Category: Marketing

Top 5 mistakes real estate pros are making on social media

Here’s how you fix them

As I sit down to write this, the Festivus episode of Seinfeld is fresh in my mind. It’s an American classic!

(Millennials, put down the avocado toast and kombucha and go watch it if you haven’t seen it).

A quick refresher for those who somehow haven’t seen the episode since the ’90s: The alternative holiday, Festivus, couldn’t begin without a proper “Airing of Grievances.” In the spirit of the holiday season, this list of the top five mistakes agents and lenders make on social media feels a little like the Airing of Grievances. But so be it!

I know you were hoping for yet another super original listicle. A top-five listicle at that! But hey, it’s a good one. So let’s begin with our Airing of Social Media Grievances.

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Marketing $$ for Multifamily Properties. Have you considered this?

Have you considered that to technology providers, your property residents represent a valuable business resource? Within the walls of your properties live an audience of potential phone, TV, Internet and wireless subscribers. Your base of residents is an asset in more ways than you may have thought.

Beyond the traditional revenue opportunities in a typical multifamily property are treasures that many owners/operators flatly miss. The fact is that there are ways of increasing a property’s NOI by $2-5/mo per unit without spending a dime. Selling exclusive rights to market services to your residents, can help get you there in a hurry.

Typically, multifamily property residents have the freedom to shop and contract for the TV, Internet and phone services of their choosing. Providers like AT&T, DirecTV, Cox Cable, Comcast and others offer a wide variety of service packages to select from. Sadly, in most cases the residents pay a premium price for said services and the properties gain little to nothing in the process. Let’s look at a different process that could deliver greater value to your residents and an opportunity for increased NOI for your properties.

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Picture: Pixabay

Single Family Rental Platform Puts Pedal to the Metal with Marketing Lists

Online single family rental marketplace OwnAmerica identifies and engages SFR operators with the help of targeted marketing lists generated by ATTOM Data Solutions from its nationwide database of more than 155 million U.S. properties.

The Power of Property Marketing Lists

The property-level marketing lists include not just ownership information for non-owner occupied properties, but also property characteristics and home value data, allowing OwnAmerica to also provide portfolio valuation services to the rapidly growing SFR market.

“OwnAmerica is operating on the assumption that the market is very strong and will continue to be,” said Greg Rand, CEO. Rand even posted a challenge on LinkedIn offering to place a $10,000 bet that there will not be a recession in 2020. “Predictions of a coming recession might be wishful thinking from some people. I will leave you to speculate on why anyone would root for a recession.”

Rand argued that the investor niche his company operates in — single family rentals (SFR) — will benefit even if home prices do take a hit.

“Remember that SFR is different than housing overall. When the market is strong, investors and consumers are confident and prices rise. Investors win on appreciation,” he explained. “When the market is weak, homeownership declines and renter demand increases. Investors win on yield. SFR is a two-sided coin because every house has two uses: owner-occupied or tenant-occupied/investor owned. No other commercial asset class gives owners two demand drivers and two exit strategies.

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Digital Marketing Budget Planning to Increase Leads, Signed Leases

While critically important to any multifamily property company’s success, the two words “budget planning” evoke almost as much anxiety as Tax Day or root canal.

It’s often difficult to convince key decision-makers to invest in a digital marketing strategy when there are so many innovative online tools available to attract leads and increase leases, and so much data to consider. As with most business budgets, multifamily property managers know any money left untouched or marketing dollars spent unwisely this year means less money in the department’s available budget next year.

Digital marketing budget planning requires analyzing the property management company’s current strategy and pitching new ways to increase lead conversions based on quality leads and qualifiable metrics. Maximize the money allocated to your department by using data to prove return on investment and deliver solid projections for the coming fiscal year.

Here are some ideas to consider as you map out a budget proposal for your company’s executives to justify an increase in digital marketing spending.

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Marketing to Multiple Generations

Millennials, Millennials, Millennials. Peruse some industry trades or attend a multifamily conference, and you might get the impression that the renting population consists entirely of this generation.

The focus on Millennials in multifamily is certainly understandable. According to the Pew Research Center, in 2015 Millennials became the largest generation in the U.S. workforce. Furthermore, they are set to become the largest living adult generation next year. So, of course, they are at the very heart of the renter pool.

However, the truth is that renters are a diverse group. As Baby Boomers age, they are selling their homes and opting for the ease and convenience of apartment living. And as Generation Z reaches early adulthood, they are emerging as a sizable segment of the renting population. The post-Millennial cohort will account for 33 percent of the global population by 2020, and they already contribute $44 billion annually to the U.S. economy, according to Commscope.

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