Frederic Guitton's Blog

It seems that the world keeps moving faster everyday and we all keep growing more impatient at the same time. We want "it" now, I mean right now! When I have to wait for more than 4s. for a web page to load it frustrates me. When I have to wait for a return call or leave a voice mail it frustrates me. Why because I have been conditioned to think that way... And when I call I want my answer or I want to know that someone is working on it. Have you ever sent a text and after 30s. looked at your phone wondering if that person is ever going to respond? I have...

It is amazing to see how fast everything happens out there, and then I spoke with industry professionals about how leads are handled in the multifamily industry... I have a hard time believing what I hear but it has come from so many sources that I am starting to believe it so please correct me if I am wrong.  I have read and heard things like; over 40% of the calls go unanswered during business hours, most e-mails don't get read for over 24 hours, let alone responded to at all! Voice mails messages are not responded to. These kinds of statements are shocking to me and simply make no sense. It would seem that with as much focus that is placed on lead generation and marketing strategies there would be high priority and accountability standards when it comes to responding timely.

I actually had an industry exec say this in an e-mail to me; "We are having some issues with our current traffic/emails being read and responded to and until we utilize those leads to the fullest capability, I can’t justify providing additional leads to the properties through a new avenue at additional expense."

With a variety of ways to generate a lead on the web as well as the different pricing models out there, how do you figure out which ILS platform to invest in? 

It is my belief that keeping the focus on "true" lease acquisition cost is the best way to get this one right. The key is to define what goes into cost... Let's look at 2 examples;

1. An ILS that sends 20 leads a month and generates 1 lease every other month for $200 per month. The true cost is more than $200. It is costing the time the sort through the 39 other prospects, the time to design the ad etc...
2. An ILS that costs $300 per month, generates 5 prospects and 1 lease. Now you only work through 10 prospects and depending on how you value that work this is probably your best deal...

So do you actually track these performance metrics? If so what seems to work best for you?

Here is a quote from Wikipedia about what virtual means; “The term has been defined in philosophy as "that which is not real" but may display the salient qualities of the real”. When I think virtual I think no consequence, just an experience.  When I hear someone describe the internet as a virtual space I can’t help but cringe. Do you actually believe this has not consequence? Your web presence is very real and has real consequences, good and bad.  The internet is often compared by many as a brochure-like space. I look at websites everyday that are nice looking and have neat graphics. The questions I ask myself when looking at a site is simply this; “Is this site consumer friendly?”,”Is it easy to get to information relevant to me?”, “What’s the call to action?” These questions require digging into data, looking at the web shoppers’ behavior. Explore click paths and see where to they go inside the site you have designed. Understanding your web traffic will help you make your site more relevant. Anonymous web shoppers will decide whether you make their “list” by their online experience. It is important to take a step back and look at your site through the consumer’s eyes. Too many sites have way too much information and no logical way for a consumer to only get the information relevant to them.  If a web shopper cannot get to what they want quickly they will go somewhere else to find it. Too many customers go online to start their search for you to not take these matters very seriously. Whether it is what your blog says or says about you, how convenient your web-site is or how good the video/ pictures displayed in ILS platforms are. All these factors will drive a choice, the consumer’s choice to take action and reach out to you or not. That choice is made in a matter of seconds and because web shoppers can remain anonymous you will probably never find out you missed an opportunity.
A website has to be about the consumer and their expectations versus what we think they should know. It is a matter of weaving a site in such a way that their visit provides them with what they want and insert information that we feel is important for them to know. Acquiring knowledge about what consumers do once they are inside your site is a key factor in learning enough about what they go to look at. Leveraging that knowledge to make that information readily available will enhance your web shoppers’ experience and help yield more out of your web traffic. Your website is an extension of your sales centers; you have a great opportunity to connect with more prospective residents online by simply making it easy for them. There is nothing virtual about that opportunity, yes it will mean investing into strong analytics, spending time reviewing them and making changes to your site. Try different things then find the optimal solution. Once you get that done then get ready to start all over again, consumers change and your web presence has to follow suit. Internet years are like dog years, they go 7 to 10 times faster .If you are serious about leveraging the internet to increase your marketing reach then the first step is to become aware about how real that space is and then know that you will have to continuously make changes.

In any business it is critical to generate leads in order to acquire new clients. Marketing is the engine we all use in achieving that objective but how good are we about measuring the cost and value of a lead generated.

A simple example would be a platform that cost $340 per month and gets you 17 leads out of which you get an average of 2 leases. If you assume a value per lease to be $1000 then that $300 was converted into $2000.

• The cost per lead is $20 ($340/20)
• The value per lead is $117 ($2000/17)

When done this way it looks simple but we all know it is not that simple... You have to factor in time and effort as well as concessions for each lead source. I am confident that you all have a sense of what these numbers look like for you (Should I be?).

Successful marketing means one thing and one thing only, the consumer was compelled to take action. That will happen in one of three ways, in person, via phone or via the internet.  What happens after an anonymous web shopper has found information compelling enough to justify connecting or simply a great call to action. Let’s look at the 3 different possible paths and explore how this could play out… The possible outcomes are exactly the same as with any other marketing strategy; in person, via phone or via the internet.

