REACH by RentCafe is excited to be at the Multifamily Social Media Summit in Napa this week as the social media, photo booth and platinum exhibit sponsor of the event, which kicked off Wednesday afternoon. Celebrating its tenth anniversary, this edition of the #MultifamilySMS is the best attended ever, shared Adam Japko, founder of Esteem Media, which produces the conference. Multifamily providers from around the U.S. are on hand to gain knowledge, improve their social media marketing best practices, network and meet with industry vendors. A significant focus of the first day’s learning workshops was on the importance of User-Generated Content (UGC) to a successful and current social media strategy. Speakers Erica Byrum and Delany Duke both dedicated portions of their energetic presentations on how UGC, both from residents and employees in the multifamily housing realm, can generate trust and engagement from users. “In 2022, what makes good marketing is authenticity. The majority of consumers are looking for an authentic experience,” said Duke, digital services manager for Landmark Properties, a student housing provider. “UGC is important because it allows us to market our properties through the eyes and ears of our residents.” Three key statistics to consider: 92 percent of marketers think they’re creating authentic contentBut just 51 percent of consumers think their favorite brands offer authenticityMeanwhile nearly 80 percent of consumers say that UGC impacts their decision to make a purchase. Duke suggested a variety of ways to encourage staff and residents to create social posts, particularly videos for TikTok and reels for Instagram, which have become overwhelmingly popular especially for the Millennial and Gen Z demographics. Contests and giveaways, always a mainstay to encourage content, are one. Other ideas from both presenters include working with micro-influencers and harnessing the creativity of your site teams. Many marketers have struggled with how to create TikTok videos and reels that capture compelling housing content, and Byrum, co-author of Youtility for Real Estate, offered myriad suggestions to meet the challenge. “There’s definitely a niche audience on TikTok that loves a good apartment tour, and opportunities to tap into lifestyle drivers,” she said. Content like recipes, home décor, budget and finance tips, health and fitness and city highlights are all great fodder for housing-focused TikTok accounts that would reach renters. And when it comes to working with staff on on-site content for TikTok and Instagram, Duke offered advice that got big laughs: “The most common thing I hear from site teams is: ‘I’m not going to dance!’ But you don’t have to dance.” (Although you can, if you want to! And it will probably do well.) Here is a quick list of trend takeaways from Wednesday’s sessions: Spend time on the social channels where your residents are most engagedStrategically adapt your content strategy for social in accordance with today’s trendsBrand consistency takes you to the next level in marketingVideo content will continue to dominateMicro influencers may be among your residents – take advantage!Engage your on-site employees for UGCFair housing laws must still be followed on digital channels. Make sure your team is trained and educated If you’re in attendance at the event, meet REACH representatives at booth 36. Pick up a special gift, learn about the many ways REACH can improve your social media marketing, and snap fun photos at the photo booth! You can also check out our free social media toolkit at https://bit.ly/3irV2Lc for resources and tips to keep you connected all week. Follow #MultifamilySMS to keep up with the event...
In-House or Agency?
Explore Digital Marketing Options
Should you grow your own team or hire an outside firm? Explore the pros and cons. Multifamily marketers have spent much of the last two years evaluating, reevaluating and adjusting to the changing behaviors and needs of our renters. How can we reach them? How can we engage them? What do they want from us? (Functioning websites, accurate pricing and anytime communication, for starters.) With a new year comes a new set of opportunities. Ideally, we’ll all take the lessons learned during the pandemic and continue to improve on our marketing. But realistically, do we have the time? Imagine, your company has just unveiled exciting plans to grow the portfolio. Better still, it recognizes the importance of a strong digital marketing presence when it comes to attracting prospects. As the marketing manager, you have an important decision to make: Do you grow your in-house team or hire an outside agency? Both options are common in multifamily marketing, as is the choice to use a combination of the two, with the in-house team managing one set of projects — such as creating lease-up flyers — while an external agency oversees other projects — such as managing SEO and PPC ads for the lease-up. If you’re struggling with this decision, or wondering how to find the right balance, it’s important to consider the strengths of each approach, as well as the budget and bandwidth of your operations. When to keep marketing in-house (or not) Wondering if your in-house team can meet the needs of your properties? Digital marketing can be like a web, as you layer additional strategies, the overall strength and reach should increase. That begs the question, if you build your in-house team, how many people will you need? Will you hire generalists and/or...
