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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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The Multifamily Industry Doesn’t Have a Lead Problem, It Has a Customer Experience Challenge

The Multifamily Industry Doesn’t Have a Lead Problem, It Has a Customer Experience Challenge

In today’s climate, many apartment communities have more leads than they know what to do with, and multifamily teams are struggling to service those leads, according to Bobbi Steward, Vice President, Marketing, at BH Management Services.  From phone call answer rates to email response times, communities have more on their plate, often with less resources than before.  

I had the joy of speaking with Bobbi about how her company implemented the Marketing Focus 5, which identifies the five biggest growth levers for very specific tactical areas in their marketing.  She also touched on the impact of their website and the partnerships she has with different ILS’s who have a similar strategic vision, such as Zumper’s approach with organic, mobile-first lead generation.     

She also delved into reputation management and review response’s impact on SEO, and then did a deep dive into the always controversial discussion of lead attribution!  I highly recommend watching all the way through, as there is lot of fantastic nuggets throughout, and if you like this type of content, make sure to subscribe below, or on our Youtube channel!

How do we pick companies to talk to?

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Want to Invest in New Properties? Here’s What You Should Know Before Signing the Check.

For multifamily property investors, the question of how much to grow an existing portfolio can be a difficult one to answer. On one hand, creating new streams of revenue is always an enticing proposition. But on the other hand, those new opportunities also come with more risk. Some of this risk can be mitigated thanks to greater economies of scale when it comes to purchasing insurance and preventive services (think water leak detectors and smart HVAC systems). Scaling up a portfolio also means building a team that collectively has a wider range of skills and more bandwidth to take care of properties and fix problems quickly. However, there’s no getting around the fact that having more properties means more ways things can go wrong — and more factors that need to be considered. But with the real estate market currently booming, many investors might be tempted to overlook the risks. They’re worried that if they act too slowly, they could be missing out on a once-in-a-lifetime opportunity. This is precisely the time, however, that investors and owners need to be extra diligent, taking every risk into careful consideration before grabbing up a new property. Otherwise, they might find that their long-term investments are harmed by short-term thinking. So what risks should multifamily property owners and investors be on the lookout for when trying to expand on their investments? Here are the biggest issues that have the potential to slip by unnoticed and create expensive headaches down the road (and how to avoid them)......
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If you won the lottery tomorrow…what would you miss most and least about your job?

If you won the lottery tomorrow…what would you miss most and least about your job?
Recently I asked the members of a multifamily Facebook group this question: “If you won the lottery tomorrow and decided not to work anymore, what would you miss MOST and LEAST about your current job?” Nearly 100 people weighed in. Here are some of the trends in the responses. What would people miss MOST about their current jobs? Far and away the most commonly cited thing was their coworkers. Amanda S. said it well: “What I would miss most: my coworkers…morning coffee talk/adult interaction.” And Olivia T. loves her co-workers so much, she’s going to take them with her on her lottery-retirement. She said this: “I would miss my team the most…but if I’m honest, they’d probably be on the beach next to me!” Many others said they would miss positive interactions with residents and customers. Said Theresa T, “I would miss the ability to help residents and prospects. Yes, even the irritable ones. I consider them my personal challenge to turning them into happy campers.” Said Christina H., who left the industry 18 months ago, “I miss the feeling that I did my job well, and that I understood…how to make people truly happy with the service I provided.” Hilariously, a great number of commenters said what they’d miss most about their current job was the residents’ dogs! “I would miss the residents’ dogs,” said April R. Chimed in Apryle M, “10/10 the dogs. All of them!” What did people say they would miss LEAST about their current jobs? Again, there were some common themes. Lots of folks ......
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Understanding the Power of Keywords for Your Multifamily Marketing Plan

Millennials and Generation Z, a bulk of renters today, have been getting smarter before making decisions online. Whether they are looking to purchase electronics, household items, cosmetics, or rent apartments, their online shopping behaviors are one and the same. And, what’s the typical action? To research the item on Google. Let’s say a prospect goes to Google and types in a broad phrase (also known as a keyword) “apartments for rent in Indiana”. First, they’ll see a few ads pop up. But, before you consider Google display ads, there’s something you should know. Only 15% of consumer traffic clicks on an ad while 85% scroll past ads to click on results – that’s why you need to optimize your website so you show up after these ads (and it’s usually cheaper to go this route)! Eventually, that phrase a prospect typed in earlier could turn into something like “RealApartments in Indiana” (that’s a made-up community FYI) if a community optimizes its online presence effectively (i.e., its website, ratings, social media sites, Google My Business, etc). Once the prospect clicks on “RealApartments in Indiana”, they might look at a variety of things – reviews, your Instagram, your pricing, and layouts. And, bam! They find a layout and pricing they like so they decide to schedule a virtual or in-person tour. Congratulations, the marketing and leasing team at RealApartments did everything right! But, what if they hadn’t optimized their website, social media sites, Google My Business, or asked for ungated reviews (residents weren’t incentivized to leave a review)? This lead wou......
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Maximize the Sale Price of your Asset with Simple Front End Preparation


Here is a dream list of documents every broker wishes they could obtain from their listing client prior to going to market. In this video, I talk about how to maximize sale price, close quickly, and with little drama. This simply requires proper preparation on the front end before going to market. Many buyers will put in their offers that they don't want their Due Diligence period to start until after they've received all documents in the seller's possession. They do this so that part of their short due diligence period isn't eaten up waiting for pertinent documents. When I take a listing, the first thing I do is hand the seller a list of documents I’d like to put in a deal room. A deal room is simply an online, password-protected folder where I keep all the pertinent documents to a transaction. On this list is also a few to-dos that will boost value for the property. 

