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Using Micro-Targeting to Fill Your Rentals

Using Micro-Targeting to Fill Your Rentals
With the world of advertising seemingly getting turned on its head every month, marketing your properties can be a maddening task, and property managers are reacting in different ways to stay ahead of the game. One phrase that is likely to become a staple in landlord jargon is “micro-targeting,” a growing practice that already has CEO’s heads turning. Landlords and property managers in niche markets are turning to micro-targeting to keep their properties filled year-round, and finding some real success. Although the practice might not be suitable for some, it has already proved a valuable tool for landlords across the Internet. What is Micro-Targeting? For landlords, micro-targeting is, in short, finding the right people for your property, and it’s been noted as one of the most important emerging trends in real estate. Whether it’s performed through the evolving mediums of social media and property listing aggregation sites or more old-school landlording methods, micro-targeting allows you to target niche markets and demographics that you think are the most appropriate fit for your properties. Here’s a basic, intuitive example: if you own a property adjacent to a bustling college campus, you’ll likely want your tenants to be college students; they’ll fit into the neighborhood because they’re already a part of the community. You’ll be less likely for them to grumble about the noisy students next door if they’re like-minded students themselves. On the other end, if you have a property next to a large corporate headquarters, trying to get industry professionals into your door could be an apt decis......
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CRM 101: 5 Value-based Questions to Optimize Leasing Outcomes

CRM 101: 5 Value-based Questions to Optimize Leasing Outcomes
As an industry, multifamily runs one of the biggest sales teams in the country. This means that we must regularly evaluate our marketing and operations strategies to ensure that we’re investing in our leasing teams’ success in meaningful, technology- and data-driven ways.  The key to building a strong sales team in any industry will often come down to the customer relationship management strategy you've deployed. Salesforce, the largest CRM company in the world, defines CRM as, “technology for managing all your company’s relationships and interactions with customers and potential customers.”  I take that one step further to say, CRM and lead management technology need to deliver value to your bottom line. If you invest substantial time, money, and energy into front office solutions that don’t drive NOI growth, then why bother?  Evaluating CRM (and yes, you definitely have one) for Value Multifamily CRM solutions come in all shapes and sizes, from handwritten sticky notes and spreadsheets, to top-notch point solutions, to enterprise front office platforms. By nature of the multifamily business -- responding to and engaging with prospects and residents -- you are already executing a CRM strategy. The question is, how much real value is your current strategy creating for your business?   Some questions you can ask yourself, your teams, and your broader organization to better understand how CRM is currently impacting your NOI (positively or negatively):  How confident am I that I have fully maximized my NOI, or would I like to improve it further? How happy are my leasing tea......
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In-Person Tours vs. Virtual Tours: Where is Apartment Marketing Headed?

When COVID-19 hit, there was an undeniable rush for apartments to offer more virtual tour options on their websites. There seemed to be an initial fear that if you didn’t have comprehensive videos and organized virtual tours, you’d be left behind and lose out on new leads. This is understandable with lockdowns quickly taking effect and whole cities coming to a screeching halt. However, was this a knee-jerk reaction from our multifamily community? Did we start changing our systems and strategies before taking stock of resident behavior?  While being proactive is essential to staying afloat in our industry, especially when the world completely shifts, my inclination is that we jumped the gun. We dove in before assessing the tide. For example, I had a surprising number of clients reach out to inform me that the locals in their respective areas were adamant about continuing in-person tours. Based on this, I continued to market in-person tours when quarantine was not in effect.  Personally, I feel like within days of the outbreak I saw on an onslaught of blogs covering the topic of how to lease a site unseen. I think this was helpful for a range of small properties that might not have known where to even begin with virtual tours. However, it wasn’t until about three months into the pandemic that I saw a shift in article topics due to data and information concerning resident behavior.  To recap a significant trend: retention rates rose. In the month of April, the industry saw a......
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What 2020 Has Taught Multifamily Leasing Professionals About the Power of Human Connection

