Marketing Metrics

5 to Track

By Geneva Ives on Jul 6, 2021 in Marketing

“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 what to expect this year so you can plan (and stay) ahead, even if near-term exposure is low.

3. Awareness

What: The first point at which a potential customer encountered and became aware of your property.
Why: When you know where customers are discovering your property, you won’t accidentally cut a valuable lead source. Now you can strategize to increase awareness at times when you need more prospects.

4. Lease Journey

What: A map of every point at which a customer encountered your property, starting with awareness and ending with an application.
Why: Keep an eye on lead sources that appear frequently in multiple customer journeys. Even if these aren’t sources of awareness or first contact, you’ll want to think hard before you eliminate them.

5. Feature Engagement

What: Data that shows you how people are engaging with your website.
Why: By understanding which features and calls to action work best, you can increase your capture rate and turn your website into an efficient, around-the-clock leasing machine.

Marketing Metric Technology

Do you have all this information available to you? Probably not, at least not readily at your fingertips. It can be difficult and time consuming to compile and compare numbers like these, let alone see every way customers interact with your websites. Fortunately, new technology makes it possible to get the data you need in real time without spending hours looking for it.

RENTCafé Marketing IQ lets you see these property marketing metrics and so many more, at the property and portfolio level, all in one place. Marketing analytics software takes the guesswork out of marketing, allowing you to monitor campaigns, analyze results and enhance your strategy. Market your properties with confidence and never worry about wasted ad dollars again. (Wanamaker would be green with envy if he was still in business!)

Marketing IQ is also available as part of the REACH by RentCafe digital marketing agency.

Related content: Marketing Analytics: Create, Monitor, Adjust | Discover 4 Website CTA Strategies for Apartment Marketing | Search Marketing Glossary for Apartment Managers