Build the Right Rep
Tips for Property Managers
Reputation: It’s created from what people think and, more importantly, say about your communities. “Negative or false comments about your building can affect how others view your site, sometimes even before seeing it in person,” says Kings III, a Texas-based provider of emergency communication service solutions for property managers. That perception can translate to lost traffic, prospects and, ultimately, money. “Put yourself in your tenant’s shoes. What will you do when looking for a property? You’ll aim straight for online reviews and social media pages to see what you’re getting into. You’ll be turned off if you find one-star reviews and inactive/barely active social media accounts. The same applies to your prospective tenants,” notes the Los Angeles Property Management Group (LAPMG), which serves commercial and residential property owners. Industry research bears out these sentiments. For example, 69% of respondents to the 2022 Renter Preference Survey Report said they referenced property ratings and reviews in their most recent rental-home search, while 79% said ratings and reviewed stopped them from visiting specific properties. Recent reviews and an active, updated Google Business Profile can help place communities in the Google Local 3-Pack and rank them higher than competitors in search engine results. In fact, according to search marketing research groups Redshift and Moz, 15% of the ranking factors that determine whether you get into the “Local 3-Pack” — the listing of three businesses you see first in the results of searches using keywords — come from the quantity, quality, recentness and response to reviews. About 25% of the weight of your Local 3-Pack ranking signal comes from your Google Business Profile, so it’s important to optimize and maintain it. Here are a few tips from LAPMG and other experts on the best ways to, as Kings III...
Fitness Trends 2022
Value-add amenities
With the new year here, you can expect an influx of interest in your fitness amenities. Prepare your space and gym calendar for creative, fun and forward-thinking fitness opportunities. You can appeal to prospects who are seeking a fresh start as well as existing renters. Refresh your fitness center offerings Among New Year resolutions, wellness goals top the list. Whether it’s someone pursuing a healthier lifestyle or the fitness fanatic seeking greater gains, your gym is a tool for resident satisfaction. For the greatest satisfaction, regularly refresh your offerings. Without new and exciting options year-round, you’ll experience periods of frequent use and periods of gathering cobwebs. For exciting fitness ideas, take inspiration from these fitness trends for 2022. Fitness industry trends for 2022 1. Hybrid classes Offering in-person, virtual live stream, and on-demand recordings is a great way to appeal to busy renters. The array of options gives them the opportunity to work out in any manner and at any time. Follow-along videos are also a creative way to disperse crowds at the fitness center. When renters know they can access guided classes online, there is no need to max out in-person classes. 2. Sync with wellness trackers If you’re renovating, adding or updating your equipment, seek options that correspond with multiple fitness trackers. This feature makes coming to your gym an integrated part of residents’ wellness plan. 3. Outdoor classes Outdoor classes offer a convenient way for residents to exercise in a well-ventilated space. Additions such as solar sails and fans can extend the usefulness of your outdoor fitness area. 4. Love low-impact options Consider using the community pool to offer low-impact cardio and strengthening options. Buoyancy is a great tool for renters who are new to movement, suffer from joint pain,...
Website Wisdom
Neha Marathe, REACH by RentCafe
What makes a rental property website stand out from the crowd? Anyone trying to attract and convert renters online knows it’s a competitive market — one that’s only gotten hotter as property management businesses became increasingly tech savvy during the pandemic. If you’re looking for a few property marketing website tips and tricks, Neha Marathe is the right person to talk to. In her role as Creative Lead at REACH by RentCafe, our digital marketing agency, she’s helped multifamily businesses across the country transform their web presence by creating high-performance rental property sites that are visually appealing. One secret to success is continually evolving your website to meet the shifting expectations of your customers. Right now, it’s particularly important to pay attention to Gen Z, a group that’s poised to be the largest generation of renters ever. At the same time, you don’t want to alienate other prospects. Good rental property websites rely on updated designs with universal appeal. In this interview, Neha shares how to strike the right balance between trends and accessibility. How is designing websites for Gen Z different than designing for other generations? Neha: Designing websites for the next generation of customers is exciting. These renters have never known life without the internet, so they expect a great user experience. There are five things I keep in mind when marketing to Gen Z: personalization, speed, mobility, authenticity and partnership. Make it personal. While I am a millennial who still hesitates to share my location or give out any other information about myself, Gen Z’s are open to that. It does not mean that they are ready to compromise on their security, but they are more interested in a customized and personal experience.Make it fast. Younger renters are continually active online...