1/ In person: Getting a prospect to visit you is always best. Once you welcome a visitor nothing else should take precedent, make sure they know how important they are but be strategic. Ask for a few minutes to verify that you have everything ready (refreshments, paperwork, keys to visit units), place your cell on vibrate. Notify others that you are busy and handle any possible conflict in advance. First impressions are everything, if your first contact is in person; make sure they see that you are in control.

2/ Via phone: Knowing how to handle a phone call is a skill set that is often overlooked or downplayed.  I received a great advice about how to handle a call-in. Once a call is identified as being a prospect place them on hold. Do it very well by simply saying this; “Your call is very important and I want to give you my full attention, could hold for one minute, I just have a quick task to complete.” Use that minute (no more than one minute, 30s is best) to pull out your prepared lead form and focus.  Remember that you cannot sign a lease over the phone, so what you are selling is the value of a visit or a follow up conversation.  The best outcome is to set a face to face conversation or getting the prospect to complete an application.

When looking at marketing strategies to help gain more clients there are 3 most likely outcomes to consider;

1. Gain a visit to your community
2. Generate a phone call
3. Drive more traffic to your website

In the first two outcomes there is a very likely chance that human interaction will occur. We all understand that not all are created equal in being a top performer in picking up phone calls or being present to greet a visitor. That being, we all understand the value of doing this well. As these interactions take place we gain knowledge and leverage that knowledge to be more effective at converting these opportunities into prospects and clients.

When it comes to internet traffic many simply have no idea about their anonymous web shoppers’ behavior.  Some do measure traffic and few actually look at what actions take place after the entry into the web site. Such information is very important to focus on. Your website is most likely one of your busiest sales space, knowing what your prospective clients do is very valuable, powerful information is available for you to optimize your websites. Here are some key data points to know:

I just had to share this commercial with all of you. It makes me laugh and there is much to be said from it. The way we communicate in forums, social media or e-mail can have a dramatic impact in whether a relationship will come from it.

Most important though is the way we don't communicate, and what meaning one perceives from that non response or canned response.  I have observed and been a part many exchanges that start traditionally, in person or by phone. Then one of the participant says; let's connect later, just send me an e-mail or tweet. One or two e-mails later, maybe a tweet or a facebook message and a potential partnership unravels before it even started...

Really? Is there something with no app for it? The way we access/ exchange information and connect has shifted over the past 5 years. One of the most dramatic shifts has been seen is the ease to access a series of mobile applications that seem to be able to do anything. It has given us communication in real time and that has simply changed the world.

We access our Social Media through our mobile devices and post texts like messages for our “friends” to see. We post the same message to our friends that are the same friends across 3-5 different networks. It is not simple to manage… As I have observed twitter, Facebook and many other networking forums there is an interesting part of the puzzle that no app can (yet) do for us. It is HOW, HOW MUCH we communicate and WHAT we communicate. Social media is now almost a new art form. Finding ways to give the right message at the right time, finding that balance between marketing and socializing are critical facets to make sure you social media marketing strategy works for you. When done poorly social media also generate immediate response.  

I recently observed an exchange on twitter that was based on the perception that a message created. One felt that the message was marketing slipped into a tweetup and called out the originator of that message. It really did not go anywhere but does remind us that social media is a great tool but people will draw conclusions on the kind of person you are.

 When I first started participating in SM I made many mistakes and was called to order by a couple of people (all done in  very professional way I should note). I had to learn by trial and error and still learn everyday by reading and participating. Social media is simply more of the same… but different… It is a different way to share the same information. It requires attention to details and a plan. It requires common sense and a will to learn. I truly appreciate the shift that has/is/will happen with real time and social media but when it comes to how we use it there is no app for that!

Today a prospective client asked to be contacted to discuss working with us. He has a partnership with a service provider who he had reached out to. This was a way for him to share in the investment and provide them with an online presence in the website they have.

He asked if I would call that partner to discuss how an agreement could be set up. Since I had spoken with that person about this potential partnership before I felt this not be an issue.  We actually had a joint webinar with both these people on the phone as this was always part of the plan. 

The call started of fine and all of a sudden Mr. Hyde showed up... The questions shifted to how can we make it work to a need for guaranteed results. As with anything, guarantees are a slippery slope especially for what we do since many factors are out of our control. I calmly explained these factors and the answer has to be a first;

Recently my wife and I had a conversation about careers and I expressed to her that I have always worked in sales. She smiled and said; no you were not in sales, you were a manager!

I stopped for a second and realized that from the outside it could have looked as if I was not in sales while I was managing a market and recruiting new talent. Based on that thought I tried to find a job that I felt had no selling involved. I have to be honest and share that I really had a hard time. At some level we all work in sales, in many cases that fact is forgotten which can results in poor performance.  Many people work in sales and don’t know it; this goes for most maintenance staff for example. A strong staff will help retain more residents but they often don’t have a financial interest in the property’s performance. So they don’t feel like they work in sales.

Here is my view; if you not doing your work 100% can prevent a sale from taking place or impact a customer’s experience then you work in sales and you should know it! This can be as simple as keeping a place looking great or being courteous to residents. The entire staff impacts the selling of the product you offer so they all work in sales.