Multifamily marketers gathered in Huntington Beach, California, for the 2018 Apartment Internet Marketing (AIM) Conference on May 6-9. This year’s event focused on the latest digital marketing trends and technologies. “Marketing executives are increasingly called on to shape the resident experience and manage the pace of innovation,” shared Steve Lefkovits, executive producer of AIM. “We’re delighted to have Yardi and RentCafe as partners in educating the industry about the future.” Some conference highlights for multifamily marketers: Customer Experience Matters Customer experience is the new marketing. At the AIM keynote, Charlene Li, principal analyst at Altimeter and co-author of Groundswell, challenged marketers to examine relationships and experiences. “If you’re not focusing on the customer experience, you’re working on the wrong things,” emphasized Li. Why does customer experience matter? Because the data says so! According to resident satisfaction data from J Turner Research, Q1 2018 apartment reviews grew by 78% as compared to Q1 2017. The average number of reviews per property has grown 20% since Q1 2017, averaging more than 86 reviews per property. The study found a strong correlation between online reputation and resident satisfaction. Resident experience matters, and it influences renter and prospect purchasing behavior. In a session on customer engagement and loyalty, Joseph Batdorf, president of J Turner Research, stressed, “Resident satisfaction matters. Making sure they’re happy affects their willingness to renew a lease.” Customer Engagement Also Matters To create a better customer experience, you need to engage your customer from the get-go and keep them engaged throughout their time with you. Where can you innovate your customer engagement strategy? Create a well-rounded engagement strategy. Implementing a multi-source lead attribution model can help marketers more accurately assign value to each touchpoint in the buyer journey. Market to common values to bolster your engagement. Sticking to common...
Becoming a Big Fish
Multifamily Marketing in D.C.
When it comes to the Washington, D.C. rental market, VP of Marketing Karen Kossow finds herself in a big pond with plenty of fish. As the one-woman marketing team at Community Realty Company (CRC), she is determined to grow with limited resources. She is overcoming her small fish status by working smarter, not harder. Step one, Kossow made sure that CRC offered what renters want most. “The funny piece is, other than the rent, the Millennials and the Boomers are looking for the same things,” Kossow observes. “They want the good locations, the walkable locations, the amenities, and the social aspect.” Community Realty Company properties are already in coveted locations such as Pennsylvania Avenue and Foggy Bottom. The next natural step was to begin the process of renovating the properties to reflect modern expectations. Properties are being renovated on turn, with upgrades like improved space allocation; granite, stainless and other upgraded finishes; and wi-fi accessibility throughout the building. The latter was no small feat since some structures were erected in the 1960s. Kossow then gave the renovated properties professional glamor shots. These images are accompanied by resident testimonial videos. Combined, the media efforts give prospects a taste of what CRC has to offer—but there was still more work to be done. Step three for the growing business: getting the right tools in place. “I’m excited to get all of the software rolled out so we can go out and start pitching more business, showing everybody that we’re not the little teeny tiny company and that we can compete with the big boys in some areas,” says Kossow. To help level the playing field, Kossow uses Yardi RentCafe. “I am a one-woman marketing show who has also overseen much of the software roll out. Being able to tackle...
Walkability Rocks
Josh Herst to Speak at AIM
Prospects love apartments in walkable neighborhoods. And more likely than not, they are checking out what neighborhood attractions they could get to on foot before they even decide to come check out a potential new apartment community. Location-based technology has made assessing such neighborhood info as easy as can be. With a simple search on a service like Walk Score, potential residents know before they schedule a viewing appointment how far the community is from their favorite coffee shop, restaurant, or gym. And they are more likely to get excited about a new home that offers easy, convenient access to their favorite things. “One-third (of apartment renters) are willing to pay more to easily walk to their work, to entertainment and to restaurants,” said Josh Herst, CEO of Walk Score, at Inman Connects. Herst will be a featured speaker at the 2013 Apartment Internet Marketing conference, coming up from April 29 to May 1 in Huntington Beach. He’s slated to speak with 30Lines CEO Mike Whaling on “the uncharted digital marketing opportunity of maps, mapping, and location-based services.” Multifamily managers that want to harness the power of Walk Score can take advantage of the site’s walkable grading service with its built-in functionality on RentCafe marketing websites. See how it works in the image below. Clicking on the “Neighborhood” button brings up the Walk Score information for the community’s neighborhood, including what restaurants, grocery stores, parks, shopping and more can be found nearby. Prospects can drill down to get more detail on how the Walk Score is computed, search for other businesses they may be interested in having close by, and access easy lists in each location category that include distances, so they’ll know exactly how far the nearest bank, library or convenience store would be. “The score is primarily based on proximity to nearby amenities—grocery stores, restaurants, schools, parks, entertainment—the things that people want to be able to access regularly as part of their regular routine and errand running and such. As you may know, an increasing number of consumers are saying that access to these things is one of the most important criteria in deciding where to live, whether that’s buying a house or renting an apartment,” Herst told Multi-Housing News. “Location based technology like Walkscore also benefits communities that aren’t highly walkable,” says Esther Bonardi, Industry Principal of Yardi Marketing Solutions. “Apartment shoppers use these tools to understand how close goods and services are to the community, even if they don’t plan to walk there.” Indeed, incorporating neighborhood information in multifamily marketing strategy is a best practice for most communities, not just those in dense urban areas. RentCafe marketing websites also offer interactive Google maps that feature bird’s eye and street level views, providing consumers with a comprehensive overview of the neighborhood in a format they’re already accustomed to. Prospects will be impressed with the convenience and easy access to such vital neighborhood information – and they’ll be excited to rent an apartment near more than a few of their favorite...