Loyalty + Retention
Supporting Resident Mental Health
If you could help make the holidays less difficult for your residents, would you do it? Grief, stress, loneliness, social anxiety and financial struggles can be particularly heightened during this time of year. Through supportive services and resources, you can aid residents during the holidays with tools that you already have on hand. Resident loyalty is solidified through the human-to-human connection Research confirms that developing a sense of community adds value to housing. Residents who feel integrated into their communities are more likely to renew their leases, which saves you time and bolsters your bottom line. The suggestions below can help residents feel welcomed and supported during difficult times. They show that you care because you do care! As a bonus, your efforts will not go unnoticed when it’s time to renew the lease. Resident retention improves your net operating income while giving you warm, fuzzy feelings for the holidays! Read how you can promote resident retention through culture and branding. Encourage residents to move with you to address the symptoms of stress, depression and loneliness Consider hosting group fitness classes and wellness events at your property. Physical movement releases feel-good hormones called endorphins. Endorphins interact with the brain receptors that decrease the reception of discomfort. They also reduce the stress hormone cortisol. Certain types of movement can also soothe the nervous system. For indoor options, restorative yoga, yin yoga, tai chi and qigong are methods of movement that activate the parasympathetic nervous system. This system of the body promotes physical and mental recovery, healthy digestion and helps the body to relax. (As the nation continues to navigate the pandemic, some residents may not be comfortable in indoor group activities. Consider setting up a camera on the instructor so that they can lead both...
PropTech for Gen Z
Appealing, Engaging, Converting
Do you know if your proptech will maintain its appeal to future generations of prospects? If not, no worries. We’ve done the research for you. We’re exploring proptech with staying power, tools for today that will continue to deliver results well into the Gen Z lifecycle. Cut costs with lasting proptech Proptech is a major investment in money and hours. The technology you choose should evolve with users’ changing needs to ensure that you get the best impact per dollar. Not all new solutions will stand the tests of time. Are you confident that your proptech lineup is ready for Gen Z? Read on for the essential solutions that your organization needs. REACH brings you the freshest data on Gen Z Gen Z is comprised of about 67 million people, the oldest of whom turn 25 this year. We learned more about the largest renter demographic ever through the REACH by RentCafe Gen Z Renter Study. This survey of more than 10,000 next gen renters gives insights into their habits and interests. The results confirmed what we’ve observed: Gen Z is an intelligent, tech-savvy generation that values efficiency and creativity. They value proptech that feeds their need for contactless transactions as well as quick and easy access to information and services. Tech for targeted and engaged marketing One average, Gen Z search terms are 4.9 words long, longer than all previous generations. They know that using detailed queries will bring them closer to what they really want rather than wading through pages of irrelevant results. Appeal to their specific searches with longtail keywords and campaigns crafted by search engine marketing professionals. Expert search engine optimization (SEO) strategies will help your content rank well and be discovered by prospects. When supplemented with pay-per-click (PPC) advertising,...
DIY SEO
For apartment marketing
Search engine optimization: You know you should be doing it, but are you taking proactive steps to optimize your apartment marketing website? By now, the benefits of SEO for apartment marketing are clear. By optimizing your site, you make it more attractive in search, both to search engines and potential customers. When search engines like your website, they think it is trustworthy and answers relevant search terms. When customers like your website, they engage with it by visiting multiple pages and clicking buttons. Relevance and engagement cause your site to rise higher in search results, helping you build authority, reach more potential renters and fill more vacancies. Property management SEO may seem like an overwhelming responsibility. After all, every time there’s a significant algorithm change, new articles come out with tips and tricks designed to adapt to the changes. But what you might not realize is that SEO is intended to be more or less straightforward. If your website creates a good user experience by functioning well for all visitors and providing valuable information for your target audience, it should appear in search results. And for apartment marketers, the search results that matter are typically local ones e.g., “one-bedrooms in <city>” and “<neighborhood> apartments for rent.” With that in mind, here are a few DIY SEO tips for apartment marketing. Start making these updates today to see positive results in the long term. Optimize the metadata for every page Every page of your website should have an optimized title tag and a metadata snippet. This is what will show in search results. Google measure title lengths in pixels, not characters, but per Moz, it’s a good idea to keep your title between 50-60 characters. Meta descriptions can be any length, but Google generally truncates...
