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6 Infrequently Asked Questions About Multifamily PPC

What is multifamily PPC (pay per click)? How does it work? What is a conversion? Multifamily PPC is a very complex and often misunderstood component of a successful apartment marketing strategy. But let’s skip past all the humdrum, and answer the questions you really want to ask, but rarely do.   I’ve heard it’s cheap. Is that true? The nature of multifamily PPC is that you can spend as much as you want. So if you’re looking to go low-budget, that’s technically possible. The real question is one of ROI (return on investment). Maybe you can spend 10 cents to make $10, or you can spend $1,000 to make $100,000. Which would you prefer?   I’ve heard it’s expensive. Is that true? See above. Your budget drives your cost, up or down.   I just got this card in the mail for free AdWords. Can’t I just do it myself? Absolutely! It is definitely possible to do Google AdWords on your own. However, working with a digital marketing agency brings the benefit of experience. An agency can integrate AdWords into a broader apartment marketing strategy which may include other media. That leaves you to do what you’re skilled and experienced in: running your business!   What’s the biggest mistake I can make in multifamily PPC? The biggest pitfall in multifamily PPC is throwing money blindly at bids with no consideration of landing pages. In all online advertising campaigns, landing pages play an obvious role in the magic alchemy that changes traffic into profit, but ma......
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New Construction Marketing Experience

Introduction So you've broken ground on your new property...Now what? Traditionally, construction is completed and then marketing begins. Often, this leaves nearly a year (or more in some cases) with zero outreach. In a perfect world, you would collect and nurture leads, blast emails, and market your property while it's being built! Not to worry, this world is not a Stranger Things parallel universe; it exists right here, right now.   New Construction Marketing NCM - New Construction Marketing - is marketing that allows you to market your property before the roof is even on. With New Construction Marketing you can: Collect & Store Leads Engage & Nurture Leads Distinguish Leads Outreach Quickly & Easily Migrate Leads to Your CRM   Collect & Store Leads Instead of your regionals and marketing directors dealing with leads they don't have time for, a good NCM experience collects and stores leads throughout construction so you never miss an opportunity. Make a Splash...Page Consider this, a good NCM experience starts with a splash page to direct and engage prospects to your property website. This allows you to showcase your future property and begin collecting leads.   Engage & Nurture Leads Engagement, tracking, and nurturing is time-consuming especially with no established staff during construction. NCM experiences automate these processes allowing you and your team to simply set it and forget it! Starter/Full Marketing Drip After your splash page is up and running, a good NCM experience offers a series of blast emails and drip campaigns. These emails feature your......
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Effective Marketing: 4 Ways to Improve Your Rental Advertising

Effective Marketing: 4 Ways to Improve Your Rental Advertising
Believe it or not, the first ever paid advertisement in the US was for an estate in Long Island that was posted in the Boston News Letter way back in 1704. Keep that in the memory bank for office trivia night. Now I’m sure you’re aware, but marketing strategies have changed quite a bit since that first American ad. Landlords now rely on online listings, social media ads, and even virtual property tours. Very modern right? However, even since the 1700’s, the goal of any rental listing hasn’t changed. It has always been to say “My properties are awesome! Come check them out.” Here are a few effective marketing tips to make your properties catch the eyes of prospective tenants and fill some vacant units in this competitive market. #1 – Know Your Target Audience By far the most important aspect of effective marketing for any business is knowing your target audience. We will come back to this step throughout this post because it’s so vital. Before you start any advertisement at all, ask yourself: “Who is my ideal tenant?” After you decide who that is, then there’s a few more questions to dive deeper and get you on the right track. What kind of events does my ideal tenant attend? Where do they visit? And what features do I offer that will attract them? There is no better resource then your current A+ tenants. Talk to them and find out those answers so you can go from identifying the right tenant, to knowing the right ten......
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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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4 Tips for Staging Rentals: Small Changes Make a Big Difference

  While some might think that the added process of staging rentals is only important for selling homes or renting big complexes, large or small, a tenant’s first impression is something you can never get back. It’s hit or miss, and when you’re looking to have someone sign on the dotted line today, it’s important that you hit from the moment they walk in. According to celebrity stager Meredith Baer, staged homes sell 88% faster and usually collect 20% more on asking price. Apply that theory to your rental and you’ll be signed and off the market in no time. So, where do you get your professional hollywood stager? Spoiler alert: you don’t need one. According to the National Association of Realtor’s 2017 Profile of Home Staging, tenants are more focused on the tidiness and overall condition of the apartment, rather than any decorative additions. Simple things like cleaning and de-cluttering helped 77% of clients to more easily visualize the property as a future home. Read on to find out how you can make these small changes to deliver a big impact. De-Clutter: Out of Sight, Out of Mind Typically, tenants are required to take everything with them when they go; however, there is the occasional tabletop or wall-mounted storage that sneaks it’s way in. Be sure to clear everything from the apartment before staging rentals so that your future tenant can let his or her imagination run wild. If they’re going to make it their own, they’ll want to start with a blank canvas. And if you’re showing a pr......
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How to Improve Your Rental Website

