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The 2020 City Center Shift to Suburbia

Across the globe, multi-family markets of all types have been impacted by the COVID-19 pandemic of 2020 – having a varied impact on occupancy levels. With restricted amenities, online universities, and the option to work remotely, city centers are simply no longer able to demand the premium they historically did. With the desire for more space, and lower costs, we are seeing an increase in demand and renters in suburban areas with a departure and softening of the urban market. However, real estate professionals are struggling to fill vacant buildings now and are no longer in a position to wait for the future normal to arrive – they need to address today’s normal now. Here are some steps that real estate professionals can take today in order to minimize losses and turn a struggling balance sheet into a healthy financial reflection: 1.Leverage Proptech. One of the biggest advantages real estate professionals can capitalize on when utilizing proptech is the reduction of in person meetings to view/assess a property or a rental unit. By incorporating proptech into your business models you will be a step ahead of the game by having access to more potential tenants at any given moment in time. For example, instead of allocating one appointment slot to provide a tenant with a tour of a property, property managers can incorporate proptech such as VR (virtual reality) technology which provides access to multiple floorplan tours for various tenants at any given time without requiring the property manager to be on si......
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How to Improve Your Apartment Reputation Management

apartment reputation management  These circumstances have you questioning the importance of online reputation. Does it really influence your prospects? And should you be concerned with negative reviews?  These are legit questions, and they are all going to be answered in this post.  How Much Do People Trust Online Reviews? Word of mouth marketing (WOMM) is still one of the best forms of advertising. People will believe in a recommendation over any kind of advertising.  The internet opened the doors to a new method of WOMM, online reviews. Recent research suggests that when family or friends recommend a business, prospects will still take it to the internet and read the reviews.  When it comes to apartment living, a survey conducted by Apartments.com showed that 98 percent of respondents read the property’s reviews either always or sometimes. The number is an indication that renters want an insight into your community before signing in the dotted line.  But it doesn’t stop there. Eighty-four percent trust online reviews as much as word of mouth. And 68 percent will form an opinion after reading them.  These statistics show that apartment reputation management is an essential skill. But what if your community has no reviews? How Do Reviews Affect Your Community If your community has no reviews is not good. Based on the Apartments.com survey, 94 percent are likely to rent from a place that has reviews. A community with positive online reviews will attract a lot more prospects than one with no reviews. On a similar trend, 82 percent of consumers are likely to avo......
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Some Dos and Don'ts of Great Apartment Advertising

Apartment advertising comes with a unique set of challenges. Even if you’ve come up with a series of creative apartment ads, they won’t be effective without a strategic approach. Unlike selling products with wide audiences, like electronics or kitchen gadgets, apartments are hyper-local. So, the best way to ensure that you’re reaching the right audience is to align your apartment community and what it offers with the needs of your potential customers through targeted advertising. What follows is a rundown of dos and don’ts of great apartment ads that will help prospective renters find your community online. Do: Use branded keywords in your apartment PPC campaigns When people search for the name of a specific apartment community in a specific city and state, they’re using branded keywords. These are your hottest leads because they’re already aware of your community, so it’s important that you capture them. If you don’t use branded keywords, there are two potential scenarios. Either an ad for a competing apartment community will appear above your ad, or an ad for an internet listing service will, making it easy for you to lose that prospect. Do: Weed out irrelevant clicks by adding negative keywords Adding negative keywords to your PPC campaign means that your ad will not be shown to people searching for those keywords. For example, if there are other apartment communities with a name identical to yours in other cities, you’ll want to add those cities and states to the list so your ad only appears when people are s......
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Pet-Friendly Apartment Marketing Ideas