Design Preferences
Of Gen Z
Say goodbye to Millennial Pink and hello to Gen Z Yellow! When it comes to Gen Z design preferences, this generation of renters has a style all their own. Check out the infographic and keep reading to learn how you can meet the visual expectations of your newest customers. Survey says REACH by RentCafe recently conducted a large-scale survey of Gen Z renters to gauge their sentiments about search, reviews, social media and design. The Gen Z design portion of the survey had 10,624 participants that answered four questions. Do you prefer bright and vibrant colors or soft and calm colors?73% prefer soft and calm colors27% prefer bright and vibrant colors Are you more attracted to lifestyle photos (of people and pets) or property photos (of buildings and outdoor spaces)?68% prefer property photos32% prefer lifestyle photos In design, do you prefer patterns and textures or clean, classic lines?70% prefer clean, classic lines30% prefer patterns and textures Which do you prefer: a website that loads quickly or a website with a lot of motion and animation?88% prefer a website that loads quickly12% prefer a website with a lot of motion and animation Other data Echoing the desire for calm colors and clean lines cited in the REACH survey, a Spotify trend survey conducted in 2019 found that 51% of Gen Z and millennial respondents think there is too much visual stimulation in the world today. Additionally, 64% believe online aesthetics have altered what their generation expects to see in the real world. What does this mean for property management brands? Your communities had better deliver on the experience promised by your website and other digital marketing channels. After all, the REACH survey found that Gen Z overwhelming preferred property photos to lifestyle photos, showing that...
Social Media Habits
Of Generation Z
After getting to know Gen Z, REACH by RentCafe investigated how these young renters search online and how they use ratings and reviews while doing so. Today, we’re sharing data related to one of the most notable and important aspects of this generation’s lifestyle: social media. All about social media, all the time Welcome to the world of social media, where Gen Zers are no strangers to the posts, snaps, influencers, advertisements, stories and hashtags that dominate these platforms. And how could these young renters not be well versed in the art of social media? They have grown up in the age of smartphones, tablets and computers. In fact, 95% of Gen Zers use a social media app or website at least once a week, while 33% claim they spend most of their time outside of work or school on social media. It’s important to grasp the prominent role social media plays in the lives of Gen Z so you can attract these young renters. After asking over 10,000 members of Gen Z to name their top 3 social media channels, REACH by RentCafe found that those most often chosen included Instagram (46%), Facebook (43%), YouTube (39%), TikTok (33%) and Snapchat (30%).Interestingly, this data informs marketers about what exactly Gen Zers are doing while on social media. Most of these platforms center around videos, meaning that Gen Z is spending a great deal of time seeking entertainment. In a survey, Gen Zers identified the three things they felt most connected with while using social media: entertainment, their friends and the world. Reaching Gen Z on social media So how can you attract Gen Zers using social media? We have a few tips to help you out: Use storiesDid you know that Instagram alone has...
Smart Home Tech
Good For Everyone
Smart home technology is our new reality. We’ve gone from remotely controlled lightbulbs to a whole universe of interconnected home goods that can be controlled from a phone. Smart home automation saves time and increases efficiency, improving resource management and security for both property management teams and residents. Renters in many markets are seeking out smart apartments, often willing to pay more for units with the right smart home tech. While smart home technology may seem like a simple appliance upgrade, it often offers data resources that have the potential to transform your business. Property managers use smart home tech to mitigate risk and get real-time insights that can ultimately streamline processes and improve sustainability at their communities. We asked over 16,000 renters about smart home technology and their preferences in a survey on RentCafe.com. Although the technology is still relatively new, a full 48% of respondents said that smart home technology was somewhat to very important to them. Here is what we found. What today’s renters are looking for Many renters are beginning to consider smart home technology a necessity more than a luxury. Some features that are more important to them than others — including smart thermostats, automated lighting features, alarm/security systems and smart locks. While many of these features are for renters’ convenience, it is also for their security and safety. In our smart home survey, we asked respondents which features they desired most, allowing them to choose more than one option. Of the 16,590 responses, 35% wanted security cameras, 22% wanted digital thermostats, 18% wanted keyless access locks, 15% wanted motion or leak sensors and 10% wanted wireless lighting control. Worth noting, according to a 2021 study by Assurant, 47% of prospective renters say that smart home technology increases their...
