Want to build renter loyalty, earn referrals and celebrate your awesome residents at the same time? We’ve got three great ways to support stronger net operating income (NOI) by celebrating your residents. Happy residents will save you time and money Summer heralds warm weather, group gatherings and celebrations. These events are a natural way to promote engagement amongst residents and staff. Such engagement builds a sense of community, an important part of nurturing resident loyalty and referrals. Resident retention is essential to stronger NOI. Per the National Apartment Association, it costs anywhere from $1,000 to $5,000 to turn a unit. If a community could reduce turnover by just one per month, they could save $20,000 in annual expenses and about 96 hours of maintenance labor. Referrals also play a strong role in improved NOI. Happy residents will refer their neighbors, which cuts your marketing spend. Per Harvard Business Review, it costs a business about 5-25x more to acquire a new customer than it does to sell to an existing one. One way to cut costs at your property is to invest in events that enrich resident engagement and satisfaction. Black History Month (February), Women’s History Month (March), Asian Pacific American Heritage Month (May) and several designated heritage days offer opportunities to celebrate your residents. Foster a sense of belonging and resident satisfaction with the fun ideas below! Amplify voices When we feel seen and heard, we feel welcomed. Consider opportunities that empower residents to use their voices and share their stories. Use your resident app to share short stories. When your locality permits, host performances of resident-written skits and poetry. Celebrate unique cultures through the arts Create events around food, music and other arts to unite the community in the celebration. Food brings people together. Considering an event catered by locally owned and ethnically diverse restaurants. During social distancing, you could also encourage residents to share recipes. It’s a fun and approachable way to explore cultures with all of our senses! Music, whether lyrical or instrumental, tells the stories of our unique journeys in relatable ways. Consider creating and sharing playlists of artists from the featured cultural group. (Apple Music does this if you need inspiration.) You can also integrate the music during group classes such as yoga or spin. Allow students to explore the theme of the class when booking through your property concierge. Visual arts are perhaps the easiest way to celebrate cultural groups while implementing social distancing. Participants can share photos of their art, crafts and heirlooms and tag your property on social media. Artists may also display prints of their work in the community center or in a temporary, outdoor gallery. The possibilities are endless! Mindful messaging Celebrating an unfamiliar heritage can be daunting. What you say, how and when you say it could make or break an engagement initiative. In addition to amplifying diverse voices, you may consider learning the basics of social media messaging for organizations. The National Institute for Social Media has resources on social listening, crisis management and messaging. There are basic toolkits to help you craft effective messaging on solidarity and inclusion. By celebrating and engaging residents, you support the sense of community that leads to retention and referrals. Join a webinar to learn how you can promote resident engagement with simple, online...

Surprise! Google is changing its match types again. This is the fifth time that Google has changed match types. And as we all know, algorithms are constantly evolving as well. We’re here to help you out with a quick overview of what’s changed, how it might help, and who benefits most. So long and goodbye beloved match type! The Google Ads that we all know and love have four match types. From least to most restrictive they are broad, modified broad, phrase and exact. In 2010, Google introduced modified broad. It accounted for misspellings, different tenses, and keywords presented in different order. It bridged the gap between the array of relevant queries that searchers submitted and who marketers intended to reach. In 2014, broad match improved so that the structure of the keyword mattered less. Searchers would submit queries with or without necessary hyphens and spaces. “3 bedroom garden style apartments in Philly” and “3 bedroom garden-style apartments in Philadelphia” would behave the same. Marketers were in love. Broad match became one of the most popular and successful match types alongside phrase. It offered flexibility, versatility and ease of use. Now we’re saying goodbye. What’s changed as of Feb 2021? Modified broad match type is being eliminated in July 2021. You won’t be able to add any keywords to this match type. Phrase match is incorporating behaviors of modified broad. In doing so, Google aims to simplify keyword usages and make it easier to find more relevant customers. Moving forward, both match types will have the same matching behaviors to the same traffic. This change isn’t entirely surprising. A lot of specialists have noticed that the lines between the two match types have been blurring for about a year now. What we wonder, though, is how Google will take into account when keyword order is necessary. Someone searching for “units converted from factory to lofts in Minneapolis” will not be equally as interested in “units converted from lofts to a factory.” That would make for confusing and uncomfortable living conditions. Google reports that this