Apartment Demographics

No matter what our role is within the multi-family industry, there is always one word which is used more than any other; “community.” Some of us own communities, some of us develop communities, some of us design communities and others of us lease or operate them. And chances are that many of us live in an apartment, condominium or townhome community as well. So then why is it that there is so little ‘community’ in our communities?

When it comes down to this failure’s root cause, it can really only be one of two choices;

a.       Either the management team does not expend their energies in a manner that creates a welcoming and vibrant atmosphere that encourages interaction, or

And I'm not talking the married kind of engagement. (although that can be pretty pricey too)

I'm talking the price of engagement in regards to social media. I was not a bandwagon social media user. I wanted to understand how to engage and converse with our residents and potential residents before I jumped on the social media train. I also wanted to understand how to measure engagement and then translate that to value for our clients. 

For me, the  issue with social media is not the time it takes to post, blog or tweet, the issue is engagement. Are you maximizing on opportunities of engagement? Are you talking at your residents and prospects are talking with them? Having thousands of fans or followers are great but what are you doing with them?

What gives you the best engagement bang for you buck? I have included my top three.

DON'T BE A NEWS FEED HOG

Posting and tweeting are a marathon, not a race. If you clog up their news feed, they are sure to unfollow or unsubscribe. Studies show a post every 3-4 hours is the sweet spot.

INSIGHTS

Are you looking at your insights page? Your insights page has a wealth of information and demographics. Use that to your advantage when posting. 

FEEDBACK SCORE

Look at your most successful post (in terms of likes, comments, impressions, re-tweets, etc) and figure out your feedback score. For the posts with the highest feedback percentage, do you see a pattern of posts people engage with most... sports, fashion, decorating ideas? 

I benchmark everything. As a Director of Marketing, making sure my marketing team's time is well spent requires just that, benchmarking everything. Have we figured out the secret formula to social media, engagement and ROI.. not yet but I'm working on it. :-)

Happy posting!

Sparkle Hammond, M.Ed.  First Communities | Director of Marketing
shammond@firstcommunities.net
www.century-apartments.com | www.facebook.com/centuryapartmenthomes

Let me begin by wishing you all a very Merry Christmas and Happy Hanukkah. For those of you who regularly read my scribbles, you are used to some pretty meaty topics. In light of the Holidays, this one will be a bit frothier. In each blog that I write there are certain themes which remain pretty consistent. One of my favorites is that real estate development is about the coolest industry on the planet. After all, our job is to make the world a better, more usable, more beautiful place.

Often my intended audience is the real estate developer (my hope is of course that there is some part of my subject matter which translates to my non-developer audience- or at least helps you better understand those temperamental developers who constantly tell you ‘We can’t afford that.’). Today, I would like to remind us all of something that is very easily glossed over as we perform our day-to-day tasks.

Do you know where your residents are coming from? Knowing the source of your leads – especially the ones that convert to leases – is critical in terms of determining where to spend your advertising dollars. Here are five friendly suggestions on how to keep track of your various lead sources:

1) Just ask – It may seem obvious, but providing a quick and simple survey as part of your leasing process will go a long way in determining where your residents are coming from. Keep your survey short, but specific. For example, knowing that someone found your property online isn’t quite as helpful as knowing if they found you on and ILS like Apartments.com or Craigslist. Keep in mind after visiting several apartment search websites, your residents could be confused about which ones they used. Try giving them a visual representation of websites that you advertise on to help jog their memory.

2) Stay organized – If you use multiple Internet Listing Services, be sure you are keeping track of how many leads you receive from each one. Note the date, prospect’s name, lead source and if you have followed up. This will make it easy to cross reference information to make sure it’s accurate.

This is going to be a touchy subject for many, but one that I realize we do not talk about enough in our industry. Today I experienced for the first time in this industry, racism towards me in front of a room full of people. I did not know how to handle it and it took all the strength I had to not cry or go off on the resident. No one ever trained me to know what to do when a resident is racist towards you!  I was trained on what to do when a co-worker or a vendor is rude or racist. What was even more embarrassing was the fact that I was the only one of my race in the room and the others were either speechless or giggling about what was being said.

So what do we do when this happens to us? Do we ignore it or address the issue right away? Would it even matter to the resident? I chose to calmly ask the resident to please leave my office.  I was told that I was denying them their right of freedom of speech. They did have the right of freedom of speech but not in front potential residents. This only added fuel to the fire and after several minutes of telling them to leave, they finally did. I turn around to see the astonished looks on my leasing specialist’s and the applicant faces.  I noticed that two prospects were giggling about the whole thing. I apologized to everyone that they had to hear that and then headed outside to pound on the doors of delinquent residents with my new leasing specialist in tow. 

The feeling I had of shame and anger was new to me and I did not know how to handle it. My ancestors were Jewish immigrants from Russia and Poland in the 1920’s. I know that they would have been appalled to have heard the comments that were made to me. How do you deal with ignorance like that and why does it still exist in 2011?

About six months ago, I wrote about the changes I was seeing in marketing,  concessions, and targeted prospects in my specific comp market... It was suggested to me that I complete a follow up to Prostituting the Product.

So away we go... In the merry adventures of market comp re-shopping, I was astounded to see that very little has changed locally.  Unfortunately, my market suffers due to influx of new multifamily builds and increasing home purchases, which has reduced traffic across the board and continued to train prospects to expect the very best in concessions.

Are we as an industry automatically prejudice against those on Section 8?

I recently participated in a Facebook discussion about how we stereotype those who receive section 8 or any type of government housing assistance. I will admit, I have been guilty of this and have to constantly remind myself that because of where I work and the person that I strive to be, that I cannot think like this.  It is very hard.  I had found myself resenting the fact that all or partial of their rent is paid while my partner and I work our butts off to support our family and are barely making it. There have been times that I let that resentment affect how I view these residents. However, no one wants to be resented no matter what their status in life is.

As professionals who are working with section 8 vouchers it is not our place to judge the person who is applying for our community solely based on the fact that they are receiving state assistance. Trust me, it is hard to do when you have the young parent in your office with 6 kids and can barely write a complete sentence. However, we do not know the type of life they have had, our position is to give them a decent home. That is the bottom line.