Meet REACH by RentCafe
Full service digital marketing agency
Yardi announced today the launch of REACH by RentCafe®, a comprehensive digital marketing agency for multifamily property management. The agency helps clients reach more renters, improve marketing success and reduce unproductive spend through expert creative, search marketing and strategy analysis. REACH offers corporate and property website development as well as custom design assets ranging from logos to email templates. Search marketing services include SEO, PPC, social media management and reputation management. Marketing analytics provide instant campaign and website performance data. “At REACH, marketing performance is our passion. From creating winning websites to delivering an unmissable search strategy, our digital marketing agency helps brands achieve their marketing potential,” said Esther Bonardi, vice president of marketing and REACH at Yardi. Several of these offerings were previously available to clients using RentCafe Reach for search marketing. In response to the success of that program and ongoing demand, Yardi made the decision to rebrand and expand to provide a full-service marketing agency experience for its customers. “We’re excited to offer white-glove service to property management businesses that want to stand out in today’s competitive online marketplace,” said Catriona Orosco, director of REACH. “Enjoy premium, personalized attention from our team of creative designers, search marketing professionals and digital marketing consultants. As your marketing agency, we partner with you in ongoing conversations about your strategy — including campaign analysis and performance auditing — to drive the strongest results for your portfolio.” The agency is both a Google Premier Partner and Yext Certified Partner. REACH digital marketing services are available independently or packaged for a comprehensive approach. Ready to bring your marketing vision to life? Visit reachbyrentcafe.com to get started. About REACH by RentCafe Reach your audience, goals and potential with a full-service digital marketing agency for property management businesses. REACH by RentCafe® certified experts are ready to help you create a winning web presence that drives conversions with complete transparency. Our services include website development, SEO, PPC, social media, reputation management and more. See what’s...
Gen Z
Ratings & Reviews
The tech-savvy members of Gen Z are no strangers to browsing and shopping online. As a generation with high expectations, ratings and reviews are a large part of their online buying process. But just having ratings and reviews isn’t enough to win their business. You have to be strategic if you want to stand out from the competition. REACH by RentCafe is digging into how Gen Zers use ratings and reviews. This information will help you figure out how to achieve glowing ratings from your young renters. Why are reviews important? Before jumping into how Gen Zers use ratings and reviews, it’s important to first understand just how essential this aspect of your business is. For one, reviews help potential customers gauge an item or service’s quality while simultaneously informing your business about what works and what could be done differently. Additionally, reviews improve your search rankings. Did you know that, without them, there’s no chance of showing up in the Google local pack? Lastly, and perhaps most importantly, reviews increase the likelihood of conversion, and isn’t that the goal of your digital marketing strategy? Ratings and reviews inspire customers to reach out to you, increasing the probability of them converting. RentCafe.com conducted a study of all the apartment search journeys that resulted in a lease and found that ratings and reviews were one of the top three features that lead to conversions. When you’re looking to draw in Gen Z renters, ratings and reviews are a critical part of the marketing process. How do Gen Zers use ratings and reviews? As part of a survey series with more than 10,000 Gen Z participants, 65% of Gen Zers say they consider ratings and reviews always or most of the time when searching online. This...
Gen Z
Online Search Behavior
After first getting to know Gen Z, the team at REACH by RentCafe investigated how this tech-savvy generation searches online so that you can learn the best way to attract these young renters. Gen Zers have developed specific search and viewing habits For a generation that has grown up glued to computers, phones and tablets, Gen Zers have had years to cultivate their online search habits. In a series of 36 video interviews with members of Gen Z, REACH by RentCafe found that participants tended to start their search on Google, and often used long-tail search phrases, averaging 4.9 words per search. This is higher than the overall average of 4.2 words. Additionally, Gen Z tends to favor key words such as “Best,” “Cheap” and “How to” when searching online. Members of Gen Z also spend a lot of their time online watching videos, and they have specific preferences when it comes to which type of clips they like to watch. In a survey of over 10,000 Gen Zers published on rentcafe.com, 69% said they preferred a combination of user-created and professionally produced videos. This generation has come of age online, and as these renters enter adulthood, it’s clear that they are not only fully equipped to navigate the internet, but they’ve also developed a specific way of doing so. Gen Z attention span < goldfish attention span Did you know that with an estimated attention span of just 8 seconds Gen Zers are even less alert than their millennial counterparts (12 seconds) and, yes, goldfish (9 seconds)? In one video interview from the series, Gen Z member Keona spoke about how, when searching online for restaurants, thousands of results could be “overwhelming.” She continued, “I have a very short attention span, and I...