The American Pet Products Association's 2017-2018 National Pet Owners Survey found that 68% of U.S. households own a pet. Last year, RentPath revealed research claiming that 66% of renters are pet owners. In an effort to cater to this growing renter base, many communities have adopted pet-friendly pet policies. Most of these policies allow renters to have up to two pets and they require additional pet rent and a pet deposit.  While much of the pet market is pet-tolerant, not as many communities encompass the true definition of pet-friendly. If your community embraces this pet demographic, there are many ways you can signal to pet owners that your community is a good fit for them. Here are some pet-friendly apartment marketing ideas your community can use to get the attention of pet owners. Search Engine Marketing We know that there is a demand for pet-friendly apartments, but are renters actually searching for apartments this way in Google? Emphatically, the answer is yes. Over the last five years searches for “pet-friendly apartments near me” has grown significantly in popularity. This Google Trends report nicely illustrates this growth.   The popularity for this search term was the highest among the following regions.   Popularity for pet-friendly apartment searches was the greatest among metros in the Midwest, New England and Los Angeles. If you happen to be marketing a community in one of these areas, this is a rental segment you don’t want to miss out on! How can communities capitalize on the rising demand for pet-fr......
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Is Your Apartment Marketing Boring? Try Theming...

Is Your Apartment Marketing Boring? Try Theming...
One quick way to elevate your marketing is through theming... And the fastest, easiest themes to come up with are seasons and holidays. For example, we're in the month of October, which means the start of Fall, pumpkins and Halloween.  An easy way to adapt this in your marketing is to change out any website images with fall like photos. If you're running ads on Craigslist, Facebook or Google Display Network - you can tie in the October month by adding an orange border around your ad photos. This will make them stand out. Here's an example: Additionally, think about making your prospecting emails more fun with Halloween references. Create a haunted apartment at the community for residents. Create a haunted walking tour for prospects that come onsite for a tour. When you start theming your marketing becomes more fun, fresh, and relevant. In many cases you'll be piggybacking on the millions of TV and digital ad dollars being spent by big box stores promoting their own themed/seasonal goods - that's a good thing as you're entering the thoughts/conversation already happening in your prospects mind. Other themes you can use: Winter holidays such as Christmas, Hanukkah, etc. New Year Valentine's Day Start of Summer 4th of July Labor Day Need more ideas? Here's a full calendar of unusual happenings that your marketing could take advantage of. (Note - this website is very old, but still useful)...
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Correcting Apartment Information Online Using YEXT

What is YEXT? Have you ever had a problem with a property having the wrong address, hours, or phone number listed online? In a nutshell, YEXT provides a simple solution to this problem for multi-family property managers. While the name sounds funny, YEXT is an incredibly useful online marketing tool for multi-family property managers. Founded in 2006, YEXT is now publicly traded on the New York Stock Exchange and the leading platform for managing online business information. In addition to solving problems with online business information, YEXT will also monitor online reviews about your property. How does YEXT work? From a marketing standpoint, having the wrong phone number or website listed for a property is a major problem. How do prospective residents contact your property? YEXT provides a dashboard where property managers manage their property’s information, including: Property address and phone number Property description and hours Website and email contact Map location marker Photos and videos Social media profiles Once the information is updated, YEXT connects to 100+ publishing partners to publish the updated information. They publish information to every major online site you have heard of, including Google, Facebook, Bing, YELP, YP, plus Apple Maps. In addition to the major sites you are familiar with, they publish your information correctly on sites including local.com, 411.com, 2findlocal.com, HotFrog, and more. Not sure how your property’s information is currently listed? Click here to run a free scan using YEXT. Saving property managers time Consider that your property has the wrong phone number lis......
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Interior Apartment Photos: Showing Off Your Listing

Last weekend, I spent some time on the cold city streets, trying to take some artsy photos. I must say, despite some friendly comments on my Facebook posts, I don’t think I quite have what it takes to make it in the art world. Real estate photography, on the other hand, doesn’t require any innate sense of art, just an understanding of a few basic principals. First of all…. CLEAN THE PLACE UP! Remember, we are trying to convey to future renters that the home is spacious, with room for all the things they will soon be boxing and dreading unboxing. Even a few books or containers or kitchenware laying around may seem natural and “lived in” to you, but in the brain of all potential renters, whether they are aware of it or not, there is a voice shouting “WHY IS THERE NO ROOM ANYWHERE ELSE TO PUT THIS!?” Let your future tenants leave out as much junk as they want once they move in, but, for now, let them imagine their new life in your property as clean and uncluttered. Another important thing? Straight lines The only thing as bad as having no photos with your listing is having terrible photos with your listing. You aren’t selling the Leaning Tower of Pisa, so don’t create the impression that you are. Keep the camera as straight as you can: prop it up on a shelf of table or stack of books if you need to, but most of all, make sure the camera i......
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