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Do You See Training As An Investment?

I was talking with someone recently about the Webinar Wednesday series, who indicated the owner was giving push-back, and it made me wonder how many companies and owners see training as simply an expense rather than an investment.  What’s ironic, in my opinion, is that our next webinar is geared entirely around thinking like an owner, so that on-site teams understand what drives property value.  One of the big elements they will learn about driving value is working towards rent increases.  So let’s say that a manager who attends the session becomes inspired, and works to push rents up just $5 per unit.  For a 300 unit community, the return on that training investment becomes 60,000%.  In fact, just because of that one windfall, that manager could watch every single webinar for the next 25 years before dropping back down to the break even point. Another example was our February Craigslist webinar, where Eric Broughton shared two word choices in the Craigslist ad titles that increased views by 12% and 5%.  So simply by taking these two examples and averaging the two, your ads could increase by 8.5% in views.  If that increase equally translates into leads, you suddenly have 8.5% more leads from Craigslist based upon just this one piece of information.  Take your average cost per lead, apply that percentage to your Craigslist results, and you can see what type of ROI you have based upon that one tip.  (Note:  Obviously using the same word choice is going to hav......
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Social Media ROI: What Is It?

'Does social media turn into leads and leases?' Customers ask me this question a lot, and I have to say 'probably not.' Other than Craigslist (which isn't technically social media) and generating resident referrals through posts, social media generally doesn't create leads. We track leads for about 400 client communities, and our data shows that six social media-based leads per community per year is a good number. Why? Prospective residents seem to prefer doing old-fashioned legwork, relying on marketing, word-of-mouth and personal visits before engaging with you online. In other words, they'll engage with you when they put down roots. But it's not to say that social media pages are only for current residents; an active and responsive online community is a great draw for prospects, the virtual equivalent of smiling faces and an open door. There's more to ROI than leads. Many things that are second nature to our business have intangible ROI - newsletters, virtual tours, videos, even email. As social media becomes many people's primary communication tool, a social media presence allows you to monitor your reputation, deal with customer complaints, and proactively handle maintenance requests. Even more so, it gives your community legitimacy. In a world where apartmentratings.com scores translate into dollars, social media pages demonstrate a commitment to accessibility and transparency. Your residents 'live' on social media, and they want you there too. Social media ROI can't be measured traditionally - but it can't be discounted. Diversify your marketing investment with an ILS, SEO and other quantifiable source......
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