Gen Z
An important introduction
Step aside millennials, the largest generation ever is ready to rent. The oldest members of Gen Z will ring in their 25th birthdays this year, and this tech-savvy group is quickly becoming the fastest growing renter demographic. Coming of age in the era of smart phones and social media, Gen Zers are highly skilled and have even higher expectations compared to previous generations. By now, you probably know the basics about Gen Z, but as the up-and-coming generation of renters, it’s critical to dig deeper. To appeal to these “digital natives,” you must first understand their habits, values and lifestyles. Lucky for you, REACH by RentCafe is taking a closer look at Gen Z characteristics and will be sharing its research data with you in a series of infographics. But first, let’s understand who exactly these Gen Zers are. Gen Z’s top 3 characteristics Gen Z is made up of independent and entrepreneurial thinkersMost Gen Zers were raised by members of Gen X. As parents, Gen X tend to favor autonomy and entrepreneurialism, values they have passed on to their children. Members of Gen Z celebrate their independence and ability to express themselves, and they don’t have the perception that things will just go their way. They aspire to become leaders, and 41% plan to become entrepreneurs. More than others, this young generation seeks to create success instead of expecting it. Gen Z values diversity and societal changeWhile Gen Z is the largest generation yet — roughly amounting to 2.46 billion people in 2019 — it is also the most diverse. According to the Pew Research Center, in the US, 52% of Gen Zers are non-Hispanic white, 25% are Hispanic, 14% are Black, 6% are Asian and 5% are other.They’ve also experienced and embraced...
Gain Resident Feedback
With RentCafe Senior Living
A recent article by McKnight’s Senior Living relayed the findings from an interesting Activated Insights report. Surveying 63,807 senior living residents and family members, the report revealed the consequences that arise when operators fail to check the pulse of their communities. And to effectively stay in tune with their communities, operators need to collect resident feedback — meaning residents need a secure way to communicate their wants and needs. Blind spots for senior living operators According to the report, senior living operators often miss the mark when it comes to measuring resident experience. And as communities reopen after pandemic closures, measuring resident satisfaction is more important than ever. Here’s what Activated Insights found: In communities with a lower net promoter score, the data shows that word-of-mouth referrals are low — and resident move-outs due to dissatisfaction are high. Net promoter scores, a measure of “customer” satisfaction, largely affect a consumer’s perception of an entire brand, according to Activated Insights. For senior living operators, a low net promoter score can negatively impact how prospects view their communities. The report revealed that blind spots are costing senior living organizations up to $225,000 of earnings, or $2.8 million of value per community. “With 2021 average net promoter scores for seniors housing averaging a negative eight — on par with CVS / Cigna / Comcast customer experiences — CEOs are missing the data to forecast profitability,” relayed McKnight’s Senior Living. While some organizations do check the pulse of their communities to ensure they’re on the right track, for those that don’t, these challenges may be unavoidable. What can they do? Activated Insights suggests establishing customer engagement scores by surveying residents and family members in real time. This means senior living providers need the right channel and a secure, seamless method for collecting feedback. Gain feedback through a secure online portal Yardi RENTCafé Senior Living is a secure online portal that helps families stay connected. A primary benefit? A survey feature that allows residents and families to submit feedback whenever, wherever. By offering residents a way to provide confidential feedback, senior living providers access crucial information at the click of a button. This creates the ability to measure resident satisfaction, prevent move-outs and manage their community’s reputation. In essence, RentCafe Senior Living helps providers turn feedback into actions — and improve operations across the board. Curious about the portal’s other key features? Here are four additional benefits of RENTCafé Senior Living: Keep families informed with health data, such as medications and vitals, available in real time from Yardi EHRAllow residents and families to electronically sign and manage documents, review financial statements, make bill payments and submit maintenance requestsMake announcements, post comments on a bulletin board and exchange secure messages right from the portalCreate a calendar of activities where residents can sign up and their loved ones can see they’ve attended As the pandemic has largely affected senior living communities, it’s imperative for providers to check in with their residents. With a secure online portal — one equipped with a convenient survey feature — providers never miss the chance. To learn more about RENTCafé Senior Living, connect with...