will be taken into account, but not much detail is given. Why is Google changing its match types and what are the advantages? Per Google, The Rule of Close Variance and other factors make it so that there is no need to have two distinct types. The algorithm has gotten smarter and “learned” to decipher what advertisers and searchers intend when using modified broad and phrase match types. You may feel that’s a lot of trust to put into artificial intelligence. It is. But less hands-on engagement with match types can free up marketers to other creative tasks that are not so easily automated. There is also greater potential for traffic. More traffic could be good. The PPC community has mixed feelings about these changes. That’s okay. Is the PPC advertising community pleased to see the merging of the match types? Feedback varies. In an interview on the topic, PPC expert Mark Irvine states that each change to keyword match types brings “a lot of unpredictability to advertisers” and “may not lead to more [desirable] traffic.” Advertisers will have to re-work their strategies without the guarantee that they’re gaining efficacy in marketing. The boost in volume without greater specificity means that there is a small risk of getting more irrelevant traffic. This could also mean increased spend without increased conversions. Irvine notes that only accounts that get more traffic from phrase match keywords should expect an increase in their ad impressions, clicks, costs and conversions. Conversely, ads from modified broad match keywords and other match types will see a decrease in engagement or no change. Marketing expert Brett McHale adds that the recent change “blurs the lines between match types” and strongarms advertising into relying on Google’s recommendations. “The change to phrase match and phasing out of modified broad match appears to me to be...

As leasing technology and the customer journey has evolved, so has the role of the leasing agent. Also called leasing consultants or leasing specialists, these are the people who help walk prospects through the process of becoming residents … a path that’s become increasingly virtual. Even before the COVID-19 pandemic, renters were doing most of their apartment research online, often deciding which properties to tour based on apartment listing sites, review sites and branded social media accounts. Then, when social distancing measures became the norm, people started relying even more heavily on online content — including pre-recorded video tours and livestreams with leasing agents — to choose their next home. In fact, a recent survey revealed that “renters are becoming so comfortable with renting digitally, that 72% say they would rent an apartment without ever seeing the property in person if a 3D virtual tour was offered.” What does this mean for you, the person responsible for leasing apartments? It means it’s time to improve your video skills. Here are some tips to help you get more comfortable behind the camera as well as in front of it. (Don’t worry, no previous filmmaking experience is required.) Filming Want to shoot a video tour that converts? Even if you’re just filming with your phone, considering these three things will set you up for success: Video orientation — If you’re trying to decide whether to shoot in portrait or landscape, ask where the video will be posted. Horizontal videos with a landscape orientation will usually look best on your website and YouTube. But you should hold your camera upright to take a video with a portrait orientation for Instagram Stories or a livestream with a prospect who is using their phone. Either format works well for Facebook, but apartments look more spacious when shot in landscape, so that’s what we recommend. Lighting — If you have a window in every room and great natural light, use it. If not, it’s best to shoot early or late in the day, with every light on in the unit, so it looks bright and there’s not too much contrast with the light outside. Audio — Sound can be a tricky thing, especially if you’re filming in a busy apartment building. Record using the microphone in your headphones or AirPods if you can, even though you might feel silly wearing them. You can always explain that it’s for the customer’s benefit. If you are tackling a larger project, you might want to buy an inexpensive microphone to improve sound quality. Get more tips for staging virtual and self-guided tours. Starring There’s no sense in being camera shy if you’re a leasing agent. You’re the face of the property as far as prospects are concerned. If you want renters to know, like and trust you, starring in your video tours is a good idea. When filming a video with a person in it, whether that person is you or someone else, pay attention to: Head room — Head room is the amount of space between the top of your head and the top of the video. If you have too much space above your head, it will make you look like you are shrinking. Too little and you risk cutting off the top of your head, which is unsettling for the viewer. Facial expression — When you’re trying to recite a list of property features and unit updates, it can be hard to think about what your face is doing. But it’s important to avoid scowling and maintain a pleasant expression, especially for prospects you may not have connected with in person yet. Editing If you’re creating pre-recorded video tours for your property website, Facebook page or other publicly accessible platform, some simple video editing can set you apart from the competition. Apps like iMovie (free for iOS devices) and Adobe Premiere Rush (this one works...

