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Apartment Marketing: Get REady, Get SHARP - Call your ILS Account Rep!

Apartment Marketing: Get REady, Get SHARP - Call your ILS Account Rep!

 1/12 of the year is over, and the clock is ticking. Have you made progress towards your occupancy goals, or have you started the year off already behind? Your PRIME leasing season is coming - are you ready? Whatever the case, the best way to maximize your upcoming leasing opener is to call your Internet Listing Service (ILS) account rep TODAY.

Why?

#1: ILS's for the apartment industry are your BIGGEST source of traffic.

#2. Because you are UNDERUTILIZING all that they offer.

It's time to Get READY, Get SHARP, CALL! Work smarter and pull ahead of your competition. Your ILS partner can help.

(Picture provided by ShellyS on Flickr through creative commons license.)

ILS technologies change all the time. In the apartment industry, we complain all the time, and the few people who actually listen to us and DO something about it is our ILS's. The technology changes constantly, there are new marketing/advertising packages out there, new reporting capabilities. Want to know what is working and what isn't working? The one person who would know, AND willing to share with you their vast sea of knowledge is your ILS representative. The advice, training, and information your Internet Listing Service representative can bring you could amount to HOURS of research, hundreds of calls, and a TON of reading. Your rep can shave HOURS out of that process and share with you the information YOU need. And the price can't be beat - it's usually part of doing business.

Here is a list of things to discuss with your ILS representative so that you can better utilize their technology:

  1. Where are you ranked in search engines in my target market/demographic? Your ILS should (at the very least) be on the first page of google.
  2. What target demographics/target markets work best with your service? Not every ILS is the best in every market or every demographic. Your rep should know what their sweet spot is, and most times, they are honest enough to tell you. Some ILS's that work awesome in Minneapolis, may not work so well in Houston. KNOW which ones know YOUR market & demographics.
  3. How much traffic should I expect from a listing? Ask for averages in your market, or for your type of demographic. This should be a baseline you can use to analyze if your internet listing is working or needs tweaking.
  4. What search terms come up for my type of property/market? What search terms are over-used? Your representative should be able to tell you what search terms are working, not working.
  5. On average, what techniques will boost the traffic? What techniques will lend to keeping a prospect on my add longer? Your representative can normally tell you what drives traffic, what keeps prospects engaged. On some ILS's, it could be the number of pictures. On other ILS's, it could be the presence of a video. Whatever the case, make sure you are asking about it in terms of YOUR market/YOUR demographics.
  6. Do you have someone available to take pictures or video? What is that cost? So many times, apartment communities decide to try a new ILS, and the pictures they use are AWFUL. If you're going to pay for a listing, spend some time to get the pics/video/details right! Some ILS's may offer to take the pics for you, or can recommend someone in your area at a decent price. ASK you representative. They may have some creative ideas.
  7. What analytics/reporting do you have available? AND, how do I read/interpret the results? If you are NOT utilizing the analytics of your ILS, you aren't using your ILS properly. There is A LOT to be learned from analytics. Depending on the ILS, and the detail of reporting provided, you can at least learn how people find you, when they find you, and how many are finding you. If there are advanced report/analytics available (not all ILS's provide this, but many do), it can tell you the key words people are using, where they are coming from, how long they were on your listing, etc. With this information, you should tweak your ILS listing to boost traffic and keep people engaged on YOUR listing.
  8. Do you have any packages/bundles/specials available? Just like most services, they more you buy, many times, there is a discount. Sometimes the discount if for volume  - i.e. number of properties listed. Sometimes there is a bundle available, whereby you can get the regular ILS, and for an additional $XX.00 you can also get some other premium service as well.
  9. Now that you have your ad written up, and your apartment community's pictures posted, ask your rep to take a look at it and critique it. They see hundreds of listings all the time - and they can spot a winner from a loser a mile away. THEY are like your Simon Cowell. Listen closely, and you can glean MUCH from their expertise!
  10. Is there anything else I can do to boost my traffic/leads/closing?

With your ILS representative, ask, and you shall receive, you will become more successful, and you'll maximize your advertising/marketing dollars. And people: Be nice. These are some of the smartest, most generous sales people in the industry. They want YOU to be successful - as in turn, THEY are successful! Work with them, and it will work out well for your apartment community's marketing plan.

In this market even a small competitive edge over your competition could mean the difference between making your budget and NOT making it. Sharpen your tools now, BE ready, and make 2010 a GREAT year.

ILS: Are there other questions people should ask you? What is YOUR "sweet spot?" What is your advice on how to be SHARP amidst a sea of ads online? Leave a comment and share your experience. Feel Free to leave a link to your ILS service.

Get READY, Get SHARP, CALL!

Don't get it?  RENT SODA. GET IT!

-Daisy Nguyen in Minneapolis, Minnesota MN

Daisy Nguyen is owner and CEO of RENT SODA, a business, operations and marketing consulting company. Become a FAN of RENTSODA, connect on LinkedIn, FOLLOW RENT SODA on Twitter, visit her website, RENT SODA, or read the blog, RENT SODA, Don't Get? GET IT! for more information and regular blog entries.