The more documents on this list a seller can provide, the more value it builds in the property because it allows a broker to inform buyers about all the excellent records the seller has, which makes the buyer feel more comfortable with a higher price and a fast Due Diligence period. It's no fun scrambling to find various documents for the buyer once a purchase contract is signed. It is much better to have already built an excellent deal room ahead of time.

 

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We Really Need to Talk About that Dorm Project with No Windows

Student housing design is an evolving art.

What amenities will attract the most renters? How about smart tech? Or offering virtual tours? Maybe taking away windows?

*Record scratch*

*Freeze frame"

I bet you're wondering how we got here...

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Your Website is No Longer Your Most Strategic Marketing Asset.

Welcome to The Local Search Economy.  Google My Business (GMB) is upstaging your community website. This spells trouble for a few reasons:  You’ve invested (and continue to invest) time and money in your website. Users form first impressions based on your GMB profile, then decide whether to visit your website. You depend on your website to generate leads and leases.  So, what’s going on?  Things change rapidly in a digital-first world. Google introduced GMB in 2014 and since then has steadily evolved the platform and its localized search algorithm. GMB is now a critical part of local search for any business with a physical location and an ideal solution for apartment marketers.  Consider the following six points: GMB is Free. Setting up a GMB profile for a physical location is free and helps ensure your communities can be found on Google search and Google maps while prospects are actively searching.  The Rise of Zero-Click. 65% of Google searches end without a click to another website, with users' queries resolving directly from the search results page. Prospects can call, get directions, view your offers and other info, right from your GMB profile. Catch prospects where they are and provide them with what they need to choose your community.   Google is (Still) Eating The World. Google dominates the global search engine market share, handling more than 92% of all search queries globally. And Google's local search algorithm favors signals from GMB profiles that are complete and consistently updated. Optimizing your GMB profile is you......
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Cybersecurity Playbook for Multifamily Housing I.T. Enterprises

The U.S. multifamily property management industry encompasses 40 million multifamily units valued at $3 trillion. More than 800,000 people work as employees of the management industry, while tech and service vendor companies employ hundreds of thousands more. And the industry is growing, requiring 4 million more units by 2030 just to keep up with demand. (Source: https://www.forbes.com).   Say you’re one of those hundreds of thousands who has just been given the reins of an I.T. infrastructure in multifamily housing property management, and you don’t know where to start from a cybersecurity perspective. Well, this is your lucky day, because we’re here to take you from zero to hero in a few easy steps. Okay, well, they’re not that easy, and there are significant costs involved, but hopefully you will come away enlightened and prepared to justify your cyber budget to executive management.   Step 1: Identify Critical Data. And determine where it is: on premises, in the cloud, with a software-as-a-service (SaaS) provider, and elsewhere. For example, a typical company might host its own Microsoft Exchange Server, or else it might be using Microsoft 365 online or Google Workspace. The corporate file server may be in the data center, or in AWS or Azure, or maybe it’s hosted with DropBox. Corporate finance might be hosted on-premises or in the cloud with Oracle NetSuite or Microsoft Dynamics 365, CRM with SalesForce or Pipedrive, property management and customer payments with RealPage, Yardi, or Entrata. Don’t forget social media, websites, and other places that I.T. might ......
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Upgrading Amenities for a Modern Apartment Experience

Upgrading Amenities for a Modern Apartment Experience
Leasing has become more competitive than ever, and apartment operators have been rethinking the types of amenities they’re offering. Residents, like operators, have new apartment needs. With a greater number of residents working from home, there is increasing demand for high-speed internet and community-wide WiFi. High-speed internet and community WiFi is very important to residents and it powers other highly desired amenities, like co-working spaces and interactive fitness programs. Ubiquitous WiFi provides seamless connectivity throughout the entire apartment community, from common spaces to inside individual homes. Residents have constant access and reliable coverage and the service eliminates “dead zones” in certain areas of the community. Community-wide WiFi has become an essential part of enhancing the resident experience. Here are three considerations as to why operators need to make this a priority amenity:   WiFi for WorkCommunity-wide WiFi and faster internet service have become a necessity for modern renters, especially if they work from home. Many companies are continuing to support remote work or at least implement a hybrid work schedule. There is also a growing gig economy and increasing number of U.S. workers shifting to independent contract work. These residents will typically work from home or in a business center. Operators have started to switch gears to cater to these residents by offering more co-working space or offering two-bedroom apartments as one-bedrooms with an office.  High-speed internet and WiFi mean a lot to residents and typically factor into their search for an apartment home. A 2020 survey by the National Multifamily Housing Counc......
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