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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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Structure Your Marketing Team Right: Start with the Resident in Mind

The best marketing organizations in the world know one simple truth – revenue sustainability and growth begins with the customer. In fact, Gartner predicts that a majority of companies will redirect their resources into customer experience innovations by 2018.   The need for a customer-centric experience is no different in the multifamily industry, where only 52 percent of renters said they enjoyed the apartment search process, according to a RentPath study. In addition, the majority of prospective renters are reviewing three or more websites before even visiting the community and making a purchase decision. In fact, 88 percent of prospective renters said they needed to see a property before they made a purchase decision.   It’s a multi-channel search experience, yet multifamily marketing departments remain structured around individual marketing channels rather than customer needs or segments. When structured in this manner, messaging is often fragmented and focused on optimizing their channel rather than enabling customers. Marketing success is measured by channel-specific metrics, such as likes, followers and click rates, instead of customer-centric metrics, like leases and renewals.   This approach leads to ineffective marketing and a disjointed customer experience. But with a little creativity and research, marketing departments can become highly effective teams that put the renter experience first.   Flaws in the typical hierarchy The typical structure of a marketing department in the apartment industry might look something like this:     The vice president of operations oversees the entire system, ensuring that each separate group is meeting its goal......
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Multifamily Marketing Trend | All Indicators Show Instagram is a Powerful Marketing Tool

Multifamily Marketing Trend | All Indicators Show Instagram is a Powerful Marketing Tool
Instagram, the remarkable app for sharing photos and video with clever and creative filters, just turned 3 years old. One surprising fact is that even though Instagram has built up a user base of more than 150 million people who have shared more than 16 billion photos(!), it has yet to make a single dime. All that is about to change as Instragram begins allow ads in photostreams before the end of the year. To compete with Twitter’s Vine, Instagram has also introduced the capability to record very short videos no more than 15 seconds long. The length and size of these videos makes them ideal for sharing. Here is a brief introduction to who is on Instagram now and how professionals in multi-family can take advantage of this valuable tool to generate new revenue. Instagram is ideal for marketing apartment complexes for a number of reasons. It can deliver stunning photos of properties to a targeted segment with searchable keywords that capture their attention. According to the Pew Research Center, Instagram is popular with young urban professional women, age 18-29, and draws a significant base of African American and Latinos. Those characteristics matches extremely well with the demographics of renters as identified by the National Multi Housing Council (NMHC). The NMHC reported that 57% of renters are under 30. In major urban centers in the US, apartments make up between 30 to 50% of the housing market. Single females are the most common household type for renters, representing 28% of renters of apartments b......
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