What 2020 Has Taught Multifamily Leasing Professionals About the Power of Human Connection
As 2019 came to a close, the world felt tired, overworked, and even “peopled out”. The overall sentiment in those early days of 2020 boiled down to a two-word phrase: burn out. Gallup’s research results showed that around 45% of Millennials experienced “sometimes” burnout. 45% is a massive number. 2020 was expected to be more of the same – some predictions even seeing that number climb. And then the COVID-19 pandemic slowly began to emerge in China, making its way to the United States in early March 2020. The pandemic caught us off guard and threw the entire world into upheaval. When was the last time the entire world faced an event of this magnitude? If we had told our 2019 selves that shaking hands would be banned, the Olympics would be postponed, parents would become teachers, and news segments would be held via Skype from broadcasters’ dining room tables, we wouldn’t believe it. And while 2020 has rocked us, it has also been a gift in that it has taught us many important lessons. It’s forever changed the way we conduct business. And, most importantly, it’s taught us that we weren’t actually “peopled out” – but rather, we’ve been craving meaningful human connections more than ever before. Don’t miss the keyword: meaningful. Trust. Authenticity. Transparency. Rawness. Let’s take a look at a few of the lessons we have seen firsthand through our innovative multifamily, hotel, and corporate housing real estate industries: COVID-19 as a Forcing Function For Innovation As the pandemic slowly forced businesses around the world to close their brick and mortar d......
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8 Post-COVID Property Management Predictions


 

Working from home and hosting virtual meetings.

Sanitizing groceries, packages and literally everything else you might touch.

Finally getting see Hamilton, and without having to spend $849 for a ticket!

Things are...different...now. 

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Controlling the Chaos: 5 Ways to Carve Out a WFH Space

Controlling the Chaos: 5 Ways to Carve Out a WFH Space
We’ve all seen photos and memes posted across social media of makeshift work from home set ups. Everything from stacks of toiler paper, strategically placed cases of bottled water, and even ironing boards for those who prefer a stand-up desk.  Many apartment renters have had to get really creative on the fly in order to remain productive in their jobs.  Our SatisFacts COVID-19 National Renter Study found that 44.7% of renters in Round 3 said their biggest challenge when attempting to work from home is not having a dedicated workspace. Respectively, Rounds 1 and 2 were 38.8% and 36.4%.  The struggle is getting real for those renters with no end in sight when they will be returning to their usual work environment.  Let’s imagine someone living in a 1-bedroom home.  In a traditional floorplan layout, one can expect a living/dining room, kitchen, bathroom, and bedroom.  If the home is without additional features such as a breakfast bar, separate dining room, recessed computer alcove, or a larger than usual bedroom, establishing a dedicated home office space may be challenging.  This pandemic has created an opportunity for our industry to reimagine how renters live in their homes today.  For those communities without additional square footage to transform into a workspace, here are 5 creative ways to make a 1-bedroom effective for those working from home.  Ditch the dining table – Traditional dining room sets may not be practical given society’s penchant nowadays to enjoy a meal while catching up on the latest episodes of popu......
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Does Your Property Website Create These 5 Feelings?

Does Your Property Website Create These 5 Feelings?
If you’re puzzling over how to increase property tours and leases, your property website may be the missing piece. Sure, your multifamily team posts dazzling photos and highlights the amazing amenities, but does the website invoke any strong emotions or inspire prospects to take action? Or, is the site simply an online brochure that’s static, and just like every other property website in your market? Multifamily brands that treat the property website as a top leasing tool, like another leasing specialist on staff, collect and convert more online leads to leases. As an on-site leasing agent works to establish good rapport with rental prospects by being helpful, your property management website should also guide website visitors along the leasing journey and build a connection with prospects using a personalized approach.  Figure out how to move prospects emotionally and you’ll move them closer to signing a lease. Create these 5 feelings with an innovative property website that leverages artificial intelligence to win over online visitors, while increasing tours and leases. 1.  Welcomed Acknowledge online visitors the moment they land on your community’s website. Welcome them with a personalized message and offer to show them around the website with a quick virtual tour or point out some of the helpful tools you offer on the site to get them started.  Sending each lead an automated email after their initial visit is another way to show prospects you’re happy they visited the property website and invite them back to continue their research. Use AI technolog......
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Increasing Demand by Examining Your Pet Policies