Leading the Market
Westcorp Talks Strategy
For more than 35 years, Westcorp Property Management Inc. has focused on spaces and places that bring out the best in people. It creates, invests in and manages residential, commercial, hotel and mixed use properties. The company is based in Canada and has properties both in Canada and the U.S. It’s no surprise that a portfolio of this size and diversity relies on technology to help its prospects, tenants and team be successful. Recently we had the chance to speak with Uryelle Dimailig, Marketing Manager at Westcorp, about some of the tools and strategies the company uses to support its residential properties. Keep reading to find out what makes a strong marketing and leasing strategy, how to get the most out of it and who else can benefit from these tactics. If you are currently advocating for any kind of marketing technology at your property management business, this interview is a must-read! What elements are critical to a strong marketing and leasing strategy for residential properties? Digital marketing is important. You have to keep up with how consumer search behaviour is changing. Five years ago, we could put everything on the ILS and get leads that converted. Now, it’s much more competitive and your apartment listings don’t get much exposure on ILSs unless you pay to promote your listings on them. An opportunity that is often misunderstood is that those ILS dollars can be the same investment as a PPC campaign. We’ve found that building a digital leasing presence through property websites, SEO and social media brings in more leads. For us, a RentCafe website is an essential marketing and leasing tool. Because it’s integrated with our Yardi Voyager database, our website can show renters accurate availability, current rates, floor plans and all the...
Showing Occupied Units
Every Day Counts
When it comes to increasing revenues, decreasing vacancies is a no brainer. Keeping units occupied with optimal rent flow is a foundation for good performance. One way that you can limit vacancies is to list units as soon as you know the current renter will not renew their lease. Listing rentals while they are still occupied can offer significant benefits if you’re able to work through the challenges. Why list an occupied unit? Historically, property managers list an empty (or soon to be empty) unit. When the desired unit is occupied, prospects are instead shown a beautifully decorated model. Today’s renters, however, have different expectations. They want to see the exact unit that they plan to rent. Renters are more likely to sign a lease when they know exactly what they’re getting. But that’s not the only reason to list an occupied unit. Listing an occupied rental comes with these benefits as well. Listing a unit before the current tenant moves out minimizes the risk of vacancy, which leads to uninterrupted cash flow for you. The average cost of vacant unit is up to $1,750 per month, according to SmartMove data. Other sources estimate costs anywhere from $1,500 – $5,000 per month. That’s money to bolster your bottom line. When you list a property before it’s vacant, you may find a renter more quickly and skip paying utilities during the vacancy period. That translates to money saved. This is especially important for properties in the hot and humid south and southeastern U.S. In these regions, drywall is prone to mold and mildew when central air conditioning is shut off. Additionally, you could skip transferring the utilities to and from the property account during periods of vacancy. You have better things to do with your time than sit on the phone with the utility company. Time is money, and you’re saving both when utilities are switched seamlessly between renters. Challenges of listing an occupied unit Listing an occupied unit can be a huge time and money saver. To receive those benefits, there are a few challenges that you may have to overcome. Listing the occupied unit requires collaboration. You’ll need the agreement of the occupant to photograph or record the unit for a virtual tour. You may choose to offer an incentive to motivate renter participation. Remember: you only need to do this once, as you can reuse images of the furnished unit in the future. An occupied space may limit marketing options. This is particularly true for single family rentals. With signage, you risk a passerby ringing the doorbell to inquire about the property. Without signage, people passing by may not know the home is for rent. When you skip signage, a strong online marketing plan is essential. Consider advanced search marketing services to boost leads by up to 160%. The occupant’s furniture placement may not optimize the square footage of the unit or show off its best features. A couch covering an unused fireplace or a bedroom overstuffed with furniture are just two challenges of a home that isn’t professionally staged. Depending on the occupant, you may negotiate rearranging a few things. Should you show an occupied unit? There are a lot of variables to consider if you choose to show an inhabited rental. First, consider if it’s necessary. In high demand markets, renters may be willing to sign a lease without a live tour. That will save you time, money and hassle. Get the latest report on your market’s performance. If showings are an essential part of moving inventory in your area, consider the following: Pets may adversely impact showings. Per the Allergy and Asthma Foundation of America, about 30% of Americans have pet allergies. Prospects may be put off by pet odors and noise as well. Make arrangements for pet-inhabited units. Resident cleanliness is difficult to manage. A messy rental may be a deterrent to...