How do you create the perfect property marketing strategy? One that delivers the biggest ROI for your budget? In the days of flyers, yard signs and billboards, creating a winning marketing program used to be somewhere between a guessing game and an art form. But now that most rental searches begin (and sometimes finish) online, successful property marketing is more of a science thanks to the amount of data available. Today, property marketers can access data on prospects, leads and leases from multiple sources. Taken as a whole, these make up the marketing analytics that can make or break your strategy. “In terms of marketing, we understand you have a few critical priorities to keep your units filled and drive good revenue. First, you have to create a marketing and lead generation strategy. Then, you have to monitor and evaluate the success of your strategy. And finally, you have to adjust your plan to make sure you are getting the very best results for the least amount of spend,” said Esther Bonardi, vice president of marketing at Yardi. “But it’s difficult to compile and compare the data you need. That’s where a lot of good marketing strategies fall apart. And it’s where RENTCafé Marketing IQ can help.” What marketing analytics are important to property marketers? To effectively increase marketing ROI and reduce spend, these are a few of the data points you should keep a close watch on: Total exposure: Understand not only current vacancy and availability, but also month-to-month leases and uncommitted lease expirations to gain a better view of your total vacancy risk and greater insight into how much marketing is needed. Prospects by source: Compare the number of prospects each source brings in. When you understand where the greatest volume of leads is coming from, you’ll know which sources are ideal for creating awareness, an especially important metric during a lease-up or rebrand. Leases by source: Compare the number of leases each source delivers over any period. Which sources are outperforming others? Are there any that aren’t performing at all? Conversion rate by source: Compare the conversion rate of each source. Getting a lot of leads is good but getting a lot of targeted leads that convert is better. Where are you seeing the most success? These are the sources you should focus your spend on when there’s a need to fill vacancies. Cost by vendor: Compare the cost of each vendor to see where you are spending the most each month. Cost per prospect: Determined by dividing the total marketing costs by the number of prospects. How much are you spending to increase brand awareness? Cost per lease: See how much you are paying for each lease. Are you paying too much to an ILS that doesn’t deliver? Where are you getting leads for less? This data point shows you where you may have opportunities to redistribute or cut your budget. Taken individually, these metrics are easy to understand. But it can be challenging to get them all in one place for analysis quarterly — let alone monthly or weekly. And how do you know you can trust the lead data sent to you by vendors? Knowing that customers interact with your brand an average of seven times before converting, how can you be sure that the leads you’re paying for truly converted because of that source? Top property marketers use marketing analytics software to aggregate and analyze this data for them. In doing so, they save time, cut through the noise and gain transparency into the success of their efforts. And while, in the past, it could be difficult to garner enthusiasm for the marketing budget from external stakeholders, analytics tools like Marketing IQ make it simple to show them the numbers to support any proposal. What’s Marketing IQ? Marketing IQ is a powerful marketing analytics tool for RENTCafé clients. It delivers fast, accurate,...

In the age of online everything, it takes a lot more than a good website to stay on top. Ratings and reviews are the new “word of mouth” for multifamily properties, so it’s critical to proactively monitor and protect your online reputation. Here are five reputation management strategies to make sure your communities get the attention of potential renters for all the right reasons. Claim your local listings and review profiles No, we don’t mean your vacancy listings. Local listings refer to every mention of your business on the web. According to BrightLocal’s 2019 Local Consumer Review Survey, 90% of consumers used the internet to find a local business in the last year, with 33% looking one up every day, so claiming your online listings and review profiles are more important than ever. To appear in local results for searches like “apartments for rent in [your city],” you must make sure your business name, address and phone number are consistent across every website. This is sometimes referred to as your NAP (Name/Address/Phone). In an article for Marketing Land, research director Pamela Parker asserts, “It is critical to claim your local listings by providing accurate information to search engines and online directories (namely Google, Facebook, Apple Maps, Bing and Yelp) … Claiming your listings also gives the site