By: Shaun Provost, Digital Marketing Consultant
As marketers, it’s ingrained in us to analyze every single angle of a campaign or effort, tracking the user from the very beginning of their experience to the very end. However, in an industry driven heavily by leads and conversions, that information is generally not enough to satisfy data hungry executives. So, how do multifamily marketers merge the two?
By: Brandon Schank, Associate Director of Implementation
It’s a classic scene in movies from A Christmas Carol to The Wolf of Wall Street: The business owner counting their money at the end of the day to make sure not a penny is lost or wasted.
For many small apartment owner/operators, the scene isn’t that far fetched. But as their portfolio grows, keeping tabs on every penny becomes exponentially complex, requiring larger accounting staffs, more sophisticated accounting software and a willingness to let go of some control.
By: Chase Harrington, Chief Operating Officer
We believe in transparency. We believe in openness. We believe in sharing. Not because it benefits our platform, but because it benefits everyone in the industry.
And that’s why we’re believers in the concept of a multifamily data exchange, which is a big topic of conversation within the National Multifamily Housing Council and its events. In case you haven’t heard, a multifamily data exchange would provide a place where apartment owner/operators could share their actual achieved revenue on every apartment home in the country. The shared information would be curated, and a revenue-per-unit (RPU) figure would be calculated. That would enable each apartment community to compare its RPU with an average of its five closest competitors within a submarket.
How can you be a better closer? By converting the best leads, obviously. The best leads are simply those that are most likely to complete an application for an apartment, right?
By: Michael Huff, Sr. Software Engineer
Revenue management has historically been separate from marketing in the apartment industry because of its complexity, despite the fact that price is one of the four P’s of marketing. The transformation is underway as more and more revenue management and marketing teams are beginning to merge or work more closely with one another.
Here’s a handful of positive benefits that have influenced the industry from this transformation:
Ever wonder how many commercial emails arrive in the average resident’s inbox each month? Would you guess over 400? If so, you’d be right. Your residents typically receive an average of 416 commercial emails every month…more than 10 a day. It’s a crowded playing field, but since residents overwhelmingly say they prefer their property managers to communicate with them via email, it’s a field on which you must not only play, you need to win!
Companies that are winning, like Windsor Communities and Waterton Residential, have found that a two-pronged approach combining branding/messaging strategies and customizable automation to be highly effective.
By Michael Swan, Senior Product Executive
Risk Management touches every part of your business practices from physical asset management to liability. In our industry, we need risk management to prevent or mitigate significant losses from physical damage, casualties, and regulatory violations. If you’re new to the multifamily industry or have always wondered what the big deal is, consider this post risk management 101.
By: Sean Smith, Digital Marketing Consultant Trainer
When looked at broadly, link building can feel like a daunting task. You can attempt to tackle it through multiple avenues, but when is the right time to make link building a priority for your company? Rand Fishkin, co-founder of Moz, gives some great information on this in his Targeted Link Building in 2016 video, and we’ve outlined a few of these ideas that can easily be applied to the niche market of multifamily housing.
By: Dennison Harris, Director of Support
Imagine if your business plan read like the script of a romantic comedy. The two star-struck lovers meet briefly and the sparks fly. Then, without warning, they have an easily avoidable misunderstanding. They agonize over every detail with their friends, but they refuse to discuss it with each other. After several painful (and comical) scenes, they finally work it out and fall in love. While this makes for good cinema, we can all agree that this is not a good plot for a successful business.
by Michelle Perroni, PR and Social Media Manager
Reviews are impacting a prospect’s decision to rent now more than ever. A recent study by Entrata of more than 1,800 renters showed that 94 percent of prospects are referencing reviews during their apartment search. Not only that, but more than half of those prospects will actually contact your property after reading a positive review about it.