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...

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...

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...