Marketing Metrics
5 to Track
“Half the money I spend on advertising is wasted. The trouble is, I don’t know which half.” Does this sound familiar? Even though these words were said by retail magnate John Wanamaker more than 100 years ago, they still ring true today to many in real estate. With the broad expansion of the digital marketplace and corresponding rapid shifts in consumer behavior, there are more places than ever to advertise your properties, all at varying costs and success rates. But how do you know which advertising sources are working? The answer is marketing data, something that’s widely available today given the online customer journey. “Marketing analytics give you the information you need to positively impact your company’s bottom line,” said Esther Bonardi, vice president of marketing at Yardi. “Most property marketers look at cost per lease, often attributing the lease to the source that drove the first customer contact, but there is so much more data now that you need to take into consideration.” Keep an eye on these five property marketing metrics and you’ll be better able to drive revenue, reduce wasted advertising spend and plan for the future. 5 Marketing Metrics Every Property Marketer Should Know 1. Total Exposure What: A percentage that tells you how many total units are available for rent, including month-to-month and expiring leases.Why: Before you decide where to market, you need to decide how much marketing to do. If your exposure is low, it might be a good month to cut back. If it’s high, it’s probably time to ramp up spend. 2. Occupancy Trends What: A review of what percentage of units are occupied, examined on a month-by-month basis over a period of time.Why: Reviewing last year’s occupancy trends can give you a good idea of...
Online Marketing that Works
New Resources on MHN
Do you want to excel in marketing and optimize your multifamily property performance? Of course, you do. With a little (free) help from the experts, reaching both goals is simpler than you may think. Multi-Housing News Marketing Resources Multi-Housing News (MHN) is a digital magazine that provides leaders in the multifamily housing industry with the most current news, information and analysis. Its content helps decision makers run their businesses more efficiently and profitably. The ongoing ascent of online marketing highlights a need for insightful, practical and timely marketing content. This spring, we proudly introduce Multifamily Marketing Resources, a user-friendly repository of content to help get the right eyes on your property. Explore articles, videos, reports and more to help you get the most out of your marketing spend. What online marketing tips and tricks can you learn on MHN? MHN publishes daily, which means that you get the freshest insights to help you stay ahead of the marketing game. Get an array of timely tips and hacks to make marketing easier. Below is just a sneak peek at what you can find. Is your website working for you? Your website is no longer just a first impression. It may be your only chance to stand out from the competition. Prospects use websites and their online tours to narrow down potential properties. “There has been a fundamental shift from the website as a marketing channel to the website as part of the tour,” said Esther Bonardi, vice president of corporate & multifamily marketing at RentCafe and Yardi. “Today, leasing activity starts earlier and it starts on the website. I don’t think this is a passing fad just related to the pandemic,” Bonardi added. “I think these behaviors will stick, especially as we see new Gen Z renters coming into the renter marketplace. Their shopping behaviors were shaped right now at this moment in time. But even for the rest of us, I think the pandemic has gone on long enough that it has reshaped customer behavior.” Read Attracting and Converting Potential Renters with Your Website to learn how you can transform your website into a more powerful marketing tool. Create email subject lines that won’t be ignored Every email that you send is battling against dozens of competitors in your prospects’ inbox. The time and creativity that you put into your email won’t fulfill their potential if the email goes unread and deleted. To improve your open and click through rates, there are five main things to consider. These three are a great place to start: Prompt people’s curiosity: Make them want to click to see what’s inside the email. Is it an offer? A new resident service or amenity?Make sure the email is formatted well: Create subject lines that are 60 characters or fewer with the important words near the front of the subject line.Avoid clickbait-y phrases: Be compelling and transparent. Don’t say they’ve won something if they haven’t or create a false sense of urgency. Read Email Subject Lines That Work in Apartment Marketing for additional ways to get your emails opened, read and engaging readers. More marketing goodness to explore on MHN The field of online marketing constant evolves. Best practices, new techniques and trends can be a lot for small teams to manage. Fortunately, the team at MHN makes it easy for you to stay abreast of the latest in multifamily marketing. Get marketing goodness sent directly to your inbox. Simply subscribe to the monthly digital...