publisher a direct, verified relationship with your organization. It establishes your brand as the listing’s owner and gives you control over all content and updates.” It’s important to remember that claiming your listings isn’t something you do just once. You should schedule annual or biannual audits to make sure your business profile remains up to date — and that no one has added inaccurate information. Ask for reviews If you’re listed on a review site, but don’t have any reviews, potential renters will likely pass you over for a competitor with more and better ratings. BrightLocal found that the average consumer reads 10 reviews before trusting a business and visiting your website. But incentivizing reviews is frowned upon by the big players, like Google and Yelp, and most consumers say they can spot a fake review. So how can you get more authentic, positive reviews more quickly? Award-winning marketer Drew Davis shares the secret in this episode of Moments of Genius. Reply to reviews We’ve all been told that we should reply to every review. But does anyone read your responses? In a word: yes. The same BrightLocal consumer review survey discovered that 97% of people read businesses’ responses to reviews. While it’s nice to respond to positive reviews, renters are looking closely to see how you respond to negative reviews. Are you aware of the issue? Did you try to resolve the conflict or offer a solution? No matter how inaccurate or unfair you feel the review is, it’s important to show empathy. Read more tips for responding to negative reviews. Monitor the competition Ever wondered what people think about the competition? Now it’s easy to find out and see how you stack up. Read competitor reviews to see what renters like and don’t like about their properties. Then, use that information to level the playing field or even get ahead. For example, if you find out that renters love the neighboring property’s amenities but don’t feel a sense of community, you may want to update your website to highlight those elements. You could add amenity photos and pictures of community events as well as a calendar showing virtual and in-person activities available to your residents. Analyze customer sentiment While reading (and responding) to every review is key, it’s also important to keep an eye on the big picture. Gathering feedback in the form of online reviews is pointless if you’re not analyzing customer sentiment to strategically promote change. Sentiment analysis often goes beyond star ratings to identify specific keywords that with positive and negative connotations, giving you more insight into...

Are you missing live events? While we can’t bring back the hum of the tradeshow floor just yet, we’re excited to team up with AIM to host a live webinar event that we hope will rival some of your favorite speaking sessions from conferences past. Keep reading to see how we’re bringing industry leaders from Bozzuto, KETTLER and The Management Group together on one virtual stage … and why you want to reserve your seat asap. The New Apartment Marketing Playbook: Consumer Behavior Has Shifted, Have You? Thursday, Sept. 17, 11 a.m. PDT Even as the COVID-19 pandemic continues, renters are still on the move. With social distancing measures in place, renters expect to interact with properties in new ways. This increasing demand for virtual and contactless engagement is nothing new. But now that we’ve adapted to a new norm and the virtual conveniences that come with it, there’s no going back. Considering this shift in consumer behavior, here are some questions your property management teams may be facing: Is it possible to create an online experience as powerful as a visit to your properties? How can you offer game-changing online and self-service tools that don’t compromise your security standards? What should your leasing agents be doing to pivot and provide real value in an increasingly virtual world? “Don’t lose customers to your competitors while you’re waiting for things to ‘get back to normal.’ Normal as we knew it is changing. Taking this opportunity to make smart updates to your leasing process will have a lasting positive impact on your business in the months and years ahead,” said Esther Bonardi, session moderator and vice president of marketing at Yardi. During this live online event, you will learn how to: Convert more renters by creating authentic experiences onlineLease more units by offering a range of tour types to fit every needImprove the prospect experience while prioritizing the safety of your team and propertiesEvolve leasing positions to meet the demands of the new customer experience Speakers include: Jamin Harkness, Executive Vice President, The Management GroupKelley Shannon, Senior Vice President, Marketing & Customer Engagement, BozzutoDaryl Smith, Senior Vice President & Chief Marketing Officer, KETTLER Free ebook Webinar registrants will receive a free copy of The New Apartment Tour with their confirmation email. This exclusive ebook details three ways you can modernize different tour types at your properties to convert more renters, both online and in person. Save your seat today to get your...

