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How to Utilize Apartment Marketing’s Newest Weapon: TikTok

“Weapon” might sound a little medieval for multifamily, but when you look at the power of TikTok and the impact it can have on your lead generation, it feels like an appropriate descriptor.    Before we jump in, if your target renter is above the age of 40, then you likely don’t need to worry about learning and using TikTok for your apartment marketing. 60% of TikTok users are between the ages 16-24 and 26% are 25-44.   So, if your target renter is a Gen Z or a Millennial on the younger side, then your apartment needs to be on TikTok (even more so if your direct competitors aren’t yet).    The platform is video only, so it definitely takes some time and effort to make content for your apartment but it’s well worth it. As the current most popular app, many young adults are using TikTok to find apartments. Plus, unlike Facebook, Twitter, and Instagram, TikTok users watch videos with the sound ON. This means your message will actually be heard and you don’t only have to rely on visuals.    Here are three ways to utilize TikTok for your apartment marketing:   1. Make original content in bulk. Publishing consistent original content seems much less daunting when you create it in bulk. Try to set aside a few hours one day each week to create multiple videos.    The great thing about TikTok is it’s all about trends. There’s nothing wrong with starting out your TikTok journey by simply recreati......
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More Tenants, Less Effort: 5 Ways an AI Leasing Assistant Increases Conversions

No longer a far-fetched concept reserved to sci-fi movie plots, artificial intelligence is now an indispensable tool in your prospects’ daily routines. Think about it: Chances are you’ve posed a question or two to your favorite AI assistant today, whether that’s Google, Siri, Alexa, or else. Maybe you needed directions to a meeting, store hours for the nearest pharmacy, or a rundown of your calendar appointments — and you had no time or desire to read through a website, call customer support, or click through a handful of dashboards. You wanted answers in seconds, and AI delivered it.  Likewise, the tenants you’re trying to attract have a serious digital addiction and craving for instant answers. It’s why AI leasing assistants are no-brainers in delivering measurable improvements in conversions, engagement, and revenue.     Below are five ways an AI Leasing Assistant will bring more tenants to your properties: 1. Satisfy consumers’ craving for easy self-service and instant gratification Today’s consumers expect the same ease, immediacy, and anytime/anywhere access they enjoy from online retailers and media platforms. Fail to deliver those experiences and they’ll jump ship to a more responsive website, sinking your profits. Astute multifamily property marketers understand that to remain relevant and profitable, they must compete on the battlefield of user experiences, often measured against the ease and speed of Siri or Google. AI Leasing Assistants make that possible.   Speaking of speed and ease, todays’ consumers also don’t want to talk to a sales rep until they’ve completed some basic research, narrowed thei......
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3D Floor Plans, Virtual Tours, & Renderings- A look at how virtual tours can increase pre-leases.

    Pre-leasing can make or break the success of a new apartment community, especially in today’s competitive multi-family market. Adding assets like 3D modeling, virtual tours, and interior renderings allow developers, property managers, and real estate marketing leaders to create more interest in their properties before the construction process is complete.   By using these tools in your marketing plans and content you are able to connect with future renters and give them the visual information they need to make a decision on whether or not your property is the right fit for them at an extremely pivotal time in their buying journey.    1) Why Would I Want a Virtual Tour or Interior Rendering? The obvious answer here is that it is literally impossible to showcase what your spaces will look like without these assets while your property is being built.  3D floor plans, virtual tours, and interior renderings give you access to digital assets that can accurately and effectively present your property's key features when it is physically impossible to show them.   2) What Makes a Good Virtual Tour or Interior Rendering? Accuracy. The purpose behind creating these assets while your property is still in the construction or developmental phase is to accurately present what the interiors and exteriors of your spaces and units will look like. The idea here is to be as close to a real photo or video as possible. Having photo-realistic visuals ensures that what future renters are seeing matches what they wil......
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Covid-19 How Your Apartment Leasing Strategy Can Stay Ahead of the Next Potential Lockdown

  If 2020 taught us anything, it is to expect the unexpected. In 2020 Covid-19 took the entire world by storm. Life and business as we knew them were completely changed (and in some areas lost forever). The "out-of-nowhere" nature of the pandemic left everybody scrambling to simply survive. While we have made significant strides in terms of understanding the virus and taking the necessary safety precautions, there is still so much unknown about the virus and life as a whole.   Take the last week of July for instance. The CDC estimated that there was nearly a 44% increase in daily COVID cases reported. This in combination with the new variant makes the potential for another lockdown not just a possibility, but reality.   As an apartment marketing professional or property manager, you understand how vital in-person interactions with future renters are. Whether your specific state, city, or county decides to issue a "lockdown" mandate or not future renters will ultimately make their own decisions. So, The question becomes, "If people are on lockdown how will they be able to see what our community and units have to offer?" Virtual tours and photorealistic renderings are both great ways to continue connecting with renters when face-to-face interactions are extremely limited or not possible.   Here are a few ways virtual tours and renderings can help your community withstand another potential lockdown.   Don't Leave Anything to Chance   With the total weekly number of cases rising at a rate we ......
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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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Demystifying Machine Learning and AI in Multifamily Marketing Analytics

