Pricing’ to deliver the knowledge and skills needed to execute and maintain your manual pricing model to increase cash flow and the overall value of your organization. Learn how to use reports and graphs to more effectively communicate with your team and stakeholders and confidently manage your organization’s revenue. (Prerequisite: Revenue Management – Basics)

Our workshops are designed to deliver the skills you need to compete in today’s challenging environment. Choose from Power Pricing: Revenue  Management BASICS or ADVANCED courses, individually priced so you can attend the course-level that you need most, or choose BOTH! To take advantage of discounted individual course pricing:

Power Pricing BASICS ONLY – MARCH 23 – ONLY $175
Pricing is key to successful marketing, but can be one of the most difficult aspects of the process. This session delivers the skills and knowledge you need to optimize pricing while minimizing costly trial and error. Learn the fundamentals of Power Pricing; gain an understanding of pricing dynamics and key metrics; and how to set up an individual manual pricing model for your product!

Power Pricing ADVANCED ONLY – MAR 24 – ONLY $175
Go beyond the fundamentals and learn how to execute and maintain your manual pricing model to increase cash flow and the overall value of your organization; use reports and graphs to more effectively communicate with your team and stakeholders; and confidently manage your organization’s revenue.

BASICS+ADVANCED! (2 DAYS) – MAR 23-24 – ONLY $304!

DON’T MISS IT! Register to attend these workshops .

Workshop Leaders:

Brad Marting

Mr. Marting is a professional speaker, trainer, and consultant for OptiYield, a consulting company specializing in profit optimization for real estate investments. His formal education includes a Bachelor of Science degree in Business and a Masters of Business Administration degree.  He is a licensed real estate broker and holds designations as a Certified Property Manager, Certified Commercial Investment Member, Certified Apartment Property Supervisor and an Accredited Apartment Association Instructor.  He has more than 30 years of real estate experience and has served as an officer and past chapter president for both IREM® and NAA®.  In 2009, he was the Chairperson for the Income & Expense survey for residential real estate assets for IREM®.  He is an award-winning author for his article in the Journal of Property Management on Yield Management and was co-founder and co-inventor of YieldStar®, a rent optimization system.  He has acquired, managed, sold and consulted on more than three-billion dollars of real estate investments.

Jennifer Nevitt Casey

Since 1993, Jennifer Nevitt Casey, Chief Executive Officer of Bravo Strategic Marketing, Inc., has developed return-on-investment strategies for multifamily real estate investment portfolios with a capitalized value exceeding $6 billion. She is also a highly successful income growth strategist for residential assets and considered one of the nation’s most innovative real estate marketers.  She is also President of Rohman Management and a Partner in Rohman Development, a New York City-based real estate development firm formed by a group of veteran professionals targeting the southeastern United States as its focus point for apartment development.   She provides consultation on product design, the importance of a development’s timing, correct market positioning and proven successful leasing and for-sale marketing strategies.  She is a contributing author of the Urban Land Institute’s book, “Developing Multifamily Housing,” and co-author or the National Association of Home Builder’s book, “How to Excel at Leasing Apartments.”  Her credits also include inventor and founder of YieldStar Technology, LLC, a yield management, B2B software application that optimizes revenue for the multifamily real estate industry and whose assets were acquired by RealPage.  A dynamic speaker known for captivating audiences, she has trained over 20,000 professionals within the multifamily industry and sales teams for newly constructed condominiums and single family homes.