Even before the COVID-19 pandemic, multifamily market experts were talking about preparing for big economic changes. Now that rising unemployment rates, benefit delays and social distancing have created new challenges for real estate managers and renters alike, it’s time to re-think every aspect of your operations. Here’s some good news: there are real upsides to the downturn, including opportunities to move business online and improve communication to form stronger relationships with your customers. Read on for five key takeaways from Yardi’s operational strategies webinar that can help you right now and into the future. 1) Maximize marketing websites Apartment searches are on the rise and units are being rented sight unseen — and it’s all happening online. How can you keep up? Provide a virtual marketing and leasing experience from start to finish. Make sure your websites provide plenty of curb appeal for your listings, and include optimized photos, videos and 3-D floor plans along with virtual meeting and tour options. Offer live chat to answer questions from prospects and consider a chatbot when your agents are unavailable — a “contact us” email address or web form isn’t enough anymore. Use nudge marketing campaigns and page narratives to help prospects make timely rental decisions. And this is critical: bring your entire leasing process online from application to self-screening to lease execution with an electronic signature. Are you providing unit touring options? If you’re not offering self-guided tours yet, in this new world of contactless marketing it’s a great way to sign more leases. Even before the pandemic, self-guided tours were growing in popularity, and now they are a must to ensure social distancing and a contactless experience for your staff and customers. It’s important to plan for self-guided tours at the site level including the ability to verify prospect identities remotely before allowing access to your units. With COVID-19 concerns, you’ll also need a strategy for cleaning and sanitizing units after every visit. Once you figure it out, you’re likely to reap the benefits of agentless tours. 2) Consider strategy changes Take a good look at your marketing spend and identify which channels have provided you with long-term contracts and where your new opportunities are coming from. With a growing number of prospects willing to rent a unit sight unseen you need to take advantage of contactless opportunities. Ramp up your targeted marketing to those socially distant customers with a clear message about your easy online leasing process. Once you drive that motivated traffic to your website, those prospective renters can enjoy all the good stuff covered above including around-the-clock applications and leasing. 3) Send the right message Now is a great time to build stronger relationships with your residents. More than ever, communication with customers and within companies is critical. Be sure that your content, messaging and tone are not only aligned with your brand and our current reality but also resonate with what people really care about. We all need to feel safe and supported, and multifamily managers are in a unique position to create an inclusive and positive community for staff and residents. You can offer residents who are struggling financially payment plans and deferral options. If you haven’t accepted credit card payments for rent in the past, maybe now is the time to allow it to help keep your payment percentages high. There are also the day-to-day messages you need to push out to make sure your social distancing policies are followed when common areas and amenities are used. You will most likely see a big difference when it comes to renewing leases and keeping quality residents for the long term. 4) Reduce leasing risk With high unemployment and apartment fraud on the rise, you need to be sure you know exactly who you’re renting to. That doesn’t mean that prospects who are short on cash won’t be quality residents, so you’ll want to screen...

Recent world events surrounding COVID-19 have led us all to adopt new consumer behaviors, and it’s likely that many of these behaviors will stick. With that in mind, it might be time for us to revisit our approach to apartment tours. Did you know that 80% of renters seriously considered just four or fewer properties during their last apartment search, according to the  2020 NMHC/Kingsley Apartment Resident Preferences Report? And 38% of renters only toured one or two communities before making their rental decision. That number is likely to grow now that we’ve all grown accustomed to doing more online. So how do you get your property on renters’ short list — especially now that they’re more likely to be influenced by online content than in-person experiences — and secure more tours? Keep reading for three data-driven tips for getting more property tours, whether virtual, self-guided or led by an agent. Then, watch a video from our “Moments of Genius with Drew Davis” series to learn how you can create a better virtual experience to attract renters who are actively searching for apartments. Provide unit-level photos & details Renters in the same survey were asked, “What would you need to see online to rent an apartment without seeing it in person?” The top three answers were: 83% said unit photos 64% said community/amenity photos 64% said unit location within the community That’s right. Just like other online purchases, your prospects want to see exactly what they’re getting for their money. To get them to tour (or lease online, sight unseen), you need to make sure that your property website is attractive, user friendly and full of pictures, including an accurate property map. Unit-level photos and video tours create an experience that not only shows the unit but also builds a foundation of trust for your brand and leasing associates. Additionally, property maps with unit-specific locations help prospects envision life in their new home on your property. Are they close to the pool? Do they have a sunset view? The more supporting material you can provide, the quicker prospects will be able to mentally move-in. “Did you know that roughly 60% of searches are mobile? That means a lot of web visitors are viewing your site on their phones,” said Catriona Orosco, director for RENTCafé Reach. “Be sure to include vertical photos as well as horizontal ones to give them a better viewing experience.” Add online appointment scheduling & tour options 80% of renters said they would use online appointment scheduling in their next apartment search. Online appointment scheduling accommodates busy renters who don’t have time or simply don’t want to call during office hours. After all, consumers are used to booking everything from restaurant reservations to DMV appointments online. Data shows that self-scheduled appointments convert at a high rate. In fact, QuadReal, a RENTCafé client, found that 33% of its self-made appointments converted to leases. Additionally, another 59% of surveyed renters said they wanted self-navigated virtual tours, and 26% wanted real-time video tours done through FaceTime or a similar service. Adding these options to your website or as part of your leasing agent follow-ups will help you meet the needs of a greater range of renters. Offer self-guided tours Of the 370,000 survey participants in the NMHC study, 16% of renters said they would prefer a self-guided tour, while another 15% indicated no preference between self-guided or community-staffed tours. That’s almost 115,000 prospects who would happily tour your property unguided, expanding your tour offerings and giving your staff more time to assist guests and residents with urgent needs. And that study happened pre-pandemic. A more recent survey of 4,974 apartment shoppers on RentCafe.com revealed that 70% would take a self-guided tour now. Why do some prospects prefer self-guided tours? Their responses were almost equally divided between these four reasons: It’s more convenient for their schedule (to book tours outside...