Demystifying Machine Learning and AI in Multifamily Marketing Analytics
Overview Machine Learning and Artificial Intelligence (AI) are oft-cited buzzwords in our contemporary conversations about property operations and analytics -- but what are their meanings and, more importantly, how can their application benefit multifamily business operations?  If you are encountering these concepts in internal meetings, vendor presentations, and sessions at conferences -- but wish to take a deeper dive, you've come to the right place.  This article aims to demystify the concepts of Machine Learning and discuss their role in the broader context of Marketing Analytics.  So, first, the terminology..... What is Machine Learning?  How is it different from Artificial Intelligence?  Machine learning is a method of data analysis used in computer software to identify patterns in data and make recommendations for optimization based on those patterns.  Artificial Intelligence is a broader discipline, that includes Machine Learning -- but also represents a higher level of cognition. An example of Artificial Intelligence technology would be in certain types of robotics, where a more human-like sense of reasoning would be applied -- such as with self driving cars -- whereas Machine Learning is more focused on analysis and logic.  In this article, we will focus on Machine Learning, as a fundamental concept for building Marketing Analytics systems.  How does Machine Learning work?  The basic principle of Machine Learning is that it takes a set of assigned data; finds patterns within that data; builds a model around those patterns; then tests and refines that model to make recommendations based on the patterns in that data.  What are......
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Financial Amenities Support Residents and Operators Alike

Financial Amenities Support Residents and Operators Alike
Apartment perks for residents vary by community, from an incredible amenities package to resident events, local business discounts and everything in between. These are nice incentives for prospects to move in, but there are other ways to make a positive, long-term impact in residents’ lives that simultaneously support owner/operators. Financial amenities are emerging as the next distinct amenity offering at apartment communities. From flexible payment options and budgeting tools to credit building, financial amenities help support on-time, in-full payments and boost resident morale. These amenities provide a huge benefit to owner/operators as well by proactively reducing delinquencies. Residents are in a precarious state of financial health, especially coming out of the pandemic, and owner/operators are at higher risk of bad debt when residents have unstable finances. According to a 2020 American Payroll Association survey, nearly 69% of Americans say it would be somewhat or very difficult to meet their financial obligations if their paycheck were delayed by a week.  Here are some of the reasons financial amenities can make a positive difference for residents, and in turn, reduce bad debt for owner/operators: A Proactive Approach to Bad DebtBad debt has become an even larger issue plaguing the industry after the pandemic. According to an Aspen Institute study in August 2020, about 12.6 million households are at risk of eviction, and TransUnion estimates that it costs operators on average $3,500 to evict a resident. Based on this average, evicting 12.6 million households could cost the rental housing industry $44.8 billion. The late f......
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Connecting delights the mind.

Hi everyone!

I hope you are ready for a great day.

I came across this quote below and it got me thinking about how much connecting we do within our industry.

 



I love connecting people places or things that are going to be the best fit for them. It has always delighted my mind!

Think about this.

We –

Connect prospective residents with the right community.

Connect those same people with others within the community through events and social media.

Connect residents to things to do, dining options, shopping, parks and everything else you know about your area.  

Connect on site staff with the right vendors and vice versa.

Connect people who don’t know our industry to fulfilling careers within.

Connect on site staff to the right company and career path.

Connect them to data so they can make informed decisions about growth, rents, target markets, sales routes, and more.

It’s a great feeling to see people connect, and if I can in any way help them find the perfect home, career, vendor, or whatever they need I know I have a tribe of awesome RPM professionals to reach out to!

It’s RPM careers week and I’m so grateful to have connected with this industry that has provided me with so many people, places, and things over the last 17 years. Cheers!

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Can Netflix Influence Multifamily?

How many Netflix movies or shows have you binged that would have never been on your radar if it weren’t for the personalized recommendations that show up every time you log in? Or, what about Amazon and the recommendations they serve you every time you visit their website based on a previous order? The point is, that other verticals can help influence the multifamily industry and how we market, lease, and engage with prospective and current residents. So, what sparked this idea? In case you missed it—Kristi Fickert, VP of Enterprise Growth, and Angie Lombardi, VP of Marketing at The Franklin Johnston Group hosted a webinar where they discussed why teams need to stop leasing new apartments with old strategies. Impressed by the number of takeaways, below are three of my favorite takeaways! 1. Use Personal Experiences and Apply It To Multifamily Look outside of multifamily and follow other industry leaders or companies who are creating great personalized experiences, such as Netflix or Amazon. It doesn’t cost you anything to hit the “Follow” button. Other industry leaders, even outside of multifamily, may help you spark up an idea. 2. Automation is Important, but Personalization is More Important Personalization is not just saying “Hi, [name].” You need to customize your automation to fit each prospect’s needs based on their behavior. Website heatmaps are known to help identify that! 3. Video Is Powerful Customers want options, and incorporating personalized videos into the leasing process creates a more authentic and efficient process for the prospect – even......
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Taking Target Personas a Step Deeper

Understanding your target tenant is among the most important tools you’ll need to drive leasing. I’ve participated in or conducted over 50 creative discovery meetings for multi-family properties, and just about every one has included a discussion about Target Demographics. Why? Because they’re relevant, insightful, and entirely necessary to develop a strong marketing plan that will drive traffic and leasing. But they are nearly always flawed… or at a minimum woefully incomplete.  Here’s why: Many national developers and management companies rely on large scale enterprise level solutions – tools that have been created to churn up data and spit out findings. While these tools have their place and can be very helpful – Esri’s Tapestry Segmentation tool is a great example – they also generally miss the meat of the story.  Good marketing is about making connections. Personal connections that drive an emotional response. We live in a hyper-catered world – ads are served to us based on purchasing decisions, web browsing data, and even conversations our phones hear us having. We’re conditioned to respond to advertising that’s pointed directly at each of us individually. And it works. According to research completed by Salesforce, 52% of consumers are likely to switch brands if a product they’re using doesn’t make an effort to personalize its communications to them. Let's get back to personas. If we’re going to market directly to our best prospects, we need to know more than the zip-code based demographics these big firms churn out. Our neighborhoods don’t change every five, or ten, or twenty m......
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