As digital searches increase and consumers become decidedly more connected to the Internet, finding ways to improve your rental website is more important than ever. The Housing Search Begins Offline, but Quickly Moves Online “For Rent” yard signs and external marketing are still great ways to get your inventory noticed and your brand out there, but they don’t result in immediate calls anymore. Renters want to see pictures of the inside of your properties, details on the amenities, and to assess your quality as a landlord. The first thing they’re going to do after taking notice is jump on the Internet. You probably know this already: you don’t need a comprehensive, nationwide rental housing study to tell you that most tenants consider the Internet an extremely important part of the rental process (but here’s one anyway). You’ll rarely find a prospective tenant that hasn’t visited your website or found you on one of the many listing sites like Rent.com and Zillow, so finding ways to improve your rental website is extremely important. Reviews Matter 91% of consumers regularly or occasionally read online reviews on Google or industry specific sites, particularly before making a purchase. 84% of people trust online reviews as much as a personal recommendation. Your renters will almost certainly see reviews of your business before they speak with you and it will likely make a major impact on their decision to rent or not. It’s important there are a number of positive reviews available. Of course, positive reviews all start with positive management, ......
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5 Things You're Doing Wrong When You're Trying to Lease Your Apartments

I'm sure you're doing a lot when it comes to apartment marketing. After all, no one wants to have empty units in their communities—that's potential income just sitting there. Plus, you gotta admit, it's a little spooky. 

But when it comes to marketing, there are certain missteps that people make that can lead to missed opportunities. Are you making them? I'm not here to judge (well, maybe a little). Here are some common mistakes that you should avoid when you're trying to lease up your apartments.

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An Unexpected Multifamily Alliance

Marketing teams today have a number of stakeholders. And we’re responsible for communicating effectively to all of those key stakeholders and to cater those communications based on their specific needs and interests.   For instance, on-site teams need training on marketing tools, resources for resident and prospect communications and a steady amount of leads. While operations teams need reporting and analysis. They need to know the marketing budget is working to its best ability to drive qualified leads and reduce exposure.   There are secondary stakeholders who need to be considered as well, such as fellow marketing team members, marketing partners and other internal teams. But as an industry, marketing has overlooked perhaps one of its most important audiences. Our maintenance teams. After all, “Product” is one of the five Ps of marketing. In the new world of digital lead generation, our industry has forgotten how the success of our digital leads can be impacted by offline variables.   Today I make the argument that a marketer’s best multifamily ally is a member of the maintenance team. Our efforts directly impact each other on a regular basis. We drive online leads to communities, and they make sure the community looks amazing for prospect tours.   We have creative suggestions for staging a long-standing unit, but they are the ones who will actually stage the unit. They know the most common maintenance requests at the time of move-in and move-out.  And we are able to provide better branded resident communications to reduce these r......
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The Research Is In On Multifamily Lead Conversions

If - like me - you're in the business of demand optimization, you'll know that it's been getting harder and harder to talk about any trend in multifamily without first referencing the ten years of unprecedented growth that the industry has been experiencing.  For as long as anyone can remember, residents have been relatively plentiful. That's great news for operators and investors, but a growth environment can paper over cracks in sales and marketing performance. This inescapable trend was on our minds when we embarked on a new study of lead conversion tactics.  A couple of weeks ago at the AIM Conference, we published a new white paper "Converting Leads to Leases." It is an update to a study that we had run previously in 2014 and 2017.   The results of the first study were instructive, presenting a call-to-action for marketers and operators.  They highlighted the extent to which operators were failing to implement some of the most effective and least expensive tactics for increasing lead conversion.  We updated the data nearly three years later with an identical study, which yielded mostly similar results. The 2019 paper reproduces the methodology from those studies to report back on how the multifamily marketing has progressed in the last five years.  Framing the Research Replicating our 2014 and 2017 research, we generated leads online for 33 different communities through the individual company websites (not through apartment marketing sites).  The 33 properties represented mostly the same group of operators from the 2014 and 2017 stu......
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Working Your Business Strategy

Working Your Business Strategy
In my blog post "What Is Your Business Strategy?" I mentioned that there are three basic elements of business: price, service and quality. In my experience businesses that succeed compete well in two of the three categories. You may be wondering, "Shouldn't successful businesses compete on all three?" While I think that would be great, it's often not economically sustainable to try and have the lowest pricing and high quality and amazing service.  How this worksOne of the communities I worked at was ultra high-end luxury apartments with stunning ocean views in a very affluent area. When I started at the community we offered great service (we had a lot of staff on-site to cater to our residents) but we were undergoing a massive renovation at the time which meant that the majority of our amenities (a huge reason to rent there) were not able to be used for a while and we were doing renovation work in our apartments as well. All of this work affected the quality of what we offered to our residents and made our community less attractive to potential renters and to our current residents. We marketed this community as ultra-luxury but that was not the reality of the experience during this season. However we did NOT compensate for the temporary drop in quality with a decrease in our overall pricing strategy. There was a disconnect between what we offered and what we delivered. We were only competing in one of the three main areas and we suffered......
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