Traditionally, creating a sense of community has been a great way to make residents feel at home, leading to positive reviews, referrals and increased renewals. Multifamily properties host happy hours, movie nights and exercise classes to help renters connect with each other and the property team. They create and update shared spaces and amenities to make sure they are comfortable and welcoming. But how do you create a sense of community when people can’t gather? Property managers everywhere are asking this question now because of the social distancing measures put in place during the COVID-19 pandemic. We’re here to help. First, watch a video from our new “Moments of Genius with Drew Davis” series to get creative community building tips you can use right now. Then, see what the award-winning team at Bozzuto is doing. And finally, discover tech tools that can help bring your residents and team members together. 6 Creative Ideas Watch this short, five-minute video from Drew Davis to learn six creative ways and four key principles to foster community at your properties — even when we can’t all be in the same place. Drew is one of the world’s top marketing experts. He is working closely with us to share monthly tips specific to property management as we navigate this rapidly changing market together. Wasn’t that fun and inspiring? Drew is just the shot of positive energy we need right now, and we’re excited to see what he has in store for us. Subscribe to “Moments of Genius” now to see new episodes when they’re released. #BozzutoStaysHome When stay-at-home orders started getting handed down, the team at Bozzuto knew they had to spring into action. “We asked ourselves, ‘How do we continue to provide value to our residents when they can’t use the amenities?’” said Nicole Wells, content marketing manager for digital marketing and strategy at Bozzuto. #BozzutoStaysHome was the result, an online program that connects residents, includes the community and celebrates the idea of sanctuary, ultimately promoting shelter-in-place behaviors to flatten the curve. It includes a calendar of weekly virtual events led by community partners like yoga classes and cooking demonstrations as well as curated playlists designed to lift spirits and nurture a sense of connection. Events are shared live on Facebook and Instagram. Facebook Live events like this Vinyasa yoga class are recorded and shared so anyone can watch anytime, racking up hundreds of views. “To get started, we put together a cross-team task force. We asked our residents what they wanted to see,” shared Wells. Once the concept started coming together, “We created assets for our communities to use so they don’t have to do that extra work themselves. They already have enough to focus on right now.” With more than 400 posts using the hashtag on Instagram in just a few weeks and hundreds of viewers to their live and recorded events, #BozzutoStaysHome is picking up traction. “Bozzuto is helping residents engage in a little bit of fun at home during quarantine,” said Wells. “They’re receptive to that, and we’re happy to be a bright spot.” Tech That Connects People can’t participate in your community engagement efforts if they don’t know about them. In the words of Drew Davis, “Make sure your residents know where to go for the latest information about your property and the fun things you’re doing to keep people safe and connected.” With the RENTCafé resident portal and RENTCafé Resident app, you can quickly and easily share information about social distancing efforts and upcoming online events. You can post events to your community calendar and bulletin board, send survey emails and even schedule push notifications if your residents have opted in on the app. Both the portal and the app help your team stay connected while cutting down on face-to-face interactions by taking communications, payments and work orders online. With a 4.8 star rating and more than...