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Why You Should Market for Your Property

All too often I receive inquiries from a potential seller that is looking to “Get the Highest Price” for their property, but does not want to list it, or market the property.  This seems counter intuitive as the basic law of economics is supply and demand.    Although there is not much an average seller can do to affect the supply line, they can create demand by using a good agent.  I started my career in real estate auctions in the late 80’s through the mid 90’s.  During that time, I was at first surprised when properties we took to auction (a method that was deemed as a “fire sale”) consistently sold for higher prices than neighboring properties, and in many cases sold at higher prices than what they were previously listed before going to auction.  As I thought about it, it really did make sense, my economics classes in college explained exactly what was going on.  The supply chain didn’t change, but by marketing the property, and creating a pent up demand the chances for a sale greatly increased.  We’ve seen this over and over the last few years in this current “Sellers” market.  Almost to the point where we now receive as many calls from investors saying they only want to look at “off market” deals, believing they will get a better price without other competing investors.  So it seems pretty easy… If a seller wants the highest price, they need to make sure the property is actively exposed to as many people as might be intere......
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Using Open Rate to Improve Multifamily Email Performance

Introduction The majority of industries rely on email marketing to promote their content and products and engage with their users. In multifamily, email marketing can help convert prospects to residents and retain existing residents. However, effective email marketing is reliant on multiple variables; namely: Open Rate Click-Through Rate Send Frequency Optimizing these three variables will enhance multifamily email performance and increase outreach. What is Open Rate? To begin, what is Open Rate (OR)? OR is one of several metrics that reflect the level of engagement prospects have with the content you send them. The higher the OR, the higher the engagement. Before proceeding, it’s important to define when an email is considered ‘open’. An email is considered ‘open’ only when images are enabled. Most emails enable images automatically. Sometimes though, users will need to enable images manually. Number of Opens Now that you know how an open email is defined, how are those opens counted? First, there are the number of opens. The number of opens is the number of times an individual user opens an email. For example, if a user receives an email and opens it 5 times, then the number of opens is 5. Unique Opens Alternatively, ‘unique opens’ is the number of unique people who have opened an email. Again, say a user receives and opens an email and then opens it four more times. The unique open is counted as one, the total number of opens is 5. How is Open Rate Calculated? Seeing as the OR is crucial......
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Multifamily Marketing in a Pandemic

Those who quickly adapt tend to thrive. This skill has become essential to many businesses since the pandemic began spreading in March.  A positive consequence of the pandemic is prospects are following suit with widespread use of digital tools, online commerce, and virtual engagement.    I recently played host to another lunch and learn which explored the challenges multifamily properties faced while trying to market to shifting consumer behavior during the pandemic. Guests Liv Gabrielsen, Director of Marketing for Bainbridge, and Scott Papenfus, Director of Strategic Partnerships for LCP360, chatted about the creative ways they’ve adapted efforts and the true impact the pandemic has had on multifamily marketing efforts.     Shifting Marketing Efforts  When asked about general big shifts  as a result of the pandemic, Liv mentioned  what most businesses have experienced, consumers embracing the digital experience.    “For multifamily, what it did is forced our industry to embrace all things digital as we saw stay-at-home orders. The COVID pandemic made us shift what we're doing to ensure we can meet consumer demands in a 100% digital environment.”   She added that the industry knew they would need to support  consumers' digital needs  eventually. The pandemic accelerated that  process.    “We've known this for years; it's been moving in this direction,” Liv says. “For me, it was still a little bit of a shock of sorts — how fast we had to lean into some of the things or behaviors we were already thinking about, then suddenly over the course of a couple o......
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Mind the Gap! Google's hotel VS apartments knowledge graph

Google Knowledge Graph for Hotels vs. ApartmentsGoogle’s knowledge graph is their biggest asset in taking down industry leaders. How close is Google’s multifamily Apartments Knowledge Graph to their Hotels Knowledge Graph? We take a close look: Apartments Knowledge Graph vs. Hotel Knowledge Graph When a user searches for a hotel, they are looking to do a few essential tasks: Get and compare a hotel’s basic information Get and compare a hotel’s pricing information Book a room Google’s knowledge graph for hotels supports all of the above functions. But, Google’s knowledge graph for apartments is not that far behind. It can do the first but not the second and third items. This is how the two compare on a search engine page: What’s Similar Between the Hotels & Apartments Knowledge Graphs? Both contain the basics, such as photos, links to maps, links to websites, etc. Hotel and Apartment details are found in both panels. Though, it seems a lot more thought has gone into the hotel’s description. Since reviews are a part of Google’s platform, there is hardly any difference here. What’s Different Between the Hotel and Apartments Knowledge Graphs? There are two essentials missing from the apartments’ knowledge graph: No amenities No call-to-action to “Apply” for a lease or even schedule a tour However, it is only a matter of time before Google adds apartment amenities and floor plan pricing to their Knowledge Graph. Once they do that, expect a lot of ready-to-apply leads coming from Google. In our next article we’ll do a comparison of these Knowledge Graphs on Google ......
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