 
This comment was minimized by the moderator on the site

Ian:

Your community and staff has a lot more control with closing ratio's. It would be unfair to say what a "reasonable" closing ratio is. It's probably un realistic to expect the online ad to close the sale for you too. Then we wouldn't need leasing agents! :-)

However, I would talk to the leasing agents and see what their feedback is. Is the traffic qualified or is it bad traffic? If it's qualified traffic, and your conversion rate is lower, I have seen this from many of my clients. With so many deals going on out in the market place, most propsects are seeing 5-10 apartments and weighing their options before making a decision. In the past, most prospects saw at MOST 5 apartments and then made a decision. Your leasing agents will need to be very good at closing the sale. AND, your community must look its best, operate its best, and if not, than look at the pricing.

Now if you leasing agents tell you its unqualified traffic, then you need to talk to your ILS rep, and see what kind of changes need to be made to get more qualified traffic. If people are coming in that want as $500.00 apartment, and your apartments start at $1000.00, that's a qualifying problem. More information on your ads can help that, but that may drop your internet traffic. You'll have to make a decision if lower qualified traffic is what you want or LOTS of traffic - even if unqualified.

Hope this helps!

And lastly, I would also encourage a closing class or training for leasing agents. In this economy, its easy to feel "rejected" because of the closing ratio. Refresh them, excite them, give them something to sell!

  Daisy Nguyen
This comment was minimized by the moderator on the site

Thanks for the great post Daisy! There has been a lot of anti-ILS sentiment out there lately, so it's good to see some positive feedback.

I cannot agree with you more about how the quality of property photos affects your ad response. All properties are REQUIRED to have at least one photo to list on hubbuzz.com because we know our users won't even consider an apartment without visuals.

Almost as bad as having no photo at all is having dark, blurry photos of cluttered spaces. These photos show prospective renters that your property doesn't operate in a professional matter and might not be kept in good condition.

Also, just like with social media, it's not enough to initiate a listing. You have to consistantly review, revise and update its information. It's difficult for us to generate qualified traffic if your prices or contact information are 2 years (or even 2 months) old

  Hubbuzz .com
This comment was minimized by the moderator on the site

Great post, Daisy. Indeed, those ten points are all good things to discuss with your ILS rep.

At MyNewPlace, we have been getting a lot of good responses about our Move In Match Up, where we identify which MyNewPlace leads have turned into leases.

Our Account Reps and Sales team members can help provide that information, as well as the information that Daisy mentioned.

Personally, I can provide information on city rental trends, so you can reach out to me directly for that. I can be reached at [email protected].

To get in touch with the Client Services team, just call 800-597-6510 or email [email protected] if you don't have a direct contact.

  Matt DiChiara
This comment was minimized by the moderator on the site

Katie: I agree! It's always amazing when I see internet listings that have NO pictures or bad pictures! Why bother spending the time or energy if you're not going to try to make it successful?

Matt: I didn't realize that MyNewPlace.com on match up information, as well as city trends. I am an analytical geek, so love it when people can use data to back-up their product. It's good business! I was just in a meeting today, and the bulk of the meeting was focused on defining what "good" data was, and how to get "good" data. Everyone around the table was a CEO or Owner/Investor or high level exec - and ALL of us wanted real data to prove it.

  Daisy Nguyen
This comment was minimized by the moderator on the site

Love the post. Great insights throughout it. Two points I'd like to add. First, we have started having candid conversations with our customers to ascertain what they view as successful results before we begin to manage expectations. We have some customers who are happy with 3 leads a month ($25-33 per lead in our case) and others who expect 15 leads per month ($3-4 per lead in our case), sometimes in the same submarket! We have found it helpful to have these candid conversations up front and to share historical data to see if we're a good fit before agreements are signed. Second, our site is only as good as the data we receive. Poor pictures, excessive use of custom fields rather than MITS standard fields (e.g. not selecting Swimming Pool but rather typing in a description of the swimming pool as a custom field) and out of date rents do not do anyone any good. Especially in these economic times, it makes sense to do the best you can on every front, and it only takes a small investment of time to maximize the results of your ILS ads.

  Ellen Thompson
This comment was minimized by the moderator on the site

Ellen: TOTALLY agree! Realistic expectations are KEY.

I find it so funny (and not so funny at the same time) when I see listings that have blurry pictures. It sends such a bad message. BUT, from a competitive standpoint, I LOVE the listings with blurry pics, as it just makes MY listings stand out that much more! :-)

-Daisy

  Daisy Nguyen
This comment was minimized by the moderator on the site

All great ideas, I'll pile on and suggested that you ask your ILS partners what their plans are for marketing, from dollar amounts to types. As with your own marketing, you want to make sure you're partnered with someone who is looking to increase their share of traffic.

  Ed Javier

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