Increasing Demand by Examining Your Pet Policies
As the economy starts to open back up and people begin to resume parts of their daily lives, apartment operators will look for ways to quickly recover from the impact of the global pandemic. They are vetting and implementing technology to create even more efficiencies in the leasing process, and working to eliminate as many touchpoints as possible to make remote leasing an efficient process. Another impactful way for apartment operators to spur a quick economic recovery is to increase demand at their apartment communities. A simple supply-and-demand analysis will reveal that while apartment supply is still strong, the pandemic has created a hesitant attitude among prospects to move. Especially as most operators did not hand out renewal increases during the past few months, as residents were sheltering in place. Most residents looking for a new home during the traditionally busy leasing season of summer might actually be staying put for the next 12 months. So how do apartment operators increase demand? One of the more innovative answers might be unexpected but obvious: Pets.  The pandemic also brought to light that many residents will want and need pets as part of an emotional support system. As such, shelters sat empty while people rushed to foster or adopt pets while sheltering in place. That could increase the rising number of 67% of U.S. Households that own pets, which has steadily increased from 56% in 1988 according to a 2019-2020 pet owners study by the American Pet Products Association.  One of the ways......
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What to Post on Your Property’s Social Media in a Coronavirus World (3 Tips + 6 Content Categories)

There are two realities for the multifamily industry in a coronavirus world:  Reality #1: The priorities and routines of your renters have shifted indefinitely. Reality #2: Your social media strategy can’t stop, it must adapt. Four months into the pandemic and it still seems we are all getting our bearings when it comes to being active on social media. But it’s time to settle into the new normal and start connecting with your audience to meet your goals. When COVID-19 hit, there was a lot of speculation that the multifamily industry was going to experience a significant recession, but in reality, our sector has fared more favorably so far than other sectors like office and retail. If anything, this fact is more motivation to restart the heart of your social media strategy.  Here are three tips we recommend to include in that strategy:  Post in Real-Time (AKA Limit Scheduled Posts) Depending on your normal routine for posting on social media, you may be used to planning out content weeks in advance and scheduling them ahead of time. We recommend to schedule less and publish more in the moment. Often, scheduled posts that are more sales-focused and promotional come off as stale or rehearsed. When your renters see you being authentic, they will respond likewise. Prioritize Conversations Over Clicks This is a hard one to get behind — we know.  However, it’s imperative that you place more emphasis on engagement. New leads and leases will come over time, but you can very quickly......
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New Study Shows Transparency Appeals to Prospective Residents

New Study Shows Transparency Appeals to Prospective Residents
The resident’s customer journey is being turned on its head during the unprecedented Covid-19 circumstances. Apartment marketers are faced with new challenges on how to “set themselves apart” from the competition. Sure, social media and other marketing trends continue to evolve, but when it comes down to the resident signing the lease, it’s the pricing action for the apartment home that drives their decision to lease. Transparency of this information is quickly moving up the chart of desirable data points that prospective apartment residents seek, according to a recent national poll of 500 residents, the plurality of them who pay between $500 and $1,500 in rent, earn $25,00 to $100,000 and live in a mid-priced apartment with modest amenities, according to independent survey firm Digible, who conducted the survey in 2020. Taking out the obvious factors – rent rate and location – many multifamily operators are surprised that security deposit (66%) and move-out charges (56%) rank third and fourth, respectively, in these residents’ minds, in terms of information the resident would use to decide where to rent. However, the security deposit amount and move-out charges are typically undisclosed by apartment communities. What if this weren’t the case? There are platforms that make this information available to prospective residents, and score it to give prospects a greater sense of their overall rental expenses. It’s a tact that residents say they prefer: 83% said that knowing deposit and expected move-out charges would be very influential when deciding which apartment to rent. 58